AtoZ Markets - Whether you are just starting your Forex career or you already consider yourself as a Professional trader, you need a reliable trading platform. While most retail Forex brokers use the famous MT4 also known as Metatrader 4, this platform is almost next to non-existence in institutional trading.
So, what are the pros and cons of these trading platforms? Of course, I understand, selecting something as the best, is not an easy task. But here we go. Let's find out the top 3 best Forex trading platforms in retail Forex.
Best Forex Trading platforms compared
All of the existing trading platforms have various parameters. For instance, platforms have different functions, interface, speed, security, and much more. Based on the aforementioned characteristics, you will need to choose the trading platform, which addresses your needs and preferences. In fact, the choice of trading platform is a very important decision and it will definitely impact your trading experience.
In order to succeed in Forex trading, you will not only need the sufficient amount of knowledge and experience, but also an extra pinch of simple luck. Here, I mean the luck of being in the right time at the right place. At this point, the trading platforms come in handy.
Today, we will go through the key characteristics of the Best Forex trading platforms across the market. Specifically, we will examine three different trading platforms available in the industry.
MetaTrader 4 - MT4
The first entrant to our list of the Best Forex trading platforms is MetaTrade 4. MT4 is probably the most commonly used retail Forex trading platform of the world. You can access to your account in real time through your desktop, internet browser as well as mobile MT4. This also means that the famous MT4 has 3 different versions:
- Desktop platform
- MT4 web
- MT4 mobile (Android & iOS)
Forex traders know MetaTrader 4 platform as a trustworthy and convenient trading platform. This trading platform offers a wide range of functions and up-to-date technology in addition to the good interface. Moreover, it is one of the most popular trading platforms among Forex professionals. They value newer version of the platform, MT4 Web even more, since a lot of old bugs and inconveniences were removed.
MT4 trading platform shot
Want to trade Forex with a regulated broker? Open a free account with AtoZ Markets approved forex brokers:
MT4 trading platform review
The online version of MT4 with its easy-to-operate interface definitely makes it to the top of the Best Forex trading platforms. The newer version of the platform also enjoys some interface improvements. For instance, the charts’ loading speed is quite fast and it also does not eat up much of the web traffic. Therefore, you can be sure you won’t have a problem while trading.
If you had experience with the earlier versions of MetaTrade 4 platform, you might recall that it was somewhat empty. For instance, you could have limited trading indicators - Moving Average, Envelopes, Bollinger Bands, Momentum, and MACD. Now, even on MT4 WEB, you can use Fibonacci lines and other drawing tools. MT4 used to offer very limited charting tools, however now you are able to add many extra custom features to this trading platform.
Indeed, the option to customize your own indicators is a very important point. However, some of the MT4 users are still not very happy with the MT4. Good news is that Metaquotes developers, the parent company of the MT4, have stated they plan to add more technical indicators in the future.
Pros of MT4 platform
- Ability to access from different devices;
- 3 chart options;
- API integration;
- The ability to trade directly from the chart;
- The customizable window “Market Watch” is classified by the kind of asset. Moreover, it has an easy search function;
- Lots of financial instruments (depends on your Forex broker);
- “Click & Trade” option, where trader can execute order just by some clicks;
- 9 time frames for an accurate analysis;
- User-friendly and easy-to-navigate design.
Cons of MT4 Web platform
- Still limited technical indicators;
- Automated Strategies only work on desktop version;
- No ability to change the settings of an interface of the web and mobile versions;
- Limited charting features;
- Some market maker brokers have developed unusual plugins harming traders.
cTrader trading platform
The cTrader web platform is one of the latest players in the industry and our next entrant to the list of the Best Forex trading platforms. The platform is customized to work with ECN-accounts as it is how they have initially advertised it.
Moreover, it enjoys a mixture of advanced tools and features to meet the requirements of the large Forex audience. This trading platform is sufficient for both Forex beginners and professional Forex traders.
cTrader trading platform
Want to trade Forex with a regulated broker? Open a free account with AtoZ Markets approved forex brokers:
cTrader trading platform review
The cTrader offers very handy charting options:
- 6 different levels of zoom option;
- 14 various time frames;
- Chart templates option;
- API integration;
- 5 types of charts: Bar, Candlesticks, HLC chart, Line, and Heiken Ashi;
- In the middle of the chart, cTrader platform provides the Buy and Sell buttons and volume selector;
- You can change the chart color and save it to your chart templates;
- Ability to add the indicators to the chart by clicking on the indicator menu;
- You can see the recently used indicators by clicking on the last chart sign on the top of the chart screen.
