Best Trading Platforms Reviewed

trading platforms to trade with compared

Naturally, many traders are interested in learning about the best trading platform. One of the first questions a trader asks when starting out is, “Which trading platform is best for me”?

In this guide, we’ll take a deep dive and tell you about the best trading platforms. So, if you are in search of the best trading platform, this guide is for you.

What makes a good trading platform?

Before going further, let’s discuss what you should look at in a trading platform.

1. Interface

Without question, an online platform should be user-friendly; otherwise, it will leave you confused. Many of the platform’s features and functions should be simple to grasp for everyone.

An online trading platform’s complex interface would never make sense to a beginner. All of the controls and choices should be obvious so that you can understand them right away.

2. Stability

A stable platform is an effective trading platform. You must be certain that a platform’s efficiency would be consistent and smooth. This is one of the most crucial aspects of trading.

3. Functionality

For newbies, it is always better to start with something simpler to learn faster. So, you should choose a platform with all essential trading functionalities.

Ok, let’s cut to the chase and see what some of the best trading platforms are.

trading platforms man with tablet trading forex

Best trading platforms

1. MT4

MetaTrader 4 is the most popular trading platform among brokers and retail traders. Thousands of brokers and traders, both large and small, use it for their trading needs.

MetaTrader 4 is suitable for beginners due to its simplistic nature, excellent user interface, and features such as copy trading and Expert Advisors.

Since most brokers have this as a standalone platform or as an add-on to their own proprietary platform, you will have access to a plethora of educational tools and tutorials. Beginners will benefit greatly from the fully functioning demo account.

Because of its sophisticated charting features and technical analysis, as well as many built-in indicators and graphical tools, the platform also appeals to advanced traders.

The platform also supports automated trading with MetaQuote’s proprietary MQL4 programming language and the development of custom indicators.

Pros

  • The platform doesn’t overload the computer
  • User-friendly design for beginner traders
  • It is compatible with various operating systems such as Mac/Windows as well as iOS and Android

Cons

  • Historical back-testing of data isn’t available.
  • Execution speed isn’t great as MT5 and is unsuitable for high-frequency trading

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2. MetaTrader 5

MetaTrader 5 was launched in 2010 by the same company that released MetaTrader 4, and the main advantage that the current version has is that it can be easily incorporated with stock and options trading.

MT4 was developed for the forex market and was difficult to integrate into stock markets, but MT5 has solved the problem and is also thought to be much quicker in terms of order execution.

It is available in web, online, and smartphone versions, and it also includes built-in trading robots, a database of strategy developers, copy trading, and virtual hosting services. The platform interface is available in 31 languages and is available for free through your broker.

Pros

  • Easy-to-navigate interface
  • A comprehensive collection of analytical tools
  • It offers eight types of pending orders and 21 timeframes

Cons

  • If you are an MT4 user, you might have to relearn some techniques, as the two trading platforms use different programming languages
  • Advanced tools and features may be daunting for a beginner

3. cTrader

cTrader is a forex trading platform developed by cTrader Limited, a London-based company. The platform is unique in that it was created specifically for use with ECN brokers.

After its debut with FxPro, cTrader has been the platform of choice for a number of other leading ECN brokers, such as Liquid Markets, Pepperstone, and Admiral Markets.

The cTrader platform is intended to perform two functions: first, trade execution, and second, charting.

The platform’s user interface is available in 14 different languages. It gives users access to financial market trading through a web browser, desktop application, and mobile application. It also provides access to extensive liquidity in 64 currency pairs as well as 13 equity indices.

Pros

  • Has an easy on the eyes interface.
  • Several trading algos “cBots” are available with the platform
  • The platform always displays which financial centres are open during their normal market hours.

Cons

  • You can’t enter a stop order from the orders tab.
  • For algo trading, the users have to create their custom-made robots.

4. NinjaTrader

NinjaTrader is a robust derivatives trading platform that specializes in futures, forex, and options trading. The platform includes a variety of exclusive trading tools. There is a free edition that lacks the extra features of the premium version, but users can still use charts, backtest strategies, and trade without paying anything.

NinjaTrader provides its own brokerage services, but users can also choose from various brokerage services.

The platform’s vast array of analysis tools can provide advanced derivatives traders with plenty of benefits.

The free edition included with all brokerage accounts is an excellent starting point for new traders who do not want to make a financial commitment. As your trading experience grows and you are ready for more resources and features, you can opt for Ninja’s premium version.

Pros

  • Powerful analysis tools
  • Free download and simulated trading
  • Has Open-source apps to enhance the trading experience

Cons

  • Only allows trading of derivatives like futures and options

So, which trading platform to choose?

As you can see, there is a lot to consider when selecting the best Forex trading platform for pros and newcomers. Still, MetaTrader 4 and MetaTrader 5 regularly receive the most positive feedback and regularly top the list of best trading platforms. They have been time tested by several financial institutions and have proven effective.

Bottom line

A good trading platform allows you to position orders more easily and provides you with the resources, functionality, and analysis you need to find opportunities and track the performance of your portfolio.

Go through the post again if you are still stuck with choosing the best trading platforms. You’ll find all you’re answers.

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