In the financial market, there are several types of trading platforms, such as Metatrader 4, Streamster, cTrader, etc, so what best trading platform for forex? Choose by yourself.
The development of the forex and crypto trading business has increasingly attracted so many people, to make transactions need a trading platform. This makes forex as one type of online business that is increasingly popular, regardless of the pros and cons of this business.
For those who are true beginners, they may still be wondering what it’s a trading platform. The trading platform is a specially designed software for conducting transactions on the financial market.
There are several trading platform software, including MetaTrader, Streamster, Ctrader, and web trader. Each has a variety of features but in general. The main function is to buy or sell transactions on forex or CFD.
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Trading Platform Metatrader.
MetaTrader is the most widely used trading platform by forex brokers in the world. Metaquotes company is the developer of this software. Currently, the most widely used is MetaTrader4, although there are several brokers offering MetaTrader 5.
MetaTrader does have many advantages, for example: allowing traders to use Expert Advisors (EAs) and custom indicators
The screen view is easy to set according to your preferences.
To use this platform, you have to download it and install it on your computer, one hundred percent free, you can open a demo account through this platform.
Besides the computer version, the Metaquotes company is also developing for the mobile version, for Android and iPad, thus making it very easy for traders to choose the appropriate device.
By using MetaTrader 4, you will experience trading with TenkoFX, for ECN, or STP accounts, or crypto accounts, but for beginners, it is better to learn with a free demo account. With a demo account, you can explore all the features available on the Metatrader 4 trading platform.
Streamster Trading Platform
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This trading platform is less popular, there are only a few brokers who use this trading platform. The advantages of Streamster are the “clean” default display, available news, and alerts that are already integrated.
And there is a chat room to connect directly with support officers and other fellow forex traders. You also need to install on a computer to log in to an account, the platform will not be downloaded if you are not logged in to a trading account.
After a successful login, the trading platform will appear.
However, Streamster, unlike MetaTrader, does not allow traders to use EA or custom indicators. The only option to trade with Streamster is to trade manually.
The inability of Streamster to be fitted with EA and custom indicators is indeed a complaint about some traders.
But actually, for traders who are used to using EA or custom indicators, there is also a MetaTrader-Streamster bridge that allows traders to “send orders” from MetaTrader to Streamster.
It’s just that, for the setting, it really complex and needs patience. Like MetaTrader, Streamster is also recently available in a mobile version that allows traders to trade from a smartphone.
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A web trader is a web-based trading platform, you don’t need to install it on a computer, just need to visit the address of the broker that offers this platform.
With such characteristics, web trader can be an option for those who want to be practical. In addition to supporting efficiency.
Several advantages of web trader
- Easily accessible, just open the broker’s website from any device. Login can also be with the same account ID as the account number in MT4.
- Platform performance is lighter and faster.
- Already equipped with technical indicators, even some versions of web traders also provide various types of pending orders.
- Webtrader interfaces are generally more attractive.
- More support for social trading.
- Not too vulnerable to virus and hacker attacks.
- More reliable by broker binary options.
A disadvantage of web trader.
- Display platforms vary widely from broker to broker, so to familiarize yourself with web trader operations may take a while
The choice of technical indicators is still incomplete when compared to indicators in download MT4.
- In fact, certain versions of web trader only provide basic object analysis without offering any indicator features.
- For now, the main concept of web trader still emphasizes simple trading, so it is less compatible for traders with complex trading systems.
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The first impression seen from this platform is a modern design. This is even easier to use than MetaTrader and it is an advantage in itself. Order execution speed is one of the most important things from this platform because filling order orders is only a fraction of a second.
There is also simultaneous order processing, so if a trader orders at the same time, it doesn’t have to wait, because without the queue. The full price range is displayed directly from the capital provider. Order filling is done by Volume Weighted Average Price (VWAP).
Market Depth Feature.
Market depth features are widely developed on this platform. There are three types of market depth information features.
- The standard market depth that is quoted and collected from the capital provider.
- Depth of market prices with a ladder system that will help traders see the optimal entry point on the market.
- Volume Weighted Average Price (VWAP) which allows traders to set different transaction volumes and features that are useful for users who transact with large volumes.
Orders can be entered directly from the graph itself, traders do not have to change the screen display like other more complicated platforms.
From the graph screen, various actions can be taken: opening and closing orders, setting stop losses and installing limit orders. Profit and loss for the number of pips and base currency are also displayed in the graph.
There are many types of orders available: market orders, stop orders, limit orders, but also some unusual types of orders.
There is also a large list of indicators available, but traders can also make their own indicators with the C # programming language.
The cTrader platform supports C # and NET framework, it’s possible to create an indicator or expert advisor.
This platform is also available for mobile and tablet devices, which means that there are versions for Android and iOS devices.
Thinkorswim Trading Platforms
Thinkorswim’s popularity has started to increase recently. It is a sophisticated platform with a wide range of features that serious traders would expect. Charts are highly customizable to suit your needs with many types available.
Traders can choose either a time chart, or a range chart as well as a tick chart, or even a seasonal chart with various tools for drawing them.
Many traders open accounts with TD Ameritrade because the Thinkorswim platform is integrated with this broker. Some are not entirely using large funds, but with minimal funds, so that they can use Thinkorswim to plan their trades and charts while they trade with other brokers.
Thinkorswim is available in versions for the mobile, web platform, and desktop. The Thinkorswim platform supports trading in stocks, ETFs, futures, forex, and options, including multi-leg options.
NinjaTrader is a great trading platform with tools equipped with powerful tools. It was designed by the US-based Ninjatrader company that was founded in 2003. NinjaTrader is also a registered NFA (National Futures Association) company and broker introductory brokers, such as Phillip Capital or Dorman Trading.
Maybe for beginners, Ninjatrader is quite difficult, but for advanced traders, this platform is perfect for day traders, various features are available and easily customizable. This is one of the platforms that is quite popular and is one of the best.
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Of the various types of trading platforms available, maybe the only cTrader will be a tough competitor for Metatrader. That’s because the look is cool, making it easy to use the platform in full without requiring a long time to learn it from scratch.
Completeness of market features is also very impressive and received positive appreciation from traders. Also supports algorithmic trading because the cAlgo platform is included in this version.
Robots and Custom Indicators can be made using programming C#. But from the user’s point of view, Metatrader 4 is still the king of the trading platform, many brokers support this platform, the best trading platform for beginners, the Metatrader 4 platform is the best. For an advanced trader,Thinkorswim now being more popular too.
Are you ready to start trading?