It’s a common knowledge that Forex was designed with the major banks in mind; the small-time traders weren’t even welcome there for the first 16 years. However, the development of the online trading platforms changed everything, making Forex one of the most newcomer-friendly market.
And now, 23 years later, we are facing a different problem — there are way too many trading platforms. Some were designed back then and are simply updated for the modern hardware, others are designed by the new-age traders to suit their own needs. All of them are free and available for download — and yet there are just too many of them. How to choose the best forex trading platforms?
Luckily, ForexKillerSecrets can help you out here with a review on all the standout platforms. Here’s a list:
MetaTrader is a top-of-the-line online trading platform. First released back in 2006, MetaTrader has had several major upgrades throughout its lifespan. And not all of them were enthusiastically received by the community.
The most popular version right now is MetaTrader 4. It introduced trading bots (called Expert Advisors), improved the indicator integration and created a new marketplace where the community can trade custom indicators and advisors. This, combined with a classic interface and a lot of customization options, makes MetaTrader 4 the most popular Forex trading platform. Especially since it works well on Windows, Linux, MacOS, the mobile platforms, and even has an HTML 5 version for the web.
The MetaTrader 5 update brought the new scripting language and gradual updates but also required the brokers to upgrade a lot of their infrastructure. This resulted in a very slow adoption and eventually forced MetaQuotes Inc. to backport the new features of MT5 to MT4. Despite the continuous development, MT5 is a rather rare sight among the active traders.
NinjaTrader is a known competitor to MetaTrader and one of the most popular trading platforms of yesteryear. Unfortunately, poor Linux and Mac support, as well as a rather slow adoption of its own community, caused NinjaTrader to fall behind.
NinjaTrader does not have an official marketplace, but it does support trading robots and custom indicators. Unfortunately, it also has a much smaller community, so the selection of tools leaves a lot to be desired.
At the end of the day, NinjaTrader is outdated — both physically and morally. There are some things that it does better than the rest — like the Depth of Market representation — but they are not worth messing with the archaic software. Especially if you are on Linux or Mac, where installation alone is complicated and unreliable.
cTrader by the SpotWare is supposed to be the next best thing in the world of trading platforms. And you have to admit — it does feel a lot more modern. The support for the trading robots, custom indicators and customizable UI didn’t have to be patched in — it was there to begin with and is a lot better integrated.
However, being modern is a problem here. Due to being fundamentally different from MT and NT, cTrader has difficulties in picking up community support. Not a lot of people are willing to relearn the development tools and it certainly shows.
Then there is an issue of the cross-platform support. Windows, Android and iOS have official ports, but the Mac and Linux traders are left without any support at all. And while there are ways to launch cTrader on those platforms, they aren’t reliable and often involve a lot of troubleshooting.
If you are just starting your Forex journey, we highly recommend you start with MetaTrader 4. Despite being slightly outdated and not all that sleek, MT4 has a very intuitive design and a lot of guides available online. Not to mention, that 90% of trading instructions automatically assume that you are using MetaTrader and do not provide tips for the other systems.