Access to a well-equipped trading platform is essential.
Without the necessary tools to execute, success in the foreign exchange market is a challenge. New traders are often confused when it comes to the different account types and top trading platforms available, given the stiff competition between providers.
Thanks to the wizardry of modern technology, retail speculation in the currency markets are carried out through online electronic trading platforms, with the spotlight largely hovering over MetaQuotes Software Corp. as the dominant provider.
The majority of the top Forex brokers supply clients with free access to MetaTrader software, due to its established position and a broad range of features.
Founded in 2000, and now considered one of the world’s leading designers of trading software, MetaQuotes offers several applications. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) symbolise clear milestones for the company.
MT4 is a trading platform Forex traders can rely on, emphasising safety and security. Data exchange is encrypted and supports the use of RSA digital signatures.
Five years following the launch of MT4, MetaQuotes Software Corp. announced the release of MT5. Although boasting a similar interface to MT4, the revolutionary factor behind MT5 is its ability to offer trading for almost all financial markets through a centralised exchange, including Stocks, Commodities, Futures trading, and Options.
Both MT4 and MT5 platforms are free to use and have research tools, in the form of a News tab.
Both support user-friendly mobile trading apps via iOS, Android-powered smartphones, and tablets, allowing account access 24 hours a day. The functionality offered on mobile trading apps (also referred to as a ‘mobile app’) includes interactive charts, trading orders, analytical tools, account status and buy/sell functions.
Setting alerts is common practice in trading; both platforms permit this function.
Both are also compatible with Google Chrome, Mozilla Firefox, Apple Safari, Internet Explorer, Opera, and Microsoft Edge.
Beginner traders (Forex beginners), with a focus on currency trading, may find MT4 offers a more superior trading experience. Those with an interest in more adaptable software, MT5 is a valid contender.
To start trading, the minimum deposit for both Standard and Raw trading accounts with FP Markets, the number 1 value global online broker, is as low as $100 AUD, or equivalent home currency. Low trading commissions and trading costs (low spreads) seats FP Markets at the forefront of the trading industry, ideal for a wide range of trading strategies.
Iress Trading Platforms:
Founded in 1993, Iress, a technology company headquartered in Melbourne, Australia, boasts award-winning technology used by 500,000 users globally.
The Iress trading platform delivers unrestricted access to the online trading arena, offering a window to CFDs – It’s also particularly useful when it comes to trading equities.
FP Markets offers three dedicated Iress platforms: Iress ViewPoint, Iress Investor, and Iress Trader. FP Markets also provides access to Iress Mobile, compatible with iPhone, iPad, and Android devices.
Another point is cost. While MT4 and MT5 are free, Iress Trader/ViewPoint comes with a $55 monthly trading fee, including GST. However, if you trade 15 times (with a standard minimum ticket fee of $10 AUD) or more per calendar month, or generate more than $150 in commissions you receive this trading platform free of charge.
The minimum deposit for Iress accounts is $1000 AUD, or equivalent. However, FP Markets does not charge an inactivity fee.
For more information on Iress platforms, visit FP Markets.
cTrader Trading Platform:
Spotware, established in 2010 in Limassol, Cyprus, is the organisation behind cTrader, a premium charting, and manual trading platform.
The first version of cTrader was launched by FxPro in April 2011.
Founded in 2003, NinjaTrader is considered an industry leader, supporting more than 60,000 users globally.
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