There are many platforms to choose from. While most brokers offer in-house platform, one of the favorite trading platform is still Metatrader 4. Check out the reviews of the platforms and decide for yourself which one is your favorite.
Also called trading software, a trading platform is computer software through which you conduct your trades online.
Imagine it as a platform that connects you to the forex market online – and most importantly through the broker that provides it for you for free.
What do you need for it? Internet connection → download → install. It’s as simple as that.
Where can you get it? From an online forex broker’s website that you choose to trade with.
Which trading platform should you choose? The most popular, and also the best software available for trading forex today, is MetaTrader. You may have heard about it already.
MetaTrader 4 Trading Platform
A popular Forex trading application
The MetaTrader 4 trading platform is designed for Forex and futures trading. With MetaTrader 4, traders can analyze financial markets, perform advanced trading operations, run trading robots (Expert Advisors) and copy deals of other traders.
The platform supports three trade execution modes, including Instant Execution, as well as 2 market, 4 pending and 2 stop orders and a trailing stop function. Quick trading functions allow sending trading orders straight from the chart with one click. The built-in tick chart feature provides an accurate method for determining entry and exit points. With the rich functionality of MetaTrader 4 you can implement various trading strategies in the Forex market.
The MetaTrader 4 platform provides wide analytical opportunities. Each symbol can be displayed in 9 time-frames, allowing traders to see the price dynamics in detail. 30 built-in technical indicators and 24 graphic objects are available for the most comprehensive analysis of price dynamics. Combine these tools, identify trends, determine entry and exit points and with wide analytical capabilities of MetaTrader 4 you can thoroughly analyze market movements to catch the best time to trade.
Security and Convenience
The MetaTrader 4 platform meets the highest security standards. Data exchange between the client terminal and the platform servers is encrypted. The platform additionally supports the use of RSA digital signatures. You can rest assured that your trading accounts are securely protected!
MetaTrader 4 is equipped with an impressive set of advanced trading and analytical features. The platform provides a user-friendly interface to help you easily understand all functions and operation principles. You will only need a few minutes to get started with the platform. In addition, we have prepared a detailed User Guide that contains answers to any questions you may have.
We have made MetaTrader 4 easy and convenient, so that you could stay focused on successful trading!
Web Trading with MetaTrader 4
Trade Forex straight from your browser
The MetaTrader 4 Web platform
With the MetaTrader 4 web version you can analyze currency quotes and execute trading operations. Trading on the web platform is safe, while all transmitted information is securely encrypted.
Web Trading Features
- Trading directly via a browser
- Compatibility with Windows, MacOS, Linux
- Reliable data protection
- All types of trading orders and MetaTrader 4 execution modes
- One Click Trading
- 30 indicators and 24 graphical objects for technical analysis
- 9 time-frames, from one minute to one month
- Real-time quotes in Market Watch
- History of trading operations
With the MetaTrader 4 Web platform you can access trading features from any device. Trade Forex anywhere — it is convenient and safe!
MetaTrader 4 Mobile Trading
Trade Forex from your smartphone or tablet
MetaTrader 4 mobile applications for iPhone/iPad and Android allow trading in Forex anytime and anywhere. You can analyze prices of various currency pairs and perform trading operations, even while you are on a vacation.
MetaTrader 4 mobile platform is your daily assistant and an irreplaceable working tool. Stay mobile, trade in financial markets, access and analyze trading information 24 hours a day with the MetaTrader 4 applications for iPhone/iPad and Android.
Mobile Trading Advantages
- complete control over a trading account
- access anywhere and anytime
- all order types and MetaTrader 4 execution modes
- 3 types of charts: Bars, Japanese Candlesticks and a broken line
- 9 time-frames: M1, M5, M15, M30, H1, H4, D1, W1, and MN
- 30 technical indicators
- 24 analytical objects
- financial market news
- a free chat for communicating with other traders
Algorithmic Trading with MetaTrader 4
Automated technical analysis and trading operations
One of the key advantages of MetaTrader 4 is the automated trading feature, which enables trading with the help of automated trading robots (Expert Advisors). Trading robots are able to analyze currency quotes and execute trading operations. In other words, MetaTrader 4 can relieve you from routine trading and market analysis and allows you to start trading from your favorite browser in just a couple of clicks. You may use any browser and operating system. All you need to have is an Internet connection.
