Forex is also known as foreign exchange. It is a global marketplace where different currencies are traded. It is the largest financial market in the world. Moreover, Forex has daily trading volume of over $6 trillion. People sell one currency and buy other (e.g. EUR/USD). Basically, main function is to profit from changes in exchange rate. Specialized platforms are available where this trading is done through brokers.
Top 5 forex trading platform are mentioned below:
- MetaTrader4 (MT4)
Uses: MT4 is the most popular forex platform. It is best for beginners. Basically, it offers different features such as easy-to-use charts and technical indicators. Moreover, MetaTrader4 allows automated trading through Expert Advisors (EAs). It is widely accessible. It has huge online community, many brokers support MT4. lastly, it is most famous for it’s stability and custom indicators.
2. MetaTrader5(MT5)
Uses: MT5 is the upgraded version of MT4. It offers enhanced tools and features. MT5 supports assets like stock and commodities. It allows efficient charting and faster backtesting. It has an integrated economic calendar. Moreover, it is best choice for professional traders.
3. cTrader
Uses: cTrader is widely known for it’s modern interface and fast execution. Basically, in this platform feature of transparent pricing is exceptional. Furthermore, it gives direct access to liquidity provider (ECN). This platform includes algorithmic trading with cAlgo. It is best option for clean design and quick order execution.
4. NinjaTrader
Uses: NinjaTrader is used for forex and futures trading. It has a strong charting and back testing. Professional use it to make market analysis. Furthermore, it helps in strategy building. This platform requires a license for live trading.
5. TradingView
Uses: Basically, TradingView is a web-based platform. It is widely known for it’s decorated charts. Traders share their ideas and strategy with community all over the world. It is not a broker itself but it connect to other forex broker for live trading. It is best for traders that focuses on charting quality and community insight