In the modern world of financial markets, Forex unequivocally occupies a leading position due to its incredible liquidity and large scale. But in order to succeed in trading, every player must pay all his attention to the trends of the currencies he is interested in, follow the release of economic news, statistics, forums, as well as watch analyses and forecasts. A special computer programme called a trading platform will help to facilitate this task.
There are a lot of such platforms for working on the market, but not all of them have all the necessary tools for effective trading. Today we will talk about what a trading terminal is and how it should be chosen.
What is the trading platform?
As mentioned above, it is a programme in the form of a display on which the world’s major currency pairs and their exchange rates are projected, as well as the state of the personal account in real time. In addition, it shows information about open positions and freshly published news. Online mode allows the trader to make a quick decision and not to hesitate when buying/selling this or that currency or asset.
Installation of a trading terminal is a responsible thing, and its choice should be treated very carefully. Almost each of the existing platforms for Forex has its own advantages and is convenient in its own way, depending on the goals of the trader. But there are a number of criteria that must be met by all of them:
- The level of speed and computational ability (it depends primarily on them how quickly quotes will be graphically displayed and trades will be executed).
- Functionality (this parameter means the number of tools used for market analysis, including indicators, timeframes, auto-trading programmes, calendars, services for fundamental analytics, etc.).
- User-friendly interface (possibility to adjust it to individual requirements, comfortable colour scheme and pleasant design).
- Reliability (transactions should be conducted in complete safety and confidentiality).
- Mobility (it means both the possibility of installing the programme on a mobile gadget and its compatibility with one or another OS).
Popular Forex platforms
Today the market offers a huge number of different terminals with their own set of functions and design. But the wide range of options offers a lot of possibilities on the one hand, but on the other hand it is confusing, especially for a beginner trader. That’s why we have selected some of the most popular platforms so that you can find the right one for your needs.
Ninja Trader
Ninja Trader is the brainchild of the American company of the same name from Denver, which is recognised as a benchmark in the world of online currency trading. With the help of NT you can trade, besides Forex, also stocks, futures, options and other promising assets. Many brokerage firms adopt this terminal because of its wide range of analytical capabilities, performance, ease of use and security. There is a light version for beginners NT Lite (without automatic trading) and a professional-oriented version NT Pro.
ZuluTrade trading platform
An online system that is built on the principle of ‘action simulation’. In automatic mode, it applies free signals from Forex players regardless of their geographical location. To make a choice in favour of a good provider, you need to understand how effective their trading is. This can be done by using the Zulutrade Alchemy service, which automatically analyses the activity of active traders. Thus, the player will be able to formulate a rating for himself and choose the provider that seems to be the most reliable.
Mirror Trader
As you can understand from the name, the principle of operation of this platform is based on the display of trading, which was used before by large companies. Mirror Trader servers monitor the signals, and based on the information received, traders implement the signals of more experienced players on their accounts. The terminal works in ‘manual’, ‘automatic’ and ‘semi-automatic’ modes. In general, its technologies coincide with the previous platform.
MetaTrader 4
This platform has been functioning for 13 years and is considered the most popular among brokers due to its high level of performance. Even with not very powerful hardware, it can serve more than ten thousand players at a time. A good security system, multifunctionality and flexibility of settings are not all the positive qualities of MT4.
