Jayden The most popular forex trading platform software are MetaTrader 4, MetaTrader 5, Jforex, Ctrader, IQ Option and TradingView.
MetaTrader 4 trading platform software: supported by the majority of brokers. It is the most widely used trading platform software.
MetaTrader 5 trading platform software: MetaTrader 5 is the upgraded version of MetaTrader 4. But it is not a simple upgrade. If you use automated trading tools, many of them may not be supported by MetaTrader 5, because the development languages required to write automated trading tools on both platforms are different.
There are more trading options on MetaTrader 5, and you can also trade stocks. If you are only trading forex and only manually, then there is not much difference between the two platforms for you.
Previously, you could not execute hedging trades on MetaTrader 5, but now there is no such restriction. The current restriction on not being able to execute hedging transactions has a lot to do with the financial regulation that brokers are subject to, and in general, brokers regulated by U.S. financial institutions are not allowed to engage in hedging transactions.
Jforex trading platform software is exclusive to Dukascopy Bank. It is a feature of Dukascopy Bank Broker. If you trade financial assets with Dukascopy Bank Broker, it is recommended that you choose this trading platform. Although it supports other trading platforms as well, the experience of other trading platforms is worse. For example, there may be delays in trade execution.
The CTrader trading platform is used by a small number of brokers. If you are more concerned about the cost of trading, such as spreads or fees, you can choose this trading platform, which is generally less expensive than MetaTrader 4 or MetaTrader 5.
IQ Option trading platform is primarily a platform for trading binary options. This type of trading binary options is not regulated by the FSA in many countries and you need to be careful when choosing it.
TradingView trading platform is a browser-based trading platform. TradingView trading platform benefits from the TradingView brand name and is used by more and more people.
The above is an introduction to the most common types of trading platforms. When choosing a trading platform, you need to understand your needs and choose the right one for you. It is a good idea to open a demo account to try out these trading platforms before you invest real money. All brokers will give you the opportunity to do so.
Apply for a demo account with a number of online brokers to see if their platform options operate appropriately. Check the broker’s platform interface, which should include: (i) provide instant exchange rate quotes; and (ii) a list of accounts showing your account’s cashed and uncashed profits and losses, available margin and the margin tied up in opening positions. Most trading platforms are either web-based (running Java) or client-based (which can be installed on your PC or mobile), the choice of which version depends on your preference and the broker you choose.
(1) The web-based platform does not require you to install any client software other than Java and you can log in to the platform from any computer connected to the internet.
(2) Client-based platforms that require you to download and install, so that you can only log in to trade on a computer or mobile that has the platform installed.
Usually, ‘download and install’ programs can run faster, but the vast majority of these programs have specific operating system requirements. For example, most brokers only offer platforms that run on Microsoft operating systems. This will limit traders who use other operating systems. However, Web-based or Java-based trading platforms can run on any operating system, as they work through your internet browser. Java-based trading programs are preferred by the majority of brokers as they are considered to be more secure and trustworthy. Java-based trading programs are less susceptible to viruses and hackers than downloadable and installed client programs.
In short, always remember to open a demo account before you do live trading. Open a demo account first to test the performance of the broker’s platform.
