Table of Context
- Forex online platforms: How to choose the right one for you?
- Trading online on forex platforms
- How to choose an online trading platform?
- Trading platforms: Important features
- MT4 trading platform: Overview
- Trading on the MetaTrader 4 platform
- Why choose MT4 How to open an online trading account with FXGiants?
To start with, what is a trading platform? A trading platform refers to software that is used for trading. Traders can open, close or manage their positions through an online forex broker who acts as the financial intermediary.
Capital markets, which are financial markets that bring traders together to trade indices or any other asset, require a good-quality trading platform that will help them achieve their goals.
Forex online platforms are usually offered by forex brokers for free or at some cost as long as clients open and fund a trading account or make a certain number of trades each month. Superior features and low costs are the most common features found in the best trading platforms.
This article will explain what a forex online platform is, how to choose an online trading platform as well as what the different types of platforms are. Moreover, you will get an overview of how to use the MT4 for Windows.
Trading online on forex platforms
In forex trading or any other market, a trading platform allows investors to place their trades and keep track of their accounts through a broker. As already discussed, most of the time, platforms come with other robust features like real-time quotes, advanced charting tools or news feeds. Interestingly, most of the platforms are also customisable based on certain markets like when people trade futures in the futures market or in the stock market for example.
Platforms are generally divided into two types: prop platforms and commercial platforms. The former are tailored platforms that large brokerages develop to meet their trading requirements and style. The latter though target day traders and retail investors, as the name suggests. Their distinct characteristic is that they are easy to use and have plenty of useful features for investing in forex or for education and research. So, traders choose their trading platform based on their trading requirements, volume and style.
How to choose an online trading platform?
When getting into online trading, traders usually look for , good customer support and a useful trading platform. Since there are numerous online trading platforms out there, it is quite difficult to choose the best. Investors should take into account the costs involved as well as the available features of the platform. For example, day traders may look for features that will facilitate their decision-making, such as level 2 quotes or advanced charts, whereas option traders may look for unique tools that can facilitate options strategies.
Costs and fees also play an important role in deciding which platform to choose. Taking scalpers as an example, they would most likely look for platforms with low fees. Of course, low fees are always appealing to clients. However, there might be other compromises to make. For example, low fees may equal less features or information regarding the platform.
Moreover, keep in mind that some platforms become available only when opening a trading account with an online broker. Therefore, it is equally important to do research regarding the intermediary’s reputation before they move on to choose a trading platform. Besides trading platforms, knowing the broker you are working with is vital as they also offer no deposit bonuses or tools that are worth researching or comparing.
Last but not least, for some trading platforms like day trading platforms, there might be certain requirements to be met by the traders before they get to use it. These platforms for example, may require traders to have in their trading accounts a minimum amount of $25,000 in equity. Other platforms, like option platforms, may require certain approval to trade options before using the platform.
Trading platforms: Important features
As already discussed, there are various factors to consider before choosing forex online platforms. Educational resources, a variety of features and tools, ease of usage and navigation or customer support are some other factors to take into consideration.
1. Trading style
Your research should not end with online reviews and word of mouth. You should choose a platform based on your personal requirements, trading needs and level of experience. Once you have these, you should go ahead and evaluate all available information and choices and then choose your preferred platform.
2. Simple interface
To be efficient when you trade futures, try to go with a user-friendly platform that offers an intuitive dashboard, with easy-to-use functionalities and features. If you find it hard to understand at first sight, then it’s probably not the right one for you. Buttons and functions should be simple and straightforward as well as graphics and user interface.
3. Basic & advanced features
Don’t panic if you are not familiar with all features offered by a platform. In fact, try to focus on the ones you currently know well based on your present needs and level. Other more advanced features that you won’t need in the near future should come second. In order to be able to prioritise the features you need, try to think how many of them you need within a normal trading day. This way, you can narrow down your choices and stick to what’s important. Also, novice traders should not look for complicated features as they need something simple so as to learn fast.
4. Performance & Quality of software
One of the most important factors when choosing a platform is to make sure you trade under a safe environment with stable performance. This is vital for your operations to run securely and fast. Otherwise, your trades will probably not be efficient.
