Best Forex Trading Platform 2021
If you are familiar with one of the Best Forex trading platforms that are available in the market then you must have come across MetaTrader 4, MetaTrader 5, and C trader. In this blog Best Forex Trading Platform, we have provided our readers with a healthy comparison between the three to give them a more clear view of them.
Types of Trading Platforms:-
- Metatrader 4: there is no doubt that the MetaTrader for the MT4 has managed to make a name for itself in the market of forex trading platforms for currency trading. The platform was developed by meta coats in the year 2005. Another interesting fact about this platform is that it has about 85% of penetration rate from forex brokers around the world. In the year 2018, the stats said that about 55% of retail forex traders were using the platform and the stats were generated by Finance Magnates Intelligence. Its popularity and its services have made the platform win various awards because of which it can be easily said as one of the best forex platforms out there.
Advantages of using the MetaTrader 4: if you are not willing to rely on the stats or the awards that the platform has won for its amazing services then we are going to provide you with some of the unavoidable advantages of using this amazing platform:-
- This platform provides its customers with a one-click trading facility.
- The platform is hugely popular among forex traders.
- Traders can easily switch between the top brokers that are available on it.
- It is an extremely stable forex trading platform that has been in the market for about 15 years now.
- The platform has about 50 plus indicators.
- The platform also provides you with the facility of pending and limit orders.
- You can manage between 9:00 time frames.
- Metatrader 4 also has a multi charting facility.
- The platform also provides benefits to algorithmic and social trading because of its extreme popularity.
Whenever looking for the best trading platform for yourself always try to look for all aspects of it which include not just advantages but also disadvantages. If you are looking forward to trade shares by CFDs then MetaTrader 4 may not be a suitable platform for you. The charting package in this platform is pretty basic and other concerns that you may encounter are limited indicators, instruments, and also time frames. One of the best brokers for MT4 is XtreamForex.
- Metatrader 5: only after the release of MT4 or MetaTrader 4 the extremely talented team of Metaquotes developed an improved version of it called the MetaTrader 5 or MT5. The main reason to introduce an improvement was to solve the disadvantages of the previous version. Therefore the improvement that was provided in Metatrader 5 is allowing the share of CFD trading. the genomics popularity of the CFD trading and a great number of brokers that offering the facilities of MT5 is the actual reason why in the total usage of MetaTrader by the brokers the MetaTrader 5 manage to gain popularity of 11.5% in the year 2020 which was a noticeable increase from the 5.4 % that was recorded in the year 2019. all these stats were generated by the Forex Magnates MetaQuotes study.
Apart from the fact that MetaTrader 5 provides an improvement as compared to the MT4, there are several other reasons as well for which mt5 is a choice of many Forex traders. one of the main reasons is that MetaTrader 4 just focuses on currency trading whereas on the other hand MetaTrader 5 comparatively provides a wider range of CFDs which also includes the share of CFD trading. The concept behind CF 20 is that it functions by reading the price movements of assets that are underlying and are also derivative products. The empty five is a comparatively much faster alternative to the MT4 and provides much more options in indicator and divide arrange in the order types as well. some more advantages of using mt5 also include the following:-
- The platform provides its customers with a total of 21 timeframes that also includes 11-minute charges.
- in this, you can also have 6 pending order types.
- The customers also get a facility of netting and hedging modes.
- If you are using Mt5 then you can get to the depth of how the market functions.
- One of its policies also includes partial order filling which is another reason why Mt5 is one of the best Forex trading platforms.
Apart from discussing a wide range of advantages of using the mt5, there are also some downfalls of Earth and one of the biggest issues with this platform is the programming language in which it has been designed. This platform has been designed in MQL4 which is different from the language in which MT4 has been designed. So for using the mt5 a person is required to learn can you put a language and that too from scratch. This has been one of the premier reasons why a comparatively slow adoption has been noticed for this platform.
- cTrader: Another best Forex trading platform in Best Forex Trading Platform, which was designed by Spotsware. the third most loved Forex trading platform that is capable of offering a wide variety of retail foreign exchange brokers to its customers. Some of the key advantages of using this platform are as follows:-
- This platform provides some of the great analytical and graphic objects of 65 and also provides level II pricing.
- The software has been designed in comparatively much popular coding languages like .net and C# which are much more popular among the programmers as compared to the MLQ4 for MLQ5.
One of the key disadvantages we want you to know in Best Forex Trading Platform is that C trader as compared to MetaTrader has a much smaller market share which means that the online community of this platform is more niche, therefore, limiting the sharing of bots and limiting the copy trading environment as well. The server of the company is situated in the UK as compared to the server of MetaTrader which is situated in the USA and can be easily accessed with liquidity and provides trade execution speed.