Being an investor we cannot ignore the broker’s fee completely, but we can minimize. Normally brokers charge for the transferring funds or closing account.
Make sure before transferring your account to another broker you have an appropriate idea about the new company. Uttermost the broker’s fees can be avoided by choosing extra service that is going to charge further.
Commonly your broker may charge extra for trading platform subscriptions, inactivity fees, annual fees, and research or data that could be challenging for beginners. IC Markets is a considerable platform for all and you may get an idea about IC markets review on your mobile.
Normally brokers provide the same menu of your investment including stocks, mutual funds, cost options, bonds, and exchange-traded funds. Oppositely old brokers offer admittance to the future/forex trending.
If you are a long-term investor that is looking to hold stocks or funds for several years, you don’t need to pay too much attention to the spread. But, if you are a short-term trader that is looking to buy and sell forex, commodities, or cryptocurrencies – then the spread is crucial.
For those unaware, this is the gap in pricing between the buy and sell rate of your chosen asset. In some cases, this is calculated as a percentage. However, if you’re trading forex, the spread is displayed in ‘pips’. As we covered earlier, the likes of IG offer spreads of just 0.8 pips on major pairs, which is very competitive.
You might be surprised to learn that a lot of brokers in the online space charge transaction fees when you deposit and/or withdraw funds. Once again, the amount that you pay – if at all, will vary from platform to platform. Furthermore, you might be charged a flat rate or a percentage based on the amount you deposit.
On top of commissions, spreads, and transaction fees, there are several other charges that you might need to be made aware of before joining your chosen trading platform.
You will need to add some funds to your trading account before you can start buying and selling assets from the comfort of your home. As such, it’s really important to check what payment methods the provider accepts.
In most cases, you will be able to transfer funds from your personal bank account. While some platforms allow you to do this instantly, others require 1-2 working days to process the payment. This is why it’s worth considering a trading platform that also offers debit/credit cards – as the payment is almost always added to your account straight away.
If using our top-rated trading platform eToro, not only can you deposit funds with Visa and MasterCard, but also e-wallets like Paypal, Neteller, and Skrill.
There can be a huge disparity in the level of customer service your chosen trading platform offers. For example, some providers only allow you to obtain assistance via email or an online support ticket. These platforms should be avoided, as it can often take days to receive a reply.
Instead, stick with trading platforms that offer customer support in real-time. The best contact method is that of live chat, albeit, telephone support is also popular.
You also need to explore what days and opening hours the customer support team works. Most platforms don’t offer support over the weekly as the vast majority of financial markets are closed. Usually, support is offered on a 24/5 basis.
Order Entry Types
The trade execution screen on the demo account offers a ton of useful information. Look for a variety of trade entry types and stop orders as well as safety provisions that may include Guaranteed Stop Losses and Close All orders. Many of these order routing methods are designed to protect the trader against excessive slippage, which denotes the difference between the expected and actual execution price.
The following order types should be the minimum requirement for any broker you choose:
Market Order – the order will be filled immediately at the best available price. This can incur excessive slippage in fast-moving markets, executing cents or dollars away from the bid or ask price listed at the time of entry
Stop Order – sends a conditional buy or sell order that turns into a market order at the chosen entry price
Limit Order – sends a conditional buy or sell order that can only be filled at the entry price or better
Stop-Limit Order – sends a conditional buy or sell order with two prices, stop and limit. The order turns into a limit order at the chosen stop price, filling only to the limit price. The order will cancel automatically if the quote passes through the limit price without getting filled
Guaranteed Stop Loss – sends an order that’s guaranteed to be filled within the requested parameters as long as the quote passes through that price
Close All – sends an order to close all open positions at the best available prices. This can incur excessive slippage in fast moving market conditions
If you are looking to actively trade the financial markets but don’t have the required experience or know-how, it’s well worth considering a platform that offers a Copy Trading feature. In its most basic form, this allows you to copy a trader like-for-like in a 100% passive nature.