The trading platform holds significant significance in the current forex trading industry. The Forex trading platform facilitates communication between brokers and clients, enabling Forex traders to monitor price fluctuations, view live charts, conduct analyses, execute orders, and avail a multitude of additional benefits. With the advancement of technology, the variety of trading platforms has become increasingly diverse, even serving as a means of competition among forex brokers. As a result, it provides many new trading platform options with compelling features for forex traders.
For forex traders, the primary advantage of the trading platform is its capacity to establish hospitable trading conditions that enable them to make optimal decisions and realize maximum profits. Both novice and experienced traders should be open to using the trading platform that is best suited to them. However, until now, Metatrader 4 (MT4) has been the trading platform for most traders. The main reason is because people are already comfortable with that and hesitate to change the platform. Indeed, it is risky to switch between trading platforms because each platform has different characteristics.
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However, despite having initiated trading using a common platform such as MT4, wouldn't it be more profitable to opt for a trading platform that is capable of enhancing one's own trading style in the long run?
The platform for web development.
The web-based platform is the oldest online trading system, which is the beginning of what is then developed into the current forex trading platform software. Before the web platform was born, forex trading was very difficult because it had to be done manually or by transfer payments and exchange via bank. The presence of a web platform has opened up endless opportunities for retail investors to trade forex easily, instantly, and anywhere.
Forex traders have the ability to access the Web Platform effortlessly through their browser, akin to accessing a regular website. This is accomplished by registering with one of the brokers and subsequently receiving a confirmation username and password. The features, appearance, and performance of each broker's Web Platform can vary, but in general the benefits of the Web Platform are easy accessibility from any PC without having to install any software. Furthermore, the Web Platform features are simpler than the most common trading platform, with analysis tools that are also quite complete.
The Web Platform has become obsolete due to the emergence of a forex trading platform in the form of software that boasts smooth, lightweight performance and can be pinned to trading robots. However, a number of brokers still provide the Web Platform as an alternative option beside Metatrader 4, including XM Webtrader and Exness Webtrader. It is also a popular choice among the rising binary options brokers.
The Metatrader 4 software.
Metatrader 4, commonly referred to as MT4, is undoubtedly the most extensively utilized forex trading platform globally. The Metaquotes Software Corp (MT4) was developed by the company and released in 2005 for licensing to Forex brokers, who utilized it to facilitate online forex trading. As with the Web Platform, traders have the ability to follow price movements, perform analyses, and execute orders within the Platform. However, unlike the Web Platform, which is available only via browser, MT4 must be downloaded and installed first. Since it can be downloaded and installed, MT4 is also available in mobile versions and can be applied to various operating systems. The main advantage of MT4 lies in its development and implementation of algorithmic trading/automatic trading.
Automated trading in MT4 can be developed by brokers, traders, or third parties. MT4 allows brokers to provide trading signals directly to the platform, but it is also possible to install expert advisors/robots and custom indicators from third parties. Furthermore, traders are able to create their own automated trading systems using the MQL4 programming language. The developer community of trading tools with MQL4 has been extremely exist, having a tremendous number of members from different parts of the world.
The advantages of MT4 render it a leader among forex trading platforms and are highly favored by traders. If you visit any forex broker, it is almost certain that they provide MT4.
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MetaTrader 5 is a trading platform.
Metatrader 5, or MT5, is a version of MT4. It is expected that MT5 will replace MT4 with a variety of additional features. MT5 possesses numerous features that are not owned by MT4, including timeframes 21 instead of 9, a distinct economic calendar, and an integrated marketplace.
Nonetheless, brokers and forex traders appear to be reticent about adopting this platform. Instead, many choose to continue using MT4. Some of the reason is:
Expert Advisors and custom indicators built with MQL4 cannot be used on MT5; If the trader wants to trade with the same automated system, it must rewrite the program with MQL5. Thus, the crappy and cost of making a reliable trading system on MT4 can be wasted.
The MT5 Default setting is based on U.S. regulatory rules, NFA, which prohibits hedging by implementing FIFO (First In First Out). This is detrimental to users of hedging strategies, especially hedging in one pair.
For these reasons, most MT5 users are traders who previously did not use MT4. A number of forex brokers providing the MT5 platform are Alpari and IRONFX.
cTrader
Developed by the company Spotware Systems, cTrader launched in 2010 with cAlgo to support trading algorithmic. Spotware claims that a dealing desk broker intervention is unlikely to occur, thereby guaranteeing direct access to the market and potentially improving the client’s trading quality. According to many cTrader users, this forex trading platform outcomes Metatrader in terms of accuracy and speed of execution.
cTrader is available in several versions, including desktop, Android, iOS, and Web. His unique characteristics and ‘clean ‘appearance have made cTrader a new favorite among traders. Therefore, a number of brokers are motivated to provide this forex trading platform for its clients, including OctaFX and Fibogroup. OctaFX even held a weekly demo account competition specifically for traders who were practicing using cTrader.
SIRIX
The youngest among the other forex trading platforms in this article, SIRIX was developed by Leverate as a platform that integrates social trading. SIRIX has no feature that can accommodate algorithmic trading and the number of indicators available in the platform is relatively little, but the social trading integration gives SIRIX a competitive advantage. As such, the platform not only displays charts and indicators, but also orders opened by traders in the social trading system. In the following SIRIX display picture, the social trading system appears on the right side.
SIRIX does not form any software that needs to be installed on the PC, but rather Web based, so it can be accessed like a Web Platform via browser. But the mobility of traders remains assured because SIRIX is also available in mobile and tablet versions. In short, SIRIX offers the freedom of the Web Platform, the ease of cTrader, and the benefits of direct social trading in one Platform. The increase in social trading is to boost SIRIX. In its advanced technology system has now netted the community
