Which platform is best for forex trading?

Making choices in trading doesn’t just come down to trading itself. There are many options, such as accounts, supplementary brokerage features, and of course, platforms, that can impact the comfort, longevity and success of a trading strategy.

Choosing between these can be tough. There are few specific guidelines, and attempting to glean information before picking a tool gives only a narrow impression of the actual experience. This is especially true for our topic for today, FX trading platforms.

There’s no way to know whether you’ll like a platform and be able to use it for an extended period without trying it. This article will outline a guide on what should be considered when choosing a platform, as well as introduce some of the more prominent choices traders can look at.

Choosing the right platform: What are you even looking for?

When trying to find a trading platform, many traders may feel like the choice is simple: just pick the most powerful one. However, things are never that easy in the trading world.

First, it’s impossible to say that one platform is simply better than another. Usually, at least with widely available options, their capabilities are fairly comparable, meaning that choosing the strongest is a matter of nuance and often personal preference. Secondly, power isn’t the only thing you should consider; longevity is just as important.

Let’s break this down a bit. The power of a trading platform is, of course, important. Numerous indicators, in-depth charting, backtesting, order types, and EAs all add to the giao dịch Forex experience, making it easier and allowing traders to take better control. As such, this should definitely be a consideration.

But let’s say there is a theoretical platform that outperforms all others in this measure. A trader sits down, finds the interface clunky, the execution slow and laggy, and navigation difficult. This creates frustration before trading even begins.

Frustration not only decreases performance but can also cause burnout and add stress to an already high-pressure environment such as trading. That’s where longevity in finding a platform that feels right comes in.

When choosing a platform, traders should always consider one that won’t make their veins pop as soon as they open it. The smoothness, general UI, and even the look of trading software can prevent performance decline due to frustration and allow for a prolonged healthy trading attitude without unneeded mental strain.

Lastly, it goes without saying, but platform availability is also a significant factor. If traders find the perfect broker but it doesn’t have the platform they’re comfortable with, they’ll need to compromise on one or the other.

Top forex platform choices

With the rundown on what traders should look for in a platform out of the way, it’s time to get more specific. Here, multiple platform options will be presented for traders who want a bit more guidance.

MetaTrader 4/MetaTrader 5

These two will be clumped together since, while they are distinct platforms, they also have a lot of similarities. These are the platforms traders will run into most often, and for good reason. They each have a broad range of indicators, different order execution types, numerous timeframes, deep charting, backtesting, and much more.

The difference between the two is that MetaTrader4 platform is more intuitive, while MT5 is more feature-rich. Now, some may read that and interpret it as MT5 simply being better. However, that’s highly dependent on every individual trader’s trading routine. If someone doesn’t go into super in-depth features, MetaTrader 5’s functional advantages are mostly of no use to them. Additionally, the difference isn’t vast, and few traders will find MT4 lacking in terms of power.

Another significant advantage of these two is that they are the most widely spread forex trading platforms. As such, most brokers will have at least one of them (more commonly MT4), circumventing issues regarding platform access. As such, even for traders who don’t want either as their main platform, it may be a good idea to learn one of the MetaTraders as a fallback.

Lastly, each of these has its own programming language and a large community. As such, they have a deeper pool of custom tools like indicators and EAs than other platforms.

The disadvantage is that they are both dated. The interface looks and sometimes feels clunky, as the newer one, MetaTrader 5, is 15 years old at this point. Generally, that’s only an issue in the beginning stages of using the platform, but it may turn some traders away.

cTrader

cTrader is the next most popular platform after MT4 and MT5, and by quite a large margin. It’s significantly less widely available, so matching up a broker and the platform may present an issue. Out of the box, it has more timeframes, chart types, and indicators than the previous two options.

However, this advantage is slightly negated by the much smaller custom indicator library. Its algo trading capabilities are also more limited than the other two.

Unlike the MetaTraders, cTrader uses C#, a much more widely spread programming language. So for more tech-savvy traders who want to design indicators, this may be another advantage if they already know the language.

Lastly, the interface is more customisable and modern, which may appeal to some. This platform is a great option for those who want a modern, highly functional trading platform that doesn’t require a lot of adjustments. The only noticeable downsides are the algo trading (which is still present, although less powerful) and the much less significant adoption among brokers.

TradingView

TradingView is primarily an analysis tool, but it also offers trading services. However, they are notably more limited than other platforms, and often depend on broker integration.

However, its analysis features significantly exceed any other platform here. As such, traditional traders, who inspect assets and trade manually, may find this one suits their trading routine the best.

Again, adoption is iffy and how the platform looks depends on the services the CFD broker integrates. So traders who learn TradingView and then switch to another broker that offers it may not find the same platform. Lastly, it has a bit of a learning curve, as it is a platform meant for deep analysis.

Custom platforms

Many times, brokers develop a proprietary platform to suit their own service. It’s impossible to describe these as a whole, since each of them is significantly different in feel and function.

However, they often perform well in the context of the broker’s service. The downside is that these really can’t be a main platform since, if traders switch off the broker, there’s no chance they’ll find it with another. Still, if traders plan on using a brokerage with a custom platform, it’s wise to at least give it a chance, since they may end up with a positive surprise.

Copytrading platforms

These ones are at the end, since they aren’t really trading platforms in the traditional sense. However, skilled traders may consider using them as strategy creators to try and yield some extra income, and newer traders may choose to use them for guidance. Again,  these aren’t typically main trading platforms, since the trading part is usually in the background of the copying part.

Find what works

All of the platforms above have merit and are useful based on the scenario and trading proclivities of the person using them. The best advice is to try everything out; most brokers offer demo accounts for platforms, so it’s easy to do so without the risk of using capital.

Additionally, just because a platform is not on this list, it doesn’t mean it’s bad. Finding the right trading software comes down to experimentation, and that’s the only way to find the best forex trading platform for each individual.

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.