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Overview of the Best Forex Trading Platforms

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Are you wondering which forex trading platforms are the best? There are several options out there and many brokers might offer you different choices. It’s important to choose a broker that offers a good trading platform if you want to achieve the best results. This is why we’ve ranked the best trading platforms below, based on features and popularity, along with disadvantages.

MetaTrader 4 (MT4)

MT4 is no doubt the most popular and widely available trading platform on the market, despite the release of its successor MT5. If you’re considering a popular forex broker, then MT4 is likely to be their featured trading platform and can be accessed for free with any trading account. This platform was specifically designed for FX trading and comes with several noteworthy features:

  • One-click trading
  • 9 different timeframes
  • User-friendly and easy navigation
  • 3 order execution types
  • 30 technical indicators
  • Supports roll-over and hedging
  • 4 pending order types
  • Accessible on PC, web-browser, and mobile apps

These are only a handful of features found within the popular trading platform. In addition to being widely accessible, MT4 is probably the most stable platform available. Many traders prefer its interface over every other platform out there. However, there are few known disadvantages to using this platform, especially when in comparison to its successor MT5. Here are some of MT4’s disadvantages:

  • Some experts claim that MT4 is slower than other top trading platforms
  • MT4 offers fewer order execution types and pending order types than MT5
  • No depth of market
  • No economic calendar
  • Less detailed market watch
  • Single-threaded strategy tester
  • Netting isn’t supported

MetaTrader 5 (MT5)

MT5 is the newest version of MT4 and is also widely available, although it isn’t offered as commonly as its predecessor. This platform offers some advantages over the older version, but many traders still prefer the timeless classic. The debate between MT4 and MT5 really comes down to personal preference. Here are some of MT5’s advantages:

  • One-click trading
  • 21 timeframes (versus 9 on MT4)
  • User-friendly and easy navigation
  • 4 order execution types
  • 38 technical indicators (versus 30 on MT4)
  • Supports roll-over and hedging
  • 6 pending order types (versus 4 on MT4)
  • Available on PC, web-browser, and mobile apps
  • Ability to switch between hedging mode and netting mode
  • Built-in economic calendar
  • Multi-threaded strategy tester (versus single-threaded on MT4)
  • Ability to transfer money between accounts

As you can see, there are several clear advantages to trading on the MT5 platform. Of course, MT4 users can still access some of its features even without having them available on their platform. For example, economic calendars are widely available online.

cTrader

If you prefer not to use MetaQuotes software, cTrader is another noteworthy option. This platform was created by Spotware and comes with features that are both alike and different from those on the MT4/MT5:

  • Variety of price charts
  • 70+ pre-installed indicators
  • Available on desktop, mobile devices, and browser
  • Allows traders to build robots and indicators
  • Up to 50 templates and sharing tools
  • Multiple timeframes

Where MT4 and MT5 offer various features that can enhance trading with an interface that is more navigable, cTrader focuses on allowing users to customize and create trading indicators and robots. Of course, one should determine which platform offers the most features for their needs.

NinjaTrader

The last platform on our list is NinjaTrader. This option has been around since 2004, but it isn’t as well known as the other contenders on our list. NinjaTrader was designed for forex, futures, and stock traders. Here are some of its advantages:

  • Advanced charting
  • Automated strategy development
  • Trade Simulation

The biggest disadvantage of choosing NinjaTrader is that users must purchase a lifetime license for $999, lease the platform quarterly, or use a free version with higher commissions. Platforms like MT4 and MT5 are so popular because traders can access them for free through their chosen broker. NinjaTrader finds itself last on our list because it adds another cost for forex traders to pay.

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