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KNOW THE TYPE OF TRADING PLATFORM THAT YOU ARE USING
Every forex trader knows the significance of having the right trading platform to use. Not only because it is a requirement but it also is the make-or-break tool. Deciding on which type of trading platform to use means predicting your future in the forex market. Have good judgment will harness you a good spot in the trading industry.
There are several ways to know how can you possibly make a good choice, and one of those is what you are doing right now. So keep on reading the article to know which is suitable for your needs.
Types of Trading Platforms
An online trading platform is a software that is used for opening, closing, and managing trades with the help of financial intermediary experts—brokers. An indication of a good trading platform offers promising features while charging low fees.
- MT4
MT4 or MetaTrader 4 is a popular trading platform today. It is commonly endorsed by lots of brokers because it is one of the most complete platforms to exist with several beneficial features to offer.
Features:
- automated trading
- Pepperstone market terminal
- indicators window
- market watch window
- 80+ pre-installed indicators
- navigator window
- multiple charts set-up
- MT5
MT5 is an improved version of MT4. It has five kinds of pending orders—up by one compared to the previous platform. Also, it has more robust features to offer.
Features:
- more indicators
- automated trading
- copy trading
- compatible to all browser and devices
- faster version
- allows multitasking
- Currenex
It is an institutional trading platform which is suitable for more sophisticated investors like hedge funds and major institutional companies.
Features:
- advanced market depth
- low latency and reliable quotes
- advanced reporting tools
- customized commission structure
- cancel and rebook
- ActTrader Platform
It is developed to provide wide array of features for the ease and benefit of the traders in the market.
Features:
- multiple workspace
- allows you to create several desktop profiles
- dealing rates window
- FXVoyager toolbar
- direct market placement
- Advanced Trader
It is not as popular as other forex trading platforms but it offers a lot of good features that makes numerous traders opt for it.
Features
- user-friendly interface
- video tutorials
- charting tools
- highly customizable
- mobile trading
- FX Insider Data Feed
- cTrader
It offers advance trading capabilities with fast entry execution, risk management support, smart trading choices, and more.
Features
- quick trade
- stop-out type
- advanced order protection
- level II pricing
- Trade Station
It offers a wide range of assets beneficial for its users. It is compatible both in web and mobile for ease of trading.
Features:
- low ETF fees
- user-friendly
- active trader community
- excellent charting tools
- technical analysis tools
Presented above are just hints of what to expect in which type of platform. Being equipped with knowledge is very important when it comes to investing. You do not want to throw away your assets so you better keep digging until you get to be an expert. If you wish to see more details about these trading platforms, check https://trustedforexbroker.online/trading-platforms/. Take note, that having a trading platform means having a broker as well. There are also different types of forex brokers. If you want to get to know more about them, visit https://fxdailyreport.com/different-types-of-forex-brokers-ecn-vs-stp-vs-hybrid/
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