If you aren’t using advanced trading tools, trading forex might be intimidating since you risk missing out on important market or currency pair information. Trading platforms are applications that allow traders to organise and execute market positions. Moreover, these platforms are a great tool that helps keep your funded account active and manage a set amount of trades each month. One of the top-rated platforms available today is MetaTrader 4. Whether you’re a seasoned trader or a beginner thinking of dipping your toes into forex trading, this platform is for you.
What are forex trading platforms?
Forex trading platforms have streamlined the trading process to meet the diverse needs of investors, traders, and financial institutions. They offer several features, including indices, forex, commodities, and cryptocurrencies. Even it allows you to modify your trading actions depending on your choices for comprehension. Additionally, you can use these platforms’ self-closing and self-opening features by setting several parameters. The platforms’ customisable trading options and automated trading services are responsible for their widespread use.
There is, however, always a flip side to everything, and forex trading platforms are no exception. To leverage the features of these fantastic trading tools, you must download the application into your computer or mobile device. The sole drawback is that you may access the services of these platforms via their official websites.
Trading Account Opening: A Step-by-Step Guide
The procedure for setting up a forex trading account on your computer and mobile device is detailed below.
- Visit their official website; you will find a download option. Click on it.
- Open the downloaded file on your device and carefully enter the necessary information.
- Before finishing the signup process, be careful to keep a note of your login details.
You’ve now successfully created a trading account on your chosen platform. Now, start the downloaded application whenever you want to perform your regular trading activity, enter your login information, and you’re good to go.
Simple, right? Most of these application works well on almost all operating systems, including Windows, macOS, and Linux. Therefore, downloading any forex trading platform applications will be effortless if you use one of these operating systems.
Finding the best forex trading platform
Here are some incredible features you need to look for when finding the best forex trading platform:
The platform you choose should be incredibly adaptable and can be customised as per your specific needs. It must feature at least two market orders, four pending orders, two stop orders, and a trailing stop, along with three execution modes.
You must be able to investigate quotes and current market price fluctuations using the analytics features of the platform you choose. Make sure it features 30 technical indicators, 23 analytical objects, and nine periods of interactive charts. Additionally, it must have a free code base that offers several additional indications and alerts you to even the slightest shift in the market.
Besides the above features, ensure the platform allows you to formalise and implement any trading methods using algorithmic trading as your Expert adviser. This frees up a significant portion of your calendar that would have been used for hours of market research.
Last but not least, make sure the platform you are thinking of choosing is secure. For example, according to trading experts, MetaTrader 4 is one of the safest trading platforms. The forum you choose must use a 129-bit key; all data transported from the client to the servers must be encrypted. Furthermore, the platform must enable RSA digital signatures and conceal the investors’ IP addresses.
These are the four incredible features that the best forex trading platform must have. You need to make an account and set your preferences to take advantage of all these features, and you are done!