The Best Forex Trading Platform In 2024
The Modern Trader & BIS (published by Broker Notes) said on a report that 14 million(approx.) people are online trader around the world. Among them, 10 million people invest in forex trading. An important aspect of trading is the forex trading platforms. Due to the wide variety of trading platforms, you may find it difficult to choose the best forex trading platform for you. We are here to help you. We have done in-depth research on the forex trading platforms. We will provide you all information you should know to pick the right platform.
Different brokers offer different platforms in online forex trading. The brokers keep in mind the features & services of their website when providing the platforms.
What is Forex Trading Platform?
The trading platform is the software interface provided by the broker in forex trading. Investors get access to the forex market as a trader through this platform. The trading platform provides the tool for the execution of buying & sell orders in the forex market. The broker opens this platform for the clients. So, the client genuinely expects that he will receive the best forex platform from a top brokerage.
The trading platform avails research opportunities along with the transaction. Most brokers offer an integrated trading program. Some of the brokers offer custom-designed platforms too. Many brokerages offer forex trading platforms for both institutional & retail clients. Institutional traders carry transaction on behalf of a group or organization. Retail traders buy & sell currencies for personal accounts in the forex trading. With the advancement of technology, both clients are now served on the same platform. An advantage of both (institutional & retail client) using the same platform is with progress in business, a retail client can turn into an institutional one. In such a case, he can serve the group or organization without switching the platform.
Different Categories of Forex Trading Platforms
A good variation in the forex trading platform is observed. Each of them has both pros & cons. In forex trading, the platform can be classified on the basis of multiple factors. Such as programmable language, format, trading model, etc. Let’s talk about the categories in detail.
|MetaTrader (MT4 and MT5)
|Web Based Platform
Downloadable Trading Platform
|Dealing Desk Platform
Non-Dealing Desk Platform
Categorization on the basis of programming language
This sorting is done considering the platform is prepared & designed using which language.
MetaTrader (MT4 and MT5)
Metaquotes software runs the platform. MT4 is considered as one of the best forex trading platforms. MT5 is the successor of the MT4 platform. MetaTrader platform offers boatloads of currency pair & indicator, a user-friendly interface, many tech indicators, auto trading abilities in forex trading, etc. This platform is quite easy to use. Simply download your MetaTrader platform. And register for a free demo account, a MetaTrader Forex firm.
Conveniences of using MetaTrader:
- Avails rollover & hedging.
- Supports & showcase Candlestick chart, Heikin Ashi chart & Renko chart.
- Preserve your trade history.
- Generate report (in detail) on the position you take.
ActTrader is another best forex platform. It allows you to personalize your workplace. You can open & manage your forex trading (account, transaction, position, etc.) using built-in one-click in the shortest time. This user-friendly platform suits every level of traders from novice to experts.
ActTrader gives access to the FXApp. You can find online forex trading strategies using FXApp. The platform introduces Act Vat visual strategy editor. Through this editor, you can directly create a chart from the trading strategy. You don’t need to write down code. Won’t it the best forex platform for the investor who doesn’t have coding knowledge?
Conveniences of using ActTrader Platform:
- Sets price alerts. Notifies the user when the price reaches a predefined level.
- The Dealing Rates window displays the streaming prices.
- Creates multiple workplaces.
- You can stop or limit order using the FXVoyager Toolbar
This is a suitable platform for large forex capital companies. Trade Station is built using the Lua language. It is one of the best forex trading platforms for order management & genuine trade execution. It’s a stable & customizable platform.
Conveniences of using Trade Station:
- Provides excellent charting tools.
- Portfolio Maestro analyzes to optimize your forex trading strategies.
- You can run back-test using this online forex trading platform
Currenex is an all-inclusive high-performance trading platform. Two versions of the platform are available. Many reviewers say the ‘Currenex Classic Platform’ as the best forex platform for the beginner because this one is easy to use for the availability of a lot of charts. ‘Currenex Viking Platform’ is perfect for professional users. The beginner would find its interface is a bit difficult to use.
Conveniences of using Currenex:
- The user can request prices for several liquidity providers.
- One can place advanced orders of different types.
- Displays streaming prices in real-time.
- You can see the market condition (in-depth) at any time.
cTrader is an Electronic Communications Network platform. It directly gives access to forex trading. cTrader has been recognized as one of the best forex trading platforms due to high-quality service. Spotware Systems Ltd i.e. the manufacturer company, is continuously working on the development of the platform.
cTrader provides a clean t & responsive platform to carry online forex trading. A recent study on forex trading platforms has recognized cTrader as the safest trading platform. This platform emphasizes transparency in trading. So, you have a greater possibility of earning profit using the platform.
Conveniences of using cTrader:
- Price chart diversity.
