The trading Platform is an important part of today’s forex trading activity. The Forex trading Platform connects brokers and clients, and allows Forex traders to monitor price movements, live charts, perform analyses, execute orders, and use a variety of other benefits. Along with the advancement of technology, the number of trading platforms is increasingly diverse, even a tool of competition among forex brokers. As a result, it provides many new trading platform options with captivating features for forex traders.
For forex traders themselves, the main benefit of the trading platform is the ability to create comfortable trading conditions where the optimal decision and maximum profit can be achieved. In this case, both novice and experienced traders should open themselves to use the trading platform best suited to him. However, up to now, Metatrader 4 (MT4) is still the trading platform for most traders to use. The main reason is because people are already comfortable with that-that’s it, and hesitate to change the platform. Indeed, to alternate the trading platform is quite risky because each platform has different characteristics. But despite having started trading with a common platform like MT4, wouldn’t choosing a trading platform that is capable of optimizing your own trading style is even more profitable in the long run!?
The Web-based Platform is the oldest online trading system that is the beginning of what is then developed into the current forex trading platform software. Before Web Platform is born, forex trading is quite troublesome because it has to be done manually or transfer payments and exchange via bank. The presence of Web Platform has opened unlimited opportunities where retail investors can trade forex easily, instantly, anywhere.
Forex traders can access the Web Platform easily in the browser like opening a regular website, after they sign up to one of the brokers, and receive a confirmation username and password. The features, appearance, and performance of each broker’s Web Platform can vary, but in general the benefits of Web Platform are easy accessibility from any PC without having to install any software. In addition, Web Platform features are also simpler than the most common trading platform, with analysis tools that are also quite complete.
Web Platform is out of date due to the emergence of the forex trading Platform in the form of software that performance is smooth, lightweight, and can be ‘ pinned ‘ trading robots. But up to now, a number of brokers still provide Web Platform as an alternative option beside Metatrader 4, including XM Webtrader and Exness Webtrader. Web Platform is also a popular choice among the rising binary options brokers.
Metatrader 4, or known as MT4, is inevitable the most widely used forex trading platform in the world. MT4 was developed by the company Metaquotes Software Corp and was released in 2005 to be licensed to Forex brokers, who then used it to facilitate online forex trading. As with Web Platform, traders can follow the price movements, perform analyses, and execute orders within the Platform. However unlike Web Platform which is only available via browser, MT4 must be downloaded and installed first. As it can be downloaded and installed, MT4 is also available in mobile versions and can be applied in various OS (Operating System). The main advantage of MT4 lies in the development and implementation of algorithmic trading/automated trading.
Automated Trading in MT4 can be developed by brokers, traders themselves, and third parties. MT4 allows brokers to provide trading signals directly to the platform, but the installation of expert advisors/robots and custom indicators from third parties is also very easy. Moreover, traders can create their own automated trading system with the MQL4 programming language. The developer community of trading tools with MQL4 has been highly exist, having a tremendous number of members from different parts of the world.
The advantages of MT4 make it a leader among forex trading platforms and liked by traders. Visit any forex broker, then almost certainly they provide MT4.
Metatrader 5, or known as MT5, is the ‘ sister ‘ of MT4. Developed by Metaquotes Software Corp and officially released in mid-2010, MT5 is expected to replace MT4 with a variety of additional features. MT5 comes with a number of features not owned by MT4, such as timeframes 21 instead of 9, separate economic calendar, and integrated marketplace.
Nevertheless, brokers and forex traders seem reluctant to adopt this platform. Instead, many choose to continue using MT4. Some of the reason is:
Expert Advisors and custom indicators built with MQL4 cannot be used on MT5; If the trader wants to trade with the same automated system, it must rewrite the program with MQL5. Thus, the crappy and cost of making a reliable trading system on MT4 can be wasted.
The MT5 Default setting is based on U.S. regulatory rules, NFA, which prohibits hedging by implementing FIFO (First In First Out). This is detrimental to users of hedging strategies, especially hedging in one pair.
For these reasons, most MT5 users are traders who previously did not use MT4. A number of forex brokers providing the MT5 platform are Alpari and IRONFX.
Developed by the company Spotware Systems, cTrader launched in 2010 with cAlgo to support trading algorithmic. Spotware claims that a dealing desk broker intervention is unlikely to occur, thereby guaranteeing direct access to the market and potentially improving the client’s trading quality. According to many cTrader users, this forex trading platform outcomes Metatrader in terms of accuracy and speed of execution.
cTrader is available in several versions, including desktop, Android, iOS, and Web. His unique characteristics and ‘ clean ‘ appearance have made cTrader a new favorite among traders. Therefore, a number of brokers are motivated to provide this forex trading platform for its clients, including OctaFX and Fibogroup. OctaFX even held a weekly demo account competition specifically for traders who were practicing using cTrader.
The youngest among the other forex trading platforms in this article, SIRIX was developed by Leverate as a platform that integrates social trading. SIRIX has no feature that can accommodate algorithmic trading and the number of indicators available in the platform is relatively little, but the social trading integration gives SIRIX a competitive advantage. As such, the platform not only displays charts and indicators, but also orders opened by traders in the social trading system. In the following SIRIX display picture, the social trading system appears on the right side.
SIRIX does not form any software that needs to be installed on the PC, but rather Web based, so it can be accessed like a Web Platform via browser. But the mobility of traders remains assured because SIRIX is also available in mobile and tablet versions. In short, SIRIX offers the freedom of the Web Platform, the ease of cTrader, and the benefits of direct social trading in one Platform. The increase in social trading is to boost SIRIX. In its advanced technology system has now netted the community