Currency trading platforms in the online forex trading world seem to be as ubiquitous as online brokers themselves.
So how can you tell which ones are the best, and which ones could leave you bankrupt? In some cases, the best platform for you may not be the best platform for someone else.
It all depends on what kind of trader you are, how many accounts you have and what kind of volume you're typically dealing with.
There are two major currency trading platforms that are used by traders and offered by brokerages for different reasons:
1. NinjaTrader primarily focuses on futures trading but you can also trade forex on it as well.
– Free demo trading platform to hone your skills.
– Affordable live trading platform.
– No limits on scalping.
– An extremely flexible platform for programmers to make alterations.
– Supports multiple charts and market tracking types.
– There are dozens of plugins and widgets that make this platform more user friendly and comprehensive.
– Great tech support (depending on the broker that offers it).
– Very secure trading; little or no security threat.
– It's pretty complicated for the first-time user and takes a while to get to know.
– It takes longer to set stop limits than other platforms.
– The number of brokerages that offer this platform is far lower than brokerages that offer MetaTrader.
– Strategies that are very concerned with market positioning require extra programming.
2. A number of currency trading platforms are, however, at the mercy for MetaTrader 4 in terms of ease of use and popularity.
– It's easy to use, very comprehensive and a good platform for first-time traders.
– There are hundreds, maybe thousands for online trading brokers that offer this platform, meaning that you're likely to get good back-office service.
– There are a large number of market indicators and Expert Advisors for sale as part of this platform.
– Comes with build-in analytical tools.
– Both Demo and Live trading platform versions are 100% free.
– Traders are almost completely reliant on the broker offering the platform to ensure it is functioning correctly.
– MetaTrader 4 often has slow order execution.
– It's not ideal for high frequency or high volume trading accounts.
– Very little room for professional programmers to alter the platform as they like.
– Very little personal customization options.
Whichever currency trading platforms you choose to go with, make sure you ask your forex broker a lot of questions before signing up. Selecting the right platform for you specific needs can be as important as the trading strategy you plan to employ itself.