Today's Best Forex Trading Platforms

What is a Forex trading platform?

Forex trading platform is a software that helps to place and manage orders, as well as manage trading accounts. It is basically a communication tool between the broker and the trader, and the point of access to the Forex market .

How does the Forex trading platform work?

The Forex trading platform presents the full market rate to you, allowing you to trade even when you are doing other things. Below is a brief list of utilities.

• Forex Trading;
• Account management;
• Analysis of the market situation;
• Receive real-time Forex signals and information ;

The Forex trading platform makes you a part of the Forex market without having to go directly to the broker. That is why today everyone uses trading platforms – from novices to professional traders and market analysts.

What is a Forex trading platform?

The best Forex trading platforms

The best types of platforms that investors are using include:

• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)
• cTrader
• WebTrader/Terminal
• Social Trading
• Own platform (created by each exchange specifically for customers opening an account on their exchange)

MetaTrader 4 (MT4)

• MT4 was born in 2005. This is a familiar trading software for any trader.
• MT4 has versions for PC, iOS, Mac OS, Android and WebTerminal.
• MT4 is the favorite choice of many traders with easy operation, easy-to-see interface, fast and smooth processing speed, and easy software installation.
• Traders who prefer to trade on multiple accounts simultaneously can use the MultiTerminal specially designed for them.
• Installing the software on the machine with the direct installer provided by MetaTrader will help users to use multiple trading accounts on many different forex brokers simultaneously. If you download MT4 from forex brokers, chances are, you will only be able to log into your account at that broker.
• Traders who prefer automated trading can choose to use the MQL4 programming language built into MT4, to create automated forex trading bots and advisors.

MetaTrader 5 (MT5)

• MT5 is an upgraded version of MT4. Currently, MetaTrader 5 is gradually becoming popular with traders.
• However, MT5 is not really stable like MT4, so many investors are hesitant to use MT5 when they are familiar with MT4.
• MT5 can run on Windows PC operating systems, OS, on iOS and Android mobile operating systems, as well as MT5 WebTerminal.
• Compared to MT4, the new version MetaTrader 5 offers traders an extensive list of technical indicators, and a large number of timeframes for price charts.

cTrader

cTrader is a late but quite useful postpartum platform. If you use cTrader, you can be sure because cTrader does not support Dealing Desk or Market Maker, it can be said that cTrader is a pure ECN forex trading platform .

Some exchanges that support the cTrader platform include IC Markets, FxPro, Pepperstone, FIBOGroup…; If one day you get bored of MT4 and want to try another trading platform then cTrader is a suitable choice.

Some typical features of cTrader compared to MetaTrader 4/MetaTrader 5:

• Nice interface, easy to see, can move the chart vertically (instead of just horizontally like MT4/MT5)
• Have a working space account in the cloud (meaning you can go to any computer with cTrader and settings like templates, indicators remain the same)
• Adjust the chart to Vietnam time easily, showing whether the current trading session is Tokyo, London or New York...
• Pre-order partial stop (TP1 take profit 5 pips, TP2 take profit 10 pips…) (provided that the computer must be turned on)
• Set Trailing Stop without turning on the machine (with MT4/MT5 when you use Trailing Stop, do not turn off the computer)
• The SL and TP lines show the number of pips and the corresponding amount on the chart as well
• Easily review the transaction history of each order, shown right on the chart without using EA
• It is possible to place an identical order or enter an opposite order of the same volume with just 1 click
• Upload your account to myfxbook with just 1 click
• Automatically send emails with each action, for example, pending order is matched, order has been TP, account is about to stop out...
• If there is a Stop Out , do not cut the entire order, but only a part to preserve the order.
• Margin Call can be customized (when there is 1000% left, notify the first email, and 500%, notify the second email ...)
• Show notification with Price Alert (instead of just 1 beep on MT4)
• Backtest is very fast with many parameter sets at the same time, high accuracy
• Has Vietnamese language, translates quite closely to professional terms (MT4/MT5 also has Vietnamese but not pure Vietnamese)
• Spread and Commission are generally cheaper than MT4, very suitable for scalping.

WebTrader/Terminal

WebTrader (or Terminal) is a form of supporting platform for major platforms such as MT4, MT5, cTrader, Platform's own… WebTrader was created to support customers to trade right on the web platform without the need for software. which is installed on the device.

For example, with MT WebTrader (MetaTrader Web Version) you don't need to download anything and can still use the full features of MT WebTrader for instant online trading on both demo and live accounts. your trading accounts. The complete trading functionality of MT WebTrader is based on compatibility with MetaTrader. This allows to open and close trades with one click, set stop and start limits, place orders directly, set and edit stop loss limits, and display chart display.

Because this is an add-on platform, so even though it is integrated with many features, the use of WebTrader still has many limitations compared to using the main platforms, so if possible, investors Investors/Traders are recommended to install MT4, MT5, cTrader… on the device to fully utilize the features these platforms provide.

Which is installed on the device

Copy Order/Copy Trade/Social Trading

The Copy Order trading platform (English is Copy Trade or Social Trading) is an advanced social trading platform in the global financial market. With Copy Order, You don't need to put in effort to trade on your own, Copy Trade trading platform will help you to copy trades from a good Trader (chosen by you) and in the end You get the rate of return same as the copied Trader.

It can be said that Copy Order is a fully automatic trading platform: You just need to open an account, deposit money and set up your account to run automatically according to the copy order mechanism (Place Order, Close Order, etc.) ). If you are not good at surfing and do not have time to research and conduct trading, then Copy Order is a good choice for you.

In each Forex exchange, the Copy Order Platform is also designed differently and not all Forex brokers support the Copy Order platform. Some Forex brokers that well support the Copy Order platform are: eToro, FBS, … and some other Forex platforms.

Own platform

In addition to MT4 and MT5, cTrader, … some technologically powerful forex brokers also create their own platforms to help customers trade more conveniently and easily.

The advantage of a separate platform is that the interface is often easy to use, has more utilities, connects information more closely with your Forex account. Besides, there are also limitations such as: There are incomplete features, easy to be manipulated by the exchange (because the exchange is the one who creates and controls the software platform), so for many experienced traders and investors. Experience, popular platforms like MT4, MT5, cTrader are always the first choice.

The most successful private platforms today are not many, typically: xStation of XTB exchange, eToro trading platform, etc.