Moreover, the cTrader platform allows you to use Quick trade option. Quick Trade is a setting that directs you into the market orders with just some clicks. You can find the Quick trade option at the right top corner of the platforms in the Quick Links toolbar. cTrader chart modes include a number of modes that are customized for different trading needs. You can find three chart modes buttons:
cTrader chart modes include a number of modes that are customized for different trading needs. You can find three chart modes buttons:
- Single chart mode expands the active chart to fill the entire chart area on the platform. In order to view every chart in full screen, use tabs at the top;
- Multi-chart mode presents all your open charts in a specific fixed layout on your screen. Here, you are able to swap chart positions, but you cannot change the sizes of charts;
- Free chart mode displays all your charts just like the multi-chart mode. In addition, you are able to resize the charts.
Pros of cTrader trading platform
- Sophisticated charts and technical analysis;
- Fast execution;
- Ability to trade against the market without any deal desk intervention;
- More than 50 indicators available and the possibility to create your own indicator;
- Wide range of trading instruments;
- Easy access to a number of frequently traded instruments.
Cons of cTrader trading platform
- Limited trading tools integration;
- Limited automated strategies;
- Might be too complex for a Beginner, since the platform provides a very wide scope of features.
NinjaTrader
NinjaTrader is day trading software that offers practical, yet powerful integrated control panel. This program features streamlined outlook panel, which is a great advantage since many of the competitors are providing complex screen filled with a number of various charts and boxes. The NinjaTrader is allowing you to link you data feed source to the stock trading platforms.
NinjaTrade trading platform
NinjaTrader trading platform review
The NinjaTrader is free to download and test. This provides users with a great opportunity to become familiar with the key characteristics of the platform. Traders get free and unlimited access to the program, where they can at first engage in trade simulation, backtesting, and inclusive assessment of the program.
Afterward, in case the trader is ready to put the platform into real action, he/she has the option to either buy or lease the program. Annual lease of the NinjaTrader will cost you 50$, where the lifetime license is available for $1,000.
The NinjaTrader is offering the vast assortment of customizable charts, screening software, and stock analysis tools. Moreover, the platform features the trade simulation program, various drawing tools, a market replay function, and outstanding indicator choice.
In addition, the provided indicators are fully customizable and thus are great to use for any trader. This platform provides the so-called NinjaSript tool - the feature is enabling traders to create their own indicators. In addition to the above, the NinjaTrader is featuring the ChartTrader chart-based order entry tool. This tool allows traders to enter, amend and manage trades directly through the charts.
The platform is also presenting the number of other remarkable features, services, and tools for trading. These include sophisticated charting and technical analysis tools, advanced market analytics, automated trade management and strategy development features.
Want to trade Forex with a regulated broker? Open a free account with AtoZ Markets approved forex brokers:
Pros of NinjaTrade trading platform
- Free demo version
- Scalper friendly due to Advanced Trade Management feature
- Supports multiple charting types
- Great technical support
- Very flexible and practical platform
Cons of NinjaTrader trading platform
- Data feed is not included
- Slow Programming
- Lower number of supported brokers in comparison to other platforms
Summing up…
There are a lot of available trading platforms, and it might be quite hard to find the right one, especially when you are new to Forex. Coming back to the start of our discussion, where we asked ‘What is the Best Forex Trading platform?’ we can conclude that there is NO Best Forex Trading platform. It all depends on your trading needs, preferences, and habits.
From market coverage as well as available trading tools perspective MT4 is the best Forex trading platform for retail traders. In case you are an advanced Forex trader, you would be feeling comfortable trading via cTrader platform. Furthermore, there are many new emerging trading platforms. Guidants is one of the best Forex trading platforms for the German traders. Agena Trader is increasingly becoming a popular trading platform, however, the Andromeda Version is a paid product.
Of course, with no hesitation, we would say that the best trading platform in the world is Bloomberg trading platform, but you as a trader can not make the best out of it.
Should you trade Forex on your own at all?
Before you start trading Forex, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?