If you’re looking for the best online trading platform, you’ve come to the right place. The team here at FX News has put together a forex trading platforms list that clearly explains the advantages of each platform, so you can choose the one that’s right for you.
By the time you finish this article, you’ll know which platform you want to try. Let’s get started!
Choose an option from the forex trading platforms list
The forex trading platforms list
Before you choose a trading platform, you’ll need to choose a reputable broker to trade with.
You, like thousands of other forex traders, have presumably chosen Exness due to our tight spreads, fast order execution, instant withdrawals, no hidden commissions and low minimum deposit.
Choosing Exness is a good decision that will serve you for many years to come, so now let’s look at the range of platform types you can choose from.
A forex trading platform is the software that allows you to safely access and trade on the global markets from your computer or mobile device.
At first glance, they may all look the same, but there are important differences. Each type of platform listed below is specifically designed to meet the trading preferences of certain types of traders.
Let’s delve deeper and examine the differences between trading platforms. We’ll also look at the benefits and any limitations so that you can make an informed decision. Read on to work out which platform(s) you want to use.
1. MT4 & MT5 Web Terminal: multi-device trading
Some traders don’t have massive computing power. Others want to trade from multiple devices. For these people, the MT4 Web Terminal is an option worth considering as no download or installation is required.
The MT4 Web Terminal is easy to use and lets you switch from one computer to another with ease. The WebTerminal offers:
- Real-time quotes
- Customizable price charts
- 9 timeframes on charts
- Entry level analytical objects
Although you cannot use trading robots (Expert Advisors) on the MT4 WebTerminal, it deserves a place on our forex trading platforms list as it is one of the most convenient platforms out there. If you are a newbie forex trader looking for hassle-free trading conditions, MT4 WebTerminal is definitely worth a try.
2. Mobile trading platforms: for the trader on the go
Mobile devices are more powerful than ever before. This has opened the door for advanced mobile trading apps. Mobile trading on the go has never been so convenient or accessible! If you want to trade from your mobile device, here's what you should look for in your mobile trading platform:
- Complete control over your trading account
- Forex trading from anywhere in the world
- A large number of forex technical indicators
- All order types
- Forex financial instrument charts
Trade anywhere using a mobile forex trading platform.
As with the web-based MT4 platform, you won’t have access to trading bots and autotrading scripts with a trading app, but those tools should really be set up with care and patience from your desktop platform anyway. Some traders say the mobile app is top of the forex trading platforms list. Convenience trumps functionality.
3. MT4 & MT5 Desktop: The most popular choices
Also known as MT4, MetaTrader 4 is the undisputed leader of trading platforms. It has been the number one provider for forex market access for over a decade and is the default platform of most brokers. MT4 allows traders to analyse the markets, perform a variety of trading operations, and run trading robots or expert advisors on multiple currency pairs.
MT4 has generally been regarded as the best platform for beginner traders, but its developer, MetaQuotes, is no longer providing the same level of support or updates. In 2019, MetaQuotes will be focusing entirely on its latest, more advanced offering - MetaTrader 5 (MT5).
Imagine all of the incredible functions of MT4 with upgrades and new features and you’ve got the powerhouse known as MetaTrader 5 (MT5). Perhaps the best trading platform in the world, MT5 offers:
- Up to 21 timeframes on charts
- An inbuilt forex calendar with news events and forecasts
- 38 inbuilt indicators, 22 analytical tools, and 46 graphical objects
- MQL5 Community allowing traders of all levels the freedom to ask and answer questions
- MQL5 Language offering traders a way to create their own trading robots, technical indicators, and scripts
MT5 is easy to use, regardless of trading experience. As your experience grows, you’ll be able to develop your trading strategies and maximize your performance. Traders can still use MT4, but that platform is going to become increasingly outdated over the next few years. It makes sense for traders to move to the newer, more powerful platform sooner rather than later.
So, which platform on this forex trading platforms list is right for you?
Just remember that there is no one-size-fits-all solution and many traders use more than one type of platform. Exness offers traders a wide range of trading platforms and accounts that can be set up in your Personal Area.
We would recommend that you choose a trading platform that fits in with your trading preferences, but everything on the forex trading platforms list will give you what you need. If you want lots of monitors, a platform that comes loaded with the latest trading robots, and indicators at your fingertips, then perhaps the MT5 Desktop is right for you. On the other hand, if you want to check your trades regularly while out and about, the mobile trading app is the clear choice.
The forex market offers excitement, thought-provoking trading opportunities, and a chance to expand your financial options. You might want to try every option on forex trading platforms list for yourself. Experiment! Just remember that becoming an experienced trader requires a lengthy learning process. Be sure to check the Exness Help Center whenever you have a question about our platforms, trading conditions, support and more.
Choose an option from the forex trading platforms list
Not sure how to get started? No problem. Follow this step-by-step guide.