What trading platform is best for beginners?

ฟอเร็กซ์ and CFD trading platforms are quite an important component of a trader’s journey. For starters, they are the main point of the interaction with the trading world, with all primary trading actions going through it. Naturally, that means that traders will spend a lot of time looking at their platform, making it quite crucial for them to find one they like.

But it’s not just about avoiding frustration or finding more enjoyment in trading. Since แพลตฟอร์มการซื้อขาย differ practically, they may actually improve traders’ performance if used correctly. This is especially true for tech and analysis-heavy traders, who supplement their trading with various tools.

For beginners, this isn’t as pronounced, as they often don’t know what they like and stick to more rudimentary trading styles. Usually, they value accessibility, ease of use, and intuitiveness. However, even if high-level trading styles are out of reach, it’s wise to choose a platform that supports them, to avoid the need to relearn software in the future.

This article will present multiple top platform choices for beginner traders. Keep in mind that, while the platforms mentioned are distinct, each of them will be a fantastic choice as a starting point for new traders.

MetaTrader 4/MetaTrader 5

The natural starting point for many traders will be one of the MetaTrader versions. They are so widely spread that most brokers offer them, and as such, have become somewhat of a default in the industry.

However, that doesn’t mean they are bad; far from it! MT4 and MT5 are so widely spread for a reason, and the reason is that traders seem to love them. Both are intuitive tools, with simple commands that even complete newbies can grasp within minutes. They have a deep pool of analysis and assistence tools, and depending on the broker, can also deliver news and signals.

Better yet, once traders get into more complex trading methods, MT4 and MT5 really shine. Namely, MetaTrader 5 is one of the preferred platforms overall for algo trading via Expert Advisors, backtesting, and much more.

This is, in part, due to how massively spread it is. Most modern platforms allow users to create custom tools via a programming language. The more users a platform has, the more likely they are to contribute. As such, the MetaTraders, on top of their already formidable array of tools, have a massive number of custom indicators, charting tools, and EAs.

In general, เมตาเทรดเดอร์ 4 is considered to be more intuitive, and MetaTrader 5 more powerful. The great thing is that they are similar, so traders who have learned one won’t have trouble progressing to the other. Since it’s easier to use, many prefer to start with MT4, but going for MT5 right away is also viable. It’s also worth noting that MT4 is still more widely adopted than the newer version.

Are there any problems with the MetaTraders?

While both versions of MetaTrader are viable and powerful trading tools, they don’t really measure up to today’s UI/UX standards. The newer one, MetaTrader 5, was released in 2010, making it 15 years old. That definitely shows, as it looks like a program that would be at home on a machine with Windows XP.

In general, this is more of a visual problem than an issue with usability. However, it’s entirely understandable to be put off by it, as it can create a feeling of the platform itself being clunky.

cTrader trading platform

cTrader is, in many ways, a more modern MetaTrader. It has all the same baseline functionalities, but is an arguably more powerful solution out of the box.

For instance, it has 70+ indicators at a baseline, while the newer of the MetaTraders has 38. It also has more timeframes, chart types, and is more customisable overall. So why doesn’t everyone just use cTrader?

The answer is somewhat complicated, and it starts with market presence. MetaTrader was a well-established name before cTrader came out, becoming popular with traders. Brokers, generally, want to attract traders to their services by providing them with what they enjoy. As such, MetaTrader became even more popular, creating somewhat of a vicious cycle.

The other issue is that, even with the added tools, cTrader doesn’t really outperform MetaTrader. As noted earlier, MT4 and MT5 more than make up for their relative lack of baseline features with custom tools created by their users. Taking these into account, cTrader actually has far fewer options.

With its relative lack of adoption, cTrader keeps playing second fiddle. However, it’s undoubtedly a strong option for those who can’t stomach the dated feel of MT4 and MT5.

TradingView

TradingView is primarily an analysis software and not a platform. However, it has features that allow brokers to integrate it into their services as a fully-fledged trading software.

And while the platforms so far were fairly general tools, TradingView fits much more of a specialised trader profile. Namely, TradingView’s technical capabilities, like algo trading, backtesting, and copytrading are fairly limited. Additionally, because its exact form depends on the way brokers integrate it, traders may find other features missing.

However, it’s by far the most capable platform when it comes to charting and การวิเคราะห์ทางเทคนิค. At a baseline, it has 400+ indicators, with user scripts on top of that. And since it’s a fairly popular trading tool, there’s a huge amount of user-made charting tools to make use of.

Adoption, again, is somewhat limited, and it’s tricky to recommend to newer traders because TradingView offers such a pointed experience. However, some new traders are already determined to take an analytical approach and trade manually. For those traders, TradingView will provide an experience that almost feels personally tailored.

Conclusion: Which trading platform to choose?

Beyond these three, there are many platform options to choose from, and it’s not always simple. Here are some important considerations:

• Availability: Newer traders tend to change brokerages often, it’s important to consider whether other brokers offer their preferred platform to avoid relearning software.
• Ease of use: This tends to be an issue only in the beginning, but still, it’s important to find a platform that isn’t a pain to use. Frustration may lead to bad trading decisions, resulting in lower performance.
• Capabilities: All the platforms on this list are highly capable, but traders may want to experiment with other options. It’s important for a platform to cover all basic trading procedures (buying, selling, one-click trading, charting, etc.) at least, and other features, such as algo trading and backtesting are quite welcome.
• Particular trading style support: Newer traders tend to quickly figure out what trading style works for them. As such, it’s important for a platform to suit that trading style. For instance, a scalper trader will want something with extremely low latency, and a position trader will want analytical strength, like with TradingView.

The most important thing for each trader is that a platform feels right for them, and they can’t be sure of that before they try a platform out. However, some prefer a more direct answer, and from this list, MetaTrader 4 is the safest starting point. It’s intuitive, powerful, widespread, and provides a good baseline for learning other tools. However, for traders, it’s important to try out new tools, since finding just the right option is always better than a cookie-cutter solution.

Disclaimer: This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.