Tag: forex platforms

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Forex Trading Platforms

Overview of the Best Forex Trading Platforms

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 […]

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 […]

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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Beginners Forex Education Forex Trading Platforms

The Overview of the eToro Trading Platform

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, […]

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, […]

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, the mobile app was launched, stocks were introduced the following year, and social trading, cryptocurrency, and other features have joined the platform since. Today, eToro has come a long way and offers some useful features that help it stand out.

Features

  • 2,000+ assets including forex, stocks, crypto, and more
  • Easy to use intuitive interface
  • Each client receives a free demo account preloaded with $100,000 worth of virtual currency
  • Research Tab that includes insight from leading analysts
  • One-click trading
  • Stoploss and TakeProfit features
  • ProCharts technical analysis tool
  • Specific orders can be placed even during platform maintenance
  • Access to social trading and copy trading

eToro Conditions

In order to use the eToro trading platform, you’ll need to sign up for an account through the broker. Here are some of their conditions:

-$50 USD minimum deposit or $500 if depositing by wire

-14 available cryptocurrencies: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Litecoin, Bitcoin Cash, and many others

-Spreads start at 0.75% on Bitcoin

-Minimum withdrawal requirement of $30

-0.1% conversion fee

If you’re considering opening an account, be sure to do more research about the broker’s fees and to read through their terms & conditions.

Conclusion

eToro offers traders a wide variety of trading options to choose from, including expected options like forex pairs and less common choices including 14 different cryptocurrencies. Traders certainly have the chance to diversify their portfolio through this broker and one can open an account with only $50. As for the eToro trading platform, the primary focus seems to be on offering a user-friendly interface that is learnable for beginners, along with some social features.

In other areas, the eTrader platform might be simplistic, as it doesn’t seem to support customer indicators and other advanced features we’ve seen offered elsewhere. Some traders might not notice the missing extra features and would prefer having a more navigable platform, while others might not get everything they need from this broker/platform. This comes down to each trader’s own personal needs and wants.

Categories
Beginners Forex Education Forex Trading Platforms

Overview of the ThinkorSwim Trading Platform

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web […]

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web […]

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web platform. Overall, ThinkorSwim seems to offer the best market access and features out of these options. Take a look at ThinkorSwim’s features, market access options, and some of the conditions for the supporting broker below.

Features:

  • Trade forex, equities, options, ETFs, futures, and more
  • Free “papermoney” account that works like a demo account with $100,000 worth of virtual funds
  • 30-minute platform walkthrough with a pro
  • 24/5 trading
  • Economic Data tool
  • Built-in search engine that allows one to find key economic indicators
  • Custom Alerts with preselected list of popular events and option to choose your own alert parameters
  • In-App chat with trading specialist and ability to live share your screen for convenience
  • Chat Rooms where traders can share ideas, strategies, and other knowledge
  • Charting feature that displays social data in graphical form
  • Access to 400+ technical studies
  • Add visuals to your charts, including selection of 8 Fibonacci tools and 20 drawings
  • Build your own algorithms with thinkScript
  • Ability to identify entry and exit strategies thanks to SizzleIndex
  • Live streaming media for fast news updates
  • Filter stocks

Access to Markets

The ThinkorSwim platform offers access to certain markets, depending on whether one is using the browser-based version that doesn’t require installation, the mobile version, or the desktop download.

Desktop Download: forex, stock/ETFs, futures, options

Browser Version: forex, stock/ETFs, futures, bonds & CDs, mutual funds, options

Mobile version: forex, stock/ETFs, futures, options

TD Ameritrade

If you want to use the ThinkorSwim platform, you’ll need to open an account through their broker, TD Ameritrade. You may have heard this name before, as this broker is well-known and generally liked by their clients and review sites. You’ll definitely want to check out their website and read everything yourself before opening an account, however, we’ve provided a simple overview of what conditions with this broker are like below.