- Several time frames.
- Pre-installed indicator & custom indicator are available to run technical analysis
- Allow running web-based forex trading (irrespective of device, browser & operating system)
Categorization on the basis of a format
This classification is done on the availability of download opportunities.
- Web-Based Forex Trading Platforms
They are non-downloadable platforms. You will access such a platform by typing the URL on the browser.
You need to log in using authentication information. You can access them with an internet connection without downloading the platform. Such platforms are usually run on Java.
- Downloadable Forex Trading Platforms
You need to download such a platform. They are available as an executable file. You download the files & run on the device (desktop or smartphone) to get access to such a platform. They are run in the application form. You only can access such a platform using the particular device which has the platform as downloaded.
Categorization on the basis of a Trading model
- Dealing Desk Platform
The dealing desk platform communicates with the broker’s dealing desk. The desk directly generates pricing information. Traders’ transaction order reaches the desk for execution. Market makers mostly use these platforms. Example –
- MetaTrader (MT4 and MT5)
- ActTrader Platform
- Trade Station
- Currenex Classic
Non-Dealing Desk Platform
Such platforms directly show pricing information from the liquidity providers. They are also called the ECN platform/ direct market access platform. Example –
- Currenex Classic
Trading with the best forex platform is inevitable to enjoy transparent transactions. Forex trading involves several trading platforms. The forex trading platforms are available both for free or at a charge. Usually, the choice of platform depends on traders’ interest & practice. The trader wants to have a profitable transaction with a good experience.
Certain features the trader looks for while choosing the online forex trading platform
- Diversity in Assets
Major & minor currency pairs are inevitable assets in Forex trading. Commodities like crude oil, gold, crops, etc. are traded in the forex market as well. So, the trading platform should offer a wide range of assets for trading.
- User-Friendly Platform
The forex market has all level trader, from beginner to experts. The best forex trading platform is considered as the one whose interface is convenient to use for all level users. The platform should be easy to use. It should not generate undesirable errors. It is wise to avoid complex interfaces.
- Customizable User Interface (UI)
The alterable layout of the trading platform gives more flexibility in forex trading. The trader should have the option to personalize the trading platform when he needs it. The trader will have a better experience in customizing the platform. He can run the trade in his own way & environment then.
- Charting Tools
The traders expect to use different charting tools for technical analysis on the platform. Such a tool gives clear visualization of the market, price variation, etc. Observing the price movement through charting tools will help you to understand the leading price, best entry, limit & the stop price.
Some forex trading platforms allow traders to enrich the chart using labels, drawing, trading indicators like Gann signals and Fibonacci, trading channels, etc. Some platform allows you to directly place the trade on charts.
- Analytical Tools
You would prefer to use the trading platform that provides a pre-installed analytical tool because you can analysis when & where you should trade using these tools. Tools like trend and trend strength indicators, volatility indicators, volume indicators, moving averages, oscillators, support, and resistance increases the productivity of the trading platform.
- Ease in Placing Order
It is one of the vital features of the forex trading platform. The trader prefers to place a simple market order when he chooses to trade at the offered price of the current market. If he wants to trade in advance, he would prefer using entry order capabilities. In the entry order, the order is placed ahead of time. On reaching the desired price, the order will automatically be placed.
An interesting feature the forex trading platforms offer is the alert generation. Using some platforms, you will receive notification/alert regarding margin level, market condition or price, etc.
- News on the Forex Market
The forex market is a dynamic trading place. It is really important for the investor to remain up to date with the current market trend, price & activities. The forex trading platforms of whose news feed take update automatically are traders’ top choice.
- Trading Simulation/Demonstration
Many of the traders, especially beginners, prefer to run trade as a demo trade. Such simulation doesn’t involve real money transactions. It is helpful to understand the market trend. You can run demo trade to understand how you should trade to achieve maximum profit as well. Trading platforms that allow the trader to run such hypothetical (demo) trade are preferred.
Before you choose the forex trading platforms, please verify
- Maximum number of currency pair you can trade
- Minimum deposit amount
- How would you deposit/withdraw money (debit & credit card transaction)?
- Does the platform offer a mobile application?
- Does the platform offer a demo account?
Either you are new to the forex trading or an expert, you need to find a loyal broker in trading.
You need to consider hundreds of factors while choosing the broker. We have prepared a list of top brokers which you will get on visiting https://bestfxbrokersreview.com/. We believe the list will save you time while picking the right broker.
Forex trading involves money transactions. So, you need to be very careful regarding picking the trading platform. A large number of forex trading platforms are available in the market. Obviously, the best forex trading platform will give you the best experience. We have provided you all the necessary information you need to know while choosing the platform. We hope they will help you to choose a suitable trading platform for you.
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