With the development of online FinTech and app-based forex trading platforms the FX beginner has a multitude of solutions available in order to trade at home or pursue an FX trading hobby.
MetaTrader 5 Forex Trading Platform
MetaTrader 5 is a forex trading platform that is completely free to download. It allows an amateur forex trader to access a wealth of tools including technical analytic features. The platform can be set to trade automatically and allows the user to not just trade forex but stock futures and contracts for differential (CFDâ€™s).
The MetaTrader 5 platform can be downloaded to a smartphone or tablet allowing the user to trade on the move at his or her convenience. Tablet and smartphone MetaTrader 5 applications allow the user to perform technical currency analysis whilst implementing stop losses and orders in the FX market.
Other key features include the ability to perform Algorithmic trading allowing forex trading robots to survey the market and automatically implement the usersÂ of forex trading strategies.
MetaTrader 4 Forex Trading Platform
Many believe that Meta 5 was the successor to the MetaTrader platform however, that is far from the case. Naturally, they have similar features however there are some differences. MetaTrader 5 benefits from more marketplaces. Therefore, more counterparties and potentially more revenues.
If the platform you are looking at selecting is purely for forex trading as a beginner and you arenâ€™t looking at creating complicated algorithmic trading robots MetaTrader 4 may tick all the boxes.
You will still have the ability to access financial market news and technical analysis including indicators and graphs. Implement up to 9 nine trading time frames from one minute to a month and benefit from real-time quotations.
L2 Dealer Forex Trading Platform
Excellent for forex traders who understand the complexities of direct market access. The L2 trading platform benefits from multiple liquidity providers for both forex and stocks. The platform boasts competitive margins and access to over 50 tradeable currencies.
Deposited funds can also be leveraged up to 50 times and margin requirements are set at 2%. Telephone dealing and support is also available and offered 24hr a day Monday to Friday.
Supplementary to this the L2 dealing platform also offers professional FX charts, real time financial news. Up to the minute research, real-time order tracking time and sales reports and limit reminders.
MetaTrader 4 ECN
In addition to MetaTrader 4, MetaTrader 4 ECN allows the user to access Interbank pricing through Electronic Communication Networks (ECN). The addition to the MetaTrader 4 platform was brought in to rival other described platforms which allow users to deal directly rather than through a trade executor. With other forex trading platforms offering the MetaTrader 4 platform to their clients, the addition of interbank pricing, improved liquidity and immediate order execution will surely see the MetaTrader 4 Platform remain a popular choice amongst amateur and professional forex market traders alike.