A platform for trading on the Forex market, or a trading terminal, is nothing more than software that allows you to interactively attend the international currency market and make various transactions on it. Therefore, it is very important to choose the most convenient terminal that will help you trade on Forex with ease and comfort.
What to pay attention to when choosing
In general, almost all existing platforms for the Forex market are convenient in their own way, but there are also objective parameters that you should not forget about when choosing a platform. Here is a list of the trading terminal requirements:
- Program speed and performance. A trading terminal should be fast and have no hang-ups. Some programs have low speed and performance, which affects both the delay in the graphic display of quotes and the timeliness of transactions.
- Functionality. The platform should have a sufficient number of analytical tools, including technical indicators and charts, timeframes, the availability of automated trading (expert robots or advisors), different modes and types of orders, services of fundamental analysis and economic calendar, etc.
- The convenience of the interface. The interface must be intuitive, individually customizable.
- Security. Security of transactions and confidentiality, of course, must be incorporated in the platform, and these factors also depend on a broker you choose.
- Mobility. Here, mobility means not only the ability to install the program on mobile devices but also the compatibility of the program with various operating systems. A good terminal should meet the requirements of your device.
The best Forex trading terminals
And now let’s look at some of the most popular trading terminals in the Forex market and their features.
MetaQuotes Software Corp. developed this software for Forex trading in 2005. It is still very productive and powerful, which is important for brokers – it can serve more than 10,000 traders at the same time on a medium-capacity computer!
This is the best trading platform containing a news block, an economic calendar, wide coverage of the Forex market, the full range of trading instruments, well-implemented analytical capabilities. MetaTrader 4 has a perfect security system, mobile and automatic trading, the flexibility of settings and the possibility of programming. This allows you to create the most convenient working space. The program works fine not only on computers but also on gadgets with iOs and Android. There is also a web version of the terminal with slightly simplified functions.
Mirror Trader is considered to be one of the best social trading platforms. It is mainly used to copy trades of other traders (signal providers). Moreover, each user can trade independently or make any changes to transactions and close them at any time.
However, the functionality of Mirror Trader is not as rich as that of MT4. The Mirror Trader platform is great for social trading, but few traders use it as the main terminal.
It is one of the most popular options among brokers. The program has many advantages: a wide range of tools, efficiency and good performance, safety and reliability. There is an Order Desk Support system, that is, support works around the clock. You can independently adapt the platform for your convenience, enter your scripts, indicators, and prescribe individual strategies.
There is a light version for beginners, in which the interface is simplified and there is no possibility of automated trading. Pro version is suitable for experienced traders, it has a lot of additional functions, but you need to pay $50 each month for maintenance. It is recommended to install this program on a powerful computer, otherwise, it may start to “freeze” at the most inappropriate moment. The main feature of NinjaTrader is that it allows you to carry out operations not only on Forex but other financial markets (binary options, stocks, futures contracts).