Thanks to the accessibility of online operations, trading in the foreign exchange market has become an increasingly popular activity in recent years. You no longer need a direct line to a broker or a job on Wall Street to speculate about currency pairs. All that is required is an Internet enabled device, an Internet connection and a commercial account.
But before you start trading, you will have to open an online forex trading account. In this article, we will discuss how to choose the right currency trading platform.
Forex trading is done online. MT4 or MetaTrader 4 is the main platform for currency traders, but there are other options. Most online brokers will offer a selection of trading platforms, so you can choose.
MT4 is a relatively new software product, developed by MetaQuotes Corp. It was created about 10 years ago and since then it has become one of the most popular platforms thanks to its stability and ease of use. MT4 is very intuitive and easy to navigate. When you open your MT4 trading software, you will see four windows with different currency pairs, a Market Watch window with purchase and sale prices, and a navigation window where you can see your account. The Terminal at the bottom has links to your Account History, Mailbox, Alerts, Experts and other areas.
The software can be customized to suit your preferences. Play with different color combinations and templates. You can maximize and minimize graphs, expand data and change deadlines.
MT4 is compatible with all platforms, including Android and iOS. It works well on mobile devices, so you can trade on the fly.
MT5 is the older brother of MT4. It offers the same features, plus some extra. It supports more orders and is faster, making it suitable for professional traders and brokers. Like MT4, it can be downloaded to mobile devices and to most operating systems.
Sirix CM Trading is relatively new, but it is reliable and safe to use. It has all the features that MT4 offers, including a secure interface, encrypted services, backup options and real-time investment advice. It is available for mobiles and it decides on multiple platforms, which makes it a popular choice among merchants around the world.
Choose the right platform
You should have an idea of the trading platform you use. The only way to do it is to start trading for real. You can try any of the above platforms by opening a demo account on the platform you choose. Select a forex trading broker that offers more than one trading platform and see how it works in practice.
- Are the windows easy to navigate?
- Can you find the tools you’re looking for when you need them?
- Can you customize the look of the platform?
- Does it work in your operating system?
- Is there a mobile application?
Test each platform and test it thoroughly. Once you are satisfied with the interface and have confidence in how everything works, make your final decision.
The right trading platform can make or break you. When things happen quickly and you need to close a position, it is essential to have the right tools at hand. Take note of the above information and select the platform that best suits your needs.
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