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- Forex trading platform is a very important tool for Forex trading
- The trading software gives you access to the trading market
- Trading platforms can be used for opening and closing positions as well as for charting and analysis
- Among the best software to trade Forex are MT4, MT5, cTrader, Traderspoon, and NinjaTrader
Top 5 Best Software For Forex Trading
Forex trading software is a platform that gives traders access to the trading market. Through the Forex trading software, you are able to open and close positions, do charting, research, as well as technical and fundamental analysis. There are many trading platforms available in the market and all of them are very different from each other. While some of these platforms only offer traders the ability to open and close positions, others offer them multiple opportunities, such as charting and analyzing the market. Trading platforms in the Forex market is a very important thing. While trading Forex, you will be spending most of your time using the trading platform. Because of this, it is very important to use the one that fits your needs best. While there are numerous Forex trading platforms around the world, not all of them are equally good. There are certain things that traders should focus on while choosing a trading platform, such as the available trading assets on the platform, the number of indicators offered, the popularity in the market, and many others. Out of the countless options, we have decided to cover the five best Forex trading platforms that you can use. Most of the trading platforms that we are going to talk about below have a long history of offering traders services like no other. These trading platforms have proved to be an amazing choice for traders of different expertise. We are going to review the following trading platforms below:- MetaTrader 4
- MetaTrader 5
- cTrader
- Tradespoon
- NinjaTrader
MetaTrader 4
MetaTrader 4 is one of the most popular Forex trading platforms available in the market. Created many years ago, in 2005, this Forex trading platform has become popular around the world very quickly. MetaTrader 4 for many is the best Forex trading software for a number of reasons. Because of the services that this platform offers, it has forever changed the way people trade Forex. MetaTrader 4 is very user-friendly and easy to use, which makes it a perfect trading platform for traders of all backgrounds. The design of the trading platform is very simple even traders with the least experience can use the platform without much struggle. However, although the trading platform is very easy to use, there still are numerous things that traders should know before they start trading. There are dozens of tools and trading indicators designed to make trading easier. By understanding how the Forex trading indicators of MT4 work, you can become a much better Forex trader.
There are over 35 built-in indicators of MetaTrader 4, but you can download even more from different sources. The coding language of the trading platform is MQL4 and everyone with enough expertise and knowledge of coding can create indicators of their own.
There are many people who sell indicators online and there also are many others available as free downloads. Over the years, MetaTrader 4 has become very popular among traders around the world and there are hundreds of trading indicators available for this platform online.
MT4 also offers traders several charting solutions, including charts like Candlestick, line, bar, Heiken Ashi, and many others. The charts can be customized according to your needs. You can also set timeframes according to the trading strategy that you are using. All-in-all, MetaTrader 4 is a very easily customizable trading platform, which makes it very popular among traders.
MetaTrader 5
Another trading platform that was created by MetaQuotes, the same software company that developed MT4, is MetaTrader 5. This trading platform was released in 2010 and is very similar to the MetaTrader 4. The design of both of these trading platforms is very similar and just like MT4, MetaTrader 5 is also very user-friendly. This trading platform can be used for trading as well as research and analysis in the market. Known as one of the best free Forex technical analysis software, MetaTrader 5 is used by millions of traders around the world. While MetaTrader 4 was created specifically for Forex trading, MT5 offers traders access to many other trading assets other than currency pairs. Because of the wide range of available trading assets, there are different types of traders using MetaTrader 5. MetaTrader 5 is a very well-developed trading platform that is able to perform really well. Among the trading assets available on MT5 you can find stocks, CFDs, commodities, Forex, and many others. The language of the trading platform is called MQL5, which is a lot more sophisticated and easy to use than the language used on MT4, MQL4. This Forex analysis software is known for offering traders a rich catalogue of technical indicators and tools that are excellent for technical analysis. It also offers traders automated trading thanks to expert advisors and signals.
The trading platform directly connects traders to multiple markets, which makes trading with this platform a very diverse experience. Among the most popular trading indicators available at MetaTrader 5 you can find EMAs, Volume indicators, MACD, Pivot points, Bollinger Bands, Renko indicators, and many others. There are over 100 price charts available and 21 timeframes giving traders the ability to do very precise research.
All of the things that we have discussed above make MetaTrader 5 one of the best Forex trading platforms online, offering traders of all expertise amazing trading services and opportunities.