In this article, we will talk about the best forex trading platform to trade with. There are several trading platforms out there but only a few platforms are great for trading.
The most two popular platforms are MT4/MT5 platform and trading view. Both platforms are great for traders. We personally use the MT4 platform.
Before getting the MetaTrader platform it is important to choose a broker that provides the MT4/MT5 platform to trade with. We will go through the pros and cons of this platform and also the best brokers to use with this platform.
Why MT4/MT5 Platform
The Metatrader platform is used by thousands of traders worldwide. This platform provides all the necessary tools that you need to trade successfully. Almost all brokers out there are supported by this platform.
MetaTrader provides applications for windows, mac, ios, and android. It also provides a web trading platform called the “web trader”. We personally use the windows and the android version. The windows version is great because it has all the features and it allows you to do algorithmic trading.
How to Use the MT4/5 platform
Now we will go over quickly how to download and use the MetaTrader platform on windows. To get the MetaTrader platform click the button above.
After you have downloaded and installed the MetaTrader platform you should see a screen as shown in the image below.
As shown in the image, the MT4 screen displays all the currency pairs as well as the currency charts. It also shows the trades that you are currently taking.
This platform provides you with all the charting tools you need. If you go to the insert menu you will see all the charting tools available to use.
Metatrader 4/5 vs Trading View
The trading view is another popular trading platform. The platform is completely online. There is also an android app for trading view.
There are quite a few differences between MetaTrader and the trading view. A few great things about trading views are that you can use it without signing up with a broker. To use MetaTrader you need to signup for a live account or a demo account which isn’t that hard either.
Some might prefer the modern look of the trading view platform. That said MetaTrader is highly customizable as well.
For running algorithmic trading robots we personally prefer MetaTrader, MQL5 language which uses C++. It is a lot more powerful than the scripting language used in trader view for the time being.
It really doesn’t matter which platform you use to trade with. Explore both and use the ones that you prefer. Both are great platforms. Also, remember that when using trading view, to unlock some features you have to get the paid version. For MetaTrader, everything is completely free.
Another advantage of MetaTrader is that it supports almost all the brokers out there. There are some traders who prefer to use the charting tools provided by the trading view and then execute trades using MetaTrader. Yes, you can use both platforms together if you like.
Best Metatrader 4/5 Brokers
Choosing the right broker is a very important part of trading. There are thousands of brokers out there. But only a few are really good. There are a lot of things that you should consider when choosing the right broker for you which we will go over in a while. First, you need to make sure that your broker is supported in your country. For example, if you are in the US, only US-based brokers are supported.
Below are the Top Forex Brokers
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Things to consider when choosing a broker
There are several things that you need to consider when choosing the right broker. These are
- Regulations – It is very important to choose a broker that is regulated. This is because regulated brokers can be trusted.
- Trading Costs – This includes how much the broker charges you for making a trade, it is called the “spread”. It is always good to choose a broker with a low spread to a reasonable spread.
- Good Trade executions – Usually brokers that have been there for a while have good enough technology to make your trade executions faster. If your going with a relatively new broker beware of the speed of their trade executions.
- Customer Support – This is also a very important thing to consider when choosing a broker. Do they provide good customer service if something goes wrong?
- Trading Tools Provided – These days most well-known brokers will provide you will all the tools necessary to execute profitable trades.
- Overall Reliability – Does the broker have a proven track record? Is the broker an award-winning broker? These are some things to take into account when thinking about the reliability of the broker.
To find your broker, click here. These are brokers we have reviewed and tested, who are proven to be very reliable.
Conclusion
In conclusion, MetaTrader for windows is our go-to trading platform. It also has an application for android that can be used on the go as well. Having a good trading platform is not enough to become a profitable trader. You need to have a good trading strategy as well. Go over in the next section how you can learn profitable trading strategies.
Learn To Trade
Are you interested in learning to become a profitable trader? We recommend you check out our trading guide. Make sure to check out our trading guide which teaches you how to go from a complete beginner to a profitable trader.
In our guide, we go over step by step becoming a profitable trader from scratch. These include all the technical analysis strategies and mindset strategies to help you become a profitable trader.