  • Standard, Retirement, Education, Specialty, Managed Portfolio, and Margin Trading accounts
  • Commission-free trades online or $0.65 per contract on options
  • Transparent fees
  • No minimum funding requirement to open an account; margin or options privileges require a $2,000 deposit
  • Interest is applied on eligible account balances

Conclusion

ThinkorSwim is one of a few trading platforms offered by the well-known broker TD Ameritrade. If you want to use the platform, you can sign up for an account through the broker with no minimum deposit requirements. There are also some added benefits to using this broker, like applied interest on accounts and free commissions. The ThinkorSwim platform also offers several perks, including access to a wide variety of financial markets, special tools, a built-in search engine, and many other features. Unlike many of their competitors, all of these features and tools are unlocked for free as long as one opens an account through TD Ameritrade. Many others charge monthly fees or place harsh limitations on free versions of their accounts. Overall, the ThinkorSwim platform is a solid option that deserves more recognition in the world of forex trading.

Categories
Forex Trading Platforms

Overview of the cTrader Forex Trading Platform

cTrader is a popular online trading platform that was developed by Spotware, it was released in 2010 and is a popular choice amongst online foreign exchange brokers. A trading platform is required in order for a trader to access the global markets and to actually make trades, cTrader is a well-known platform that currently hosts […]

cTrader is a popular online trading platform that was developed by Spotware, it was released in 2010 and is a popular choice amongst online foreign exchange brokers. A trading platform is required in order for a trader to access the global markets and to actually make trades, cTrader is a well-known platform that currently hosts […]

cTrader is a popular online trading platform that was developed by Spotware, it was released in 2010 and is a popular choice amongst online foreign exchange brokers. A trading platform is required in order for a trader to access the global markets and to actually make trades, cTrader is a well-known platform that currently hosts the trading activities of over one million traders worldwide.

As mentioned, cTrader was created by Spotware Systems and was released back in 2010. Since its release, it has had a continuous growth in popularity and a large number of updates with it currently sitting in its third (plus updates) version. The companies main focus was to develop a trading platform for both traders and brokers and to offer a high-quality product with continuous development.

cTrader gained its popularity based on its functionality, it provides the trader with a responsive platform that has a clean and clear layout while also providing a large number of tools for both trading and analysis. The software comes with over 60 pre-installed indicators to help with your analytical needs, it has also been shown to be one of the safest and most secure trading platforms available.

The Main Features of cTrader

Some of the main features of the cTrader platform include:

  • Complete range of market orders
  • Fast entry and execution and advanced order protection.
  • Variety of price charts.
  • Different time frames and zoom levels.
  • Over 70 pre-installed indicators and custom indicators for technical analysis.
  • Up to 50 templates, and sharing tools including embedding.
  • All-inclusive algorithmic for automated trading.
  • The ability for traders to build robots and indicators.
  • Trade copying with separate copying accounts for extended control of funds.
  • Web-based trading allowing accessibility from any device, any browser, or operating system including Mac OS.
  • Available on mobile devices with a fully functional trading platform that is not inferior to its desktop version.
  • FIX API trading allowing traders to communicate directly with cTrader Server in real-time.

How to Download and Install cTrader

It is very straight forward to download and comes in three different varieties.

Desktop

The most popular version of the platform is the desktop version, this can be downloaded directly from the cTrader website, or any brokers that are supporting the platform will offer a direct download too. Simply download it from the broker and follow the installation instructions that come with it, the installation wizard will walk you through the steps.

Mobile App

There is a mobile app for both Android and iOS, these can be downloaded from the respective application store within the device you are using. Simply browse to the platform and hit the install button, you will need your login details from the broker that you have signed up with.

WebTrader

cTrader also comes with a web trader, you can access it from on the cTrader website, or many brokers that offer it will link to it directly from their site. This works with a y modern browser (Chrome, Firefox, etc) and allows you to trade without actually having to download anything.

The online trading market is a competitive one, wit the hugely popular MetaTrader 4 and 5 being the main competition, cTrader has done well to grow its popularity to the stage that it is at, which shows that the quality and features of the platform are high. If you do not like the MetaTrader platforms, then cTrader would be a great alternative.