Forex: Three Outstanding Forex Trading Platforms Discussed
Thanks to the tremendous income opportunity presented by it, Forex continues to draw traders in large numbers. There is a lot to be earned in a market where more than 3 trillion dollars change hands every day. Traders, ready to open forex account should be prudent enough to carry out substantial research on various factors before initiating their career- the choice of the trading platform and broker, the currency pairs among others.
Talking about the trading platforms, traders need to invest due time on various platforms at the same time- just to figure out which interface suits their trading style the best. Discussed below are three of the leading trading platforms that can be tried out.
Meta Trader 4
Both Meta Trader 4 and Meta Trader 5 are designed by eminent Russian software firm MetaQuotes. It was in the year 2005, that they came up with Meta Trader 4 and since then there has been no looking back for them as far as their domination in the market is concerned. The platform is packed with a wide array of tools that help traders to conduct price analysis, enter and manage trading positions, as well as to organize trading robots. Japanese candles and bars and lines are a few types of charts that traders have access to. The platform was primarily established to back online trading across various markets including forex, contract for differences (CFDs) and futures. This one definitely makes for one of the most widely used trading platforms today.
Meta Trader 5
It is a new trading system defined by high productivity, refined architecture and due flexibility. Its No Dealing Desk (NDD) technology helps it to respond to the modern international practices with ease. Just like its predecessor (Meta Trader 4), Meta Trader 5 supports trading activities in forex, Futures, CFD and equity markets. There is a wide array of trading tools to be availed as well. It is powerful, flexible and can be customized to suit your trading style. There is no dearth of pre-installed technical indicators that can help you in the process of placing orders and keeping track of your exposure with noticeable ease. Meta Trader 5, so far has proved to be a worthy carrier of the legacy of Meta Trader.
The cTrader trading platform has been designed by a London based trading firm of the same name (cTrader). This platform is known to deploy the Direct Market Access (DMA) feature which enables traders to buy or sell orders to/from the Order Book of exchange – without having to take aid of an intermediary. Actually, direct access to the Order Book of exchange is only available to brokers or market makers. DMA has emerged as a major source of help for private companies and traders because they can deal with the Order Book directly. DMA renders the much coveted degree of sophistication to the platform, not typically associated with other trading platforms. The platform is tailored to deliver fast execution of trades and a hassle-free experience with the charts. The layout is not only attractive but user-friendly as well. The platform supports cBot or the automated trading protocol as well as back testing facilities.
The three trading platforms mentioned above have been driving traders’ preferences at large. Select one in accordance with your style of trading.
Creative writing by Samantha Jones