The foreign exchange became one of the most popular markets in the past few years and it’s still growing. There are many reasons behind this increase: the ease of access, the availability of demo accounts, the almost immediate demand for the asset you acquired and most of all, the incredibly fast-paced technological advancement. Let’s talk about the last feature and find out more about the top types of platforms which can ultimately have an impact on your Forex trading experience!
The MetaTrader4 (MT4) platform
The most effective and widely-used trading platform is the MetaTrader4. Designed by MetaQuotes Inc, the robust MT4 is so accessible, user-friendly and fast – that traders with all levels of experience can work with it. What it offers definitely stands out: one-click trading from advanced charts, a large range of tools, it allows you to back-test strategies and it can be customized with the latest indicators or auto trading systems (Consultancy Experts). These are just some of the features; the platform is actually very comprehensive, yet ironically so easy to use! Some of the best Forex brokers like rcpro went beyond the standards and offered their customers the mobile version of the MT4 platform too, and even an extra reputable trading platform – WebTrader. As a trader, you’ll find out along the way that it’s always good to have as many options as you can to get the best out of each trading experience; but when an online broker offers them all, it’s definitely a keeper!
The WebTrader platform
Although it is less popular than MT4, WebTrader can easily be categorized as a professional and innovative web-based Forex trading platform. It combines the latest trading developments presented in a comprehensible way to both novice and experienced traders. Some of its main characteristics are: one-click operations for opening and closing trades, placing direct orders, setting stops and entry limits and exceptional charting. Traders can also follow up the latest news and analytical comments as well as quote changes in an online mode. Even if the most successful Forex brokers are known to offer MT4 as their trading platform, WebTrader is just as well-equipped and professional. Don’t hesitate to trade with a broker that offers it!
The Currenex platforms
The creators of Currenex platforms knew that there is a beginning of the trading journey and also a continuity, that’s why they came up with two types of platforms available for traders who are just making the first step towards their Forex trading adventure, but also for the experienced ones who already know the game. The first type, named Currenex Classic, is a Dealing Desk platform. Such platforms are usually offered by brokers who want to act like market makers, as the platform is connected to the broker’s dealing desk and all trades must necessarily pass through the desk. In other words, all prices come out from the dealing desk of the broker. Currenex Classic offers charts, standard trading tools and pretty much the basic trading instruments which make it suitable for beginners.
The second type of platform is called Currenex Viking and it’s a No – Dealing Desk platform. Unlike the Dealing Desk ones, here, the prices come from a variety of liquidity providers. The traders are given direct access to the money markets via the prices that are being displayed on the terminal. The Currenex Viking platform is not as accessible as the Classic one and it’s suitable for experienced traders who already know how to master the Forex trading tools.
The cTrader platform
Created by Spotware Systems Ltd, the cTrader is an ECN (Electronic Communication Network) platform. ECN platforms, generally referred to as No – Dealing Desk, have a few important benefits that shouldn’t go unnoticed. As we mentioned above, they link the market participants with their liquidity providers, giving the traders the opportunity to choose the price that suits their trading model. Other benefits imply: variable spreads, immediate trading execution and automated Forex market data feed. To sum up, cTrader has all of these benefits, plus the cAlgo software, another platform manufactured by Spotware Systems Ltd, which allows algorithmic trading on the cTrader platform.
The ActTrader platform
Produced by ActForex Ltd, ActTrader is a Forex platform available in both web-based and downloadable versions. Its lack of popularity is probably due to the difficult display of the tools and the rather different process of placing orders. Apart from that, it does offer some interesting options, such as: convenient controls via FXVoyager Toolbar, it allows you to create, test and run automated trading strategies via ActFX and you can also set a price alert in multiple ways. The ActTrader platform also offers the basic tools any trader would find useful.
The Advanced Trader platform
Manufactured by Swissquote, Advanced Trader is the perfect Forex trading platform for beginners who want to develop their trading skills. The user-friendly interface and the variety of charting tools create the perfect environment to learn and explore how Forex trading works. More than that, the software also offers a number of additional advanced platform features to keep you hooked after you went through the basics. You can switch easily between web, desktop and mobile versions.
Even if there are a lot of platforms available in the online Forex trading world, we assure you that these are the most popular and you’ll definitely bump into them. The MT4 platform remains the most successful and used one, but the others work just as fine, depending on your needs. Make sure you choose the broker which offers the platform you’re most comfortable with, because this is the first step towards success in your trading career!