Forex trading platforms serve as an intermediary between traders and markets, often offering basic chart analysis and trade management tools.
Brokerage firms create proprietary trading platforms specifically tailored for their client base, featuring advanced features like hedging mode, 21 timeframes and six types of pending orders.
MetaTrader 4
MetaTrader 4 is one of the world’s most popular Forex trading platforms with impressive capabilities, boasting advanced tools for technical analysis, Trading Signals and an open marketplace of trading robots. Furthermore, it is accessible on mobile devices.
MT4 allows traders to buy and sell foreign currencies, CFDs on shares and commodities with market, limit and stop orders as well as pending orders that trigger trade requests when certain conditions have been fulfilled.
Traders can use the Order window to enter their preferred trade size (in lots) and click either Sell or Buy; their order will then be executed instantly at the market bid/offer displayed in Volume box, or you can also choose Market Execution option via Type drop-down menu for instant execution of instant orders. MT4 also supports mobile trading allowing traders to trade from smartphones or tablets.
MetaTrader 5
MT5 is an institutional multi-asset trading platform designed for traders and investors that provides them with all of the tools required for online trading. The platform features flexible technical and fundamental analysis, an MQL5 development environment, a multi-currency strategy tester and an alerts system – it even has virtual hosting available so traders can use MT5 even when their computers are offline!
MT5 allows traders to customize the look of their charts and tools, with its large collection of indicators organized into four groups that make it easier to access. Furthermore, traders can save custom configurations as templates which will apply automatically whenever they open a new chart.
MT5 also facilitates the use of automated trading programs called expert advisors (EA). EA can perform trading operations without direct intervention from traders; monitoring prices and carrying out trades according to an algorithm-driven trading program allows traders to focus more on core aspects of their business such as researching and strategizing trading strategies.
OANDA Trade
OANDA was established in 1996 and boasts nearly 30 years of strong online presence and an impressive track record. OANDA boasts an international user base consisting of thousands of traders.
This broker provides competitive spreads on forex and CFD trading and low non-trading fees; however, they charge a high withdrawal fee for bank transfers.
Clients can contact customer support via phone, email or live chat and the team has earned a strong reputation for offering quality assistance to traders.
OANDA provides users with a comprehensive education center and free tools, including the Forex Calculator, Forex Rates Chart and OANDA Currency Converter. Furthermore, traders have direct access to historical average exchange rates and long-short ratios, in addition to news reports and policy commentary from OANDA’s website.
TradeStation
TradeStation is a full-featured trading platform designed for advanced traders and high-volume investors, featuring an intuitive user interface and steep learning curve, along with an abundance of information that may prove both helpful and confusing for newcomers to the trading industry.
Their desktop and web trading platforms feature streaming real-time data, one-click trade execution and an automated strategy trading feature. Their Matrix platform is an all-in-one tool with detailed market depth window, advanced order entry system and powerful charting package rolled into one customizable window.
TradeStation offers commission-free trading on stocks and ETFs when ordering 10K shares or less; after this limit it charges $0.005 per share over this limit. In addition, it has tiered margin rates that offer competitive margin rates; unfortunately there are no no-transaction-fee mutual funds offered here.
TradeStation charges a flat fee for trading options, plus monthly market data package subscription fees that will be deducted directly from your account. In addition, an annual inactivity fee of $50 applies, along with several other charges such as $25 outgoing wire fees, $1 paper statements and $75 for forced margin payouts.