Forex Trading Platform
The Forex trading platform connects the two or sometimes three points of the trading entities depending on whether you are trading directly with a broker who is market mover or you are trading with an ECN broker or ECN with STP Forex broker which in turn is connected to market Maker.
The platform for Forex trading must provides the basic critical functionality for trading and can also provide some extra features to help you trade better. Some of the functionalities are as follows:
1) The continuously changing Ask and Bid prices in the form of data as well as trading charts in various common formats lime candlestick, bar charts and line charts etc.
2) Historical prices and charts.
3) Technical analysis indicators.
4) Functionality execute market orders as well as limit orders with take-profit targets and stop-loss orders.
5) Your trade summary and details covering the past trades history as well as the current trades and future limit orders.
6) The platform may also provide streaming News and such other extra functionality to help you keep with any latest developments or tools to help you in making your trade decisions.
The trading platform is one of the most important tools for your trading and becomes a criterion while you select a Forex broker.
Important features of Fx trading platform and what we need to look for:
1) Stability of The Platform
Stability is one of the most important features of a trading platform. If any platform with best of the features and functionalities crashes or hangs frequently then it will cause not only an inconvenience but may cause severe losses when you wish to enter or exit a trade during highly volatile price action.
2) Web Based And Downloadable Platforms
A platform may be web based which can be accessed through your web browser of can be downloadable. You have to see which suits your needs best. If it is web based and you are from a place where internet connectivity is slow then you may have to test the lightness of the trading platform to see if it works well with the low bandwidth. If you trade at your work place then a web based platform may not work there because of the firewalls etc. In fact the later point is not as important because in such cases even your downloadable platform may also not be getting connected to the servers of the broker. Regardless of that, you need to check on such points.
3) If the downloadable platform support your operating system?
The web based trading platforms are Java based and will work via your web browser but in case of downloadable platform you may need to check whether your platform works with the operating system of your platform or the mobile device.
4) Functionality of Trading from Charts
The functionality of trading from charts not only make the trading much more convenient but also makes it enjoyable.
5) What kinds of technical indicators available?
Most of the Forex platforms will come with the most commonly used technical analysis indicators but you may need to check if the indicators you use are supported or not. You may again check about this on the above mentioned link of trading with charts.
6) What kinds of time frames available on the charts?
For trade entry and exits you may be using short time frame charts but for knowing the overall trend and historical price actions you should have longer time frame charts. You may like to check on this point also that what all time-frames are supported by your platform.
(For above mentioned point # 4, 5 and 6 you may check more details at Trading From Charts)
7) Are interfaces with any third party software possible?
8) Does the platform have functionality of back testing?
9) Is the platform’s GUI is user friendly?
10) Is mobile trading or trading from handheld devices supported?
11) Functionalities like Mirror Trading Available or not?
Many reputed and big Forex brokers offer more than one trading platforms and in that case you may have to check the various options and do some market research to decide for the platform which works best for you.
To make the selection simple, the first point to see if the platform is very widely used? If it is then it should be good enough.
Most common Forex Trading Platforms:
Let’s check the list of some of the most widely used trading platform as well as some of the well established proprietary trading platforms of big Forex brokers:
1) MT4 (MetaTrader 4) by Metaquotes
2) MT5 (MetaTrader 5) by Metaquotes
3) XTrader by XFSOL
4) ActTrader by ActForex
5) FxTrade of Oanda
6) Trading Station of FXCM
7) cAlgo by SpotWare
8) CTrader by SpotWare
10) MirrorTrader by Tradency
11) FX Cloud by Integral Development Corp.
12) FX Power Trader by Integral Development Corp.
13) UniTrader by UniTrader
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