5. Customer care
Finally, receiving quality customer support at all times is of high importance. Make sure that the broker you are working with is up to date with the latest market trends and news and is able to provide you with full support regarding the platform whenever you need it.
MT4 trading platform: Overview
MetaTrader4 platform, or MT4, is considered the industry-standard and one of the most popular trading platforms chosen by numerous forex traders worldwide. MT4 was developed by MetaQuotes in 2005 and while it is usually associated with forex trading, traders use it to trade other markets as well.
MT4 meets all the qualities mentioned above so it is rightfully considered the best online trading platform for both beginners and professionals. It is easy to use and it can be easily customised based on traders’ individual trading preferences or level of experience. Traders around the globe use the platform to open and close their positions in the market.
MT4 offers additional advanced trading operations like automation of your trading with unique algorithms while analysing the markets at the same time. The platform is offered by the majority of forex brokers online and is easily downloadable on windows, android, any internet browser and mobile device.
Trading on the MetaTrader 4 platform
MT4 terminal can be used across various devices and provides a demo and a live trading account option, the difference being that of the server being accessed. The download and installation of the MT4 program are pretty straightforward and quick and brokers usually provide all information regarding links for download or details for a compatible version.
The broker also offers the trader credentials to log in to the terminal downloaded on the laptop/PC. Once you log in, you will be connected with the trading server. You can switch between different accounts and also change the server from the menu tab. Upon installation, the browser automatically pops up the MQL5 tab, the official website for MT4. The webpage displays a guide about the usage of MT4 for trading, including documentation.
There are many indicators offered on the MT4 terminal, which give great insight into the position of stocks in the market. The fundamentals of stocks need to be followed, without doubt, but while trading indices for example, the technical indicators play a more significant role in identifying where a particular sector is headed. Apart from this, you can also use a free personal bot with limited functionality or a paid bot for unlimited customisations and support from expert analysts, which will automate your trades with the technique fed to it.
MT4 offers a wide range of time frames, modes and order types, which has been upgraded in the MT5 terminal. The investor has so many options to choose from depending on the kind of trade they want to get into and the strategy they consider appropriate. MT4 has a wide range of indices to trade from and has recently also launched a mobile trading platform to cover all types of traders.
Why choose MT4
Superior Platform
With its highly customisable interface, indicators, analytical tools and advanced charting system, MT4 gives access to Expert Advisors (EA), a full set of drawing tools as well as trading indicators and it offers a flexible trading system with advanced technical analysis.
Suitable for all traders
Without any extra complexities the platform is suitable for both beginner and professional traders. Traders can easily access its features like charts, indicators or prices in just a few simple clicks. The platform has been traders’ choice for years now for its superb conditions and ability to deal with issues like low-power devices and slow internet connections.
MT4 WebTrader
Traders can access MT4 WebTrader through any browser, with great ease and without the need to download any additional software. They will still be able to utilise the reliable and fast platform to the fullest along with every feature it offers.
Trade on the go
The fact that the platform is supported by Windows, Android, iPhone, and web browsers gives traders the flexibility to trade on their preferred device by simply logging in to their account and trading on the go from their mobile device, anywhere at any time. MT4 has all the features that can help new investors learn as fast as possible as they start their trading journey. It can also benefit experienced traders in that they can sharpen their trading skills and boost their knowledge.
How to open an online trading account with FXGiants?
FXGiants is a leading forex broker and a pioneer in MT4 trading. The platform is easy to install on any device and enables traders to put their strategies and skills to the test. It also allows them to manage their positions, monitor the charts while speculating on assets’ prices and use distinct features that are not offered by other platforms.
Opening an account with FXGiants is very easy. Actually, you can register with the broker in just one simple step in under a minute. What’s more, the broker offers access to more than 300 financial instruments from 6 asset classes and serves both retail and institutional clients from over 150 countries around the world.
Clients can trade within a transparent trading environment, with superb customer support 24/5. FXGiants strives to provide its clients with the best trading experience with leverage up to 1:1000, various account types to choose from and competitive trading conditions. Mobile trading, expert market analysis and detailed blog articles are some other services offered by the broker.
DISCLAIMER: This information is not considered as investment advice or an investment recommendation, but is instead a marketing communication
