The most dominant choice for many professional Forex traders

FinanceFeeds Editorial Team

The foreign exchange market is the biggest and most liquid market on earth. It operates 24 hours a day, five days a week. Every currency is traded on this market so traders have hundreds of choices when it comes to forex trade.

Online trading is a growing trend. In 2017, Modern Trader reported 9.5 million traders. Today there are over 15 million. Cutting edge technology and dependable brokers have made the market increasingly accessible to the man in the street.

The digitization of trading tools and transactions has facilitated the growth in online trading. Every forex trade must work through a broker via an online trading platform. So, what is the best online trading platform for you?

Choosing the best forex trading platforms

As online traders use their websites and social media pages to alert people to the possibilities of forex trade, so the industry has grown. Even people with no previous exposure to forex trading have become aware of the number of traders doing business.

Yet not all products are created equal. Online forex traders who are serious about making a profit from currency swaps should choose their platform carefully. Online forex brokers often offer traders the use of in-house platforms. Independent platforms like the popular MetaTrader MT4 and MT5 also connect to thousands of broker servers across the globe.

There is plenty of competition in the forex market. Yet the MetaTrader platforms MT4 and MT5 are the most widely used forex trading platforms available today and they have a big following. Here’s why;

MetaTrader 4

MetaTrader 4 or MT4 was designed specifically for forex trading. It has a simple, well-designed interface that serves both beginners and advanced users well. The platform offers many useful features and is totally customizable. Features include the following;

  •         Expert advisors
  •         More than 50 indicators
  •         Advanced technical analysis
  •         Support for more than 30 languages
  •         1-click trading
  •         Four types of pending orders include limit, stop and stop-loss
  •         Nine time-frames
  •         Multiple charting options.

MT4 pros

  •         MT4 is stable and reliable across digital devices and operating systems
  •         It is compatible with most operating systems including Windows, iOS and Android
  •         It connects to over 2000 broker servers
  •         Encryption of data secures your trading account.

MT4 cons

  •         If you shop around, you may find brokers that offer smaller spreads on their own platforms than they do for forex traded on MT4
  •         The execution speed may be a little slower than other forex platforms.

MetaTrader 5

MT5 is like MT4 but it is a little faster. It allows for the trade in multiple asset classes. The popular, easy to use interface is the same as MT4 but it has more indicators and order types. It can also handle more trading instruments, and offers automated trading. It is best suited to advanced and day traders.

MT5 pros

  •         MT5 offers the user 8 types of pending orders and 21-time frames
  •         It is designed for trade in multiple asset classes
  •         It has a full suite of analytical time frames allowing for more in-depth analysis of market trends
  •         There are six types of pending orders
  •         It has a calendar that delivers economic news that may impact the prices of financial instruments.

MT5 cons

  •         It has no exchange market hedging
  •         Beginners may find the advanced tools and features overwhelming.

Getting started

Downloading MetaTrader4 and MetaTrader5 is quick and easy.

  •         Access the system via the MetaTrader webpages, Google Play or the App Store.
  •         Download the system onto the digital devices that you plan to use for online forex trading
  •         Read the license agreement and mark as read
  •         Create a demo account to practice using virtual currency and when you are ready start trading.  

Online forex trading made easy

Forex trading has never been easier. All it takes is a broker and an online platform and you can trade from anywhere on earth. It is, however, crucial that you do the research and follow the trends of the currency pairs that you plan to trade.

A good online trading platform will provide you with all the information you need to make informed decisions on forex trading.

  • Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.


    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.


    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”