How do you choose the right forex trading platform in 2019?
There's a lot of choice out there and it can be overwhelming. This article is going to help you figure out which platform fits your trading style and needs. So, check out the list of 2019 forex trading platforms and start your trading year on the right foot.
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MetaTrader 4: The most popular choice
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 traders to analyse the markets, perform a variety of trading operations and run trading robots or expert advisors. Traders can perform technical analysis, place most types of orders and fulfil orders via instant or market execution. MT4 also supports all manner of forex trading strategies and is compatible with practically every indicator.
On Exness, clients who use MT4 also get exclusive access to the latest financial and market news, as well as technical analysis provided by Trading Central, a market-leading analytical agency. Another incredible feature is the level of security. All communications between the server and the trading terminal are encrypted using 128-bit keys.
Both professional and new traders use MT4. It is currently the most acclaimed and award-winning platform of all time. However, if it’s so good, why bother considering one of the other trading options?
MT4 vs MT5: Time to move to the new?
The MT5 trading platform is the upgraded version of MT4. It has all the same functionality as MT4, but offers a faster and more powerful experience than the older platform. Improvements include an enhanced interface, better productivity and performance, and an expanded set of features. These additional features include more precise timeframes, more pending order types and the ability to publish charts online. On Exness, MT5 also includes an inbuilt economic calendar to allow traders access to fundamental analysis, and a hedging mode system that allows traders to have multiple positions for a trading instrument.
Word to the wise though! MT5 is heavier on the CPU than MT4. If you’re still rocking an old laptop, it might not be right for you just yet.
While MT4 remains a staple for most brokers and traders, MetaQuotes — the company behind both platforms — announced in January 2018 that it would no longer be selling MT4. Existing users can still use MT4, but that platform is going to get more and more out of date as new features are introduced to the MT5. It makes sense for traders to move to the newer, more powerful platform sooner rather than later.
MT4 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 to consider. There is no need to download or install anything. The MT4 Web Terminal is easy to use and lets you switch from one computer to another with ease.
You get complete control of your account, trading systems, and a variety of technical indicators and charts from which to trade with. There are a wide range of forex pairs available, and you’ll be able to trade practically anywhere. There are, however, some limitations. For example, auto-trading scripts, trading robots and expert advisors are not supported.
Despite the limitations, the freedom to trade with more than one device definitely makes MT4 Web Terminal one of the most convenient forex trading platforms. Especially if you are a forex trader that requires hassle-free trading.
Mobile trading platforms: For the trader on the go
This year’s smartphones are more powerful than the laptops of just a few years ago. Add to that increased 3G and 4G coverage and you’ve got the most incredible opportunity to start trading on mobile.
Today’s trading apps are very friendly and offer a wealth of options. As with a web-based platform, a trader can enjoy total control over their trading account and make trades from practically anywhere in the world. Mobile trading apps also offer a large number of forex technical indicators and the most popular selection of order types and daily charts.
Custom trading platforms: Research the right one for you
Some brokers will develop a custom trading platform to fulfil the needs of their clients. There are dozens of custom trading platforms online. Sadly, most of them are not very good. The very best versions are those platforms that use the tried and tested MetaQuotes software — usually based on MT4 and MT5. Good platforms incorporate the better elements of existing models and don’t diminish the platform functionality for more experienced traders.
If you want to use a custom trading platform then research the one that is right for you. It should have the functionality and tools to enable you to implement your strategies and match your trading style and requirements. For example, Exness will release an MT5-powered custom trading platform in 2019. It’s web-based and mobile compatible, so you’ll get all the latest functionality for trading anytime, anywhere. The Exness platform also supports moving averages, support and resistance levels, and a huge selection of currency pairs to buy and sell.
Which are the best forex trading platforms for 2019?
There is no one-size-fits-all solution. You should choose the trading platform that works for you. 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 is focusing entirely on its latest, more advanced offering, MT5. Depending on your preferred device and approach to trading, mobile, web terminal or custom platforms might be a good fit.
Exness provides all of these trading platforms. Making a trade while working from home, travelling or on your lunch break is no longer just a dream. The forex market offers excitement, thought-provoking entertainment, and a real opportunity to expand your financial options.
Looking to add to your current income? Hoping to make trading a full-time activity? Exness can provide all the tools and support needed to maximize your potential. Just remember that becoming a professional trader requires a lengthy learning process. Jumping blindly can end in disaster. Be sure to go through all of the educational materials found in the Exness Help Center. Sign up today, and you can do it while your application is being processed.
Ready to choose your platform and start trading today?