Before selecting a Forex broker ensure they offer the platform you require for your trading account.
FP Markets offer all three of the following platforms. MT4, MT5 and Iress. With easy sign-up options. A demo account is also available. FP Markets offer a no-nonsense approach to serving its customers, offering raw and standard accounts, minimum deposit option, excellent educational materials and an array of financial instruments.
Ideal for beginners and experts alike. Providing access to a wide range of financial markets. No inactivity fees and good customer support. Regulated by ASIC (Australia).
Expectations from Your Trading Platform
Before you employ the services of a broker have a clear strategy. Are you planning to trade the Forex exchange market, cryptocurrency, bitcoin, day trading, stocks or trading CFDs? Is copy trading relevant to your strategy? All need to be considered before you choose a trading platform. Are currency pairs (Forex pairs) important? Select a platform that offers all the majors, minors and exotics.
Costs should be a factor to consider. Some brokers charge a trading commission, others charge a spread. Understand what costs are involved before commencing.
Meta Trader 4
MT4 is one of the most extensively utilized trading platforms among Forex traders. Meta Quotes launched the trading platform in 2005, and now has over 85% market share among global FX brokers. Its ease of use is another benefit.
MT4 has an excellent mobile app with good functionality similar to the desktop version. Compatible with Android and Apple iPhone iOS.
Advantages of MT4
Another significant advantage of the 15-year-old trading program is its stability when combined with other MT4 features.
- User friendly.
- One-click trading.
- 50+ Indicators.
- Nine time-frames.
- Expert advisors (EAs) capability.
- Trading signals.
- Drawing tools.
- Technical indicators.
- Technical analysis tools (thirty built-in indicators).
Algorithmic trading features also benefit from the software’s popularity. Comprising one of the largest copy trader communities and the wide selection of bots available for download.
Disadvantages of MT4
- Allows only single backtesting.
- No technical support.
While the charting application is useful, it falls short of the sophistication offered by competing software products.
Meta Trader 5
Three years after the release of MT4, the team at MetaQuotes developed MT5. The key reason for the new platform was to allow shared CFD trading. The popularity of CFD trading and the increase in the number of brokers offering MT5 has increased significantly. Ideal for beginners and experienced traders.
MT5 now includes a broader selection of derivatives. CFDs are a product where the price fluctuates and underlying assets are traded. The trading platform is speedier than MT4, and it includes a more significant number of indicators and order types.
Advantages of MT5
- Twenty-one-time frames.
- Netting and hedging mode options.
- Watch list.
- Partial order filling policies.
- Economic calendar.
- Depth of market option.
Disadvantages of MT5
- Pc to mobile differences.
- A learning curve for new users.
One of the important drawbacks in MT5 is the MQL5 programming language used for automated trading. In contrast to MT4 and the MQL4 programming language. Therefore, you would essentially be learning new coding from the beginning, if you intend to develop Electronic Advisors (EAs).
Iress is a technology company focused on online broker trading. Concentrated on the Asia-Pacific region, North America, Africa, the United Kingdom and Europe.
Iress software is a component of the Standard & Poor’s/ASX 200 index, intended for use in the trading of stocks, commodities, futures and options.
The iress platform is beneficial for experienced investors, also professional traders in the financial services industry.
Advantages of Iress
- Market access.
- Frequently updated.
- Advanced charting.
- Online training (education).
- Software Support; Email. Phone.
- Trade, CFDs, indices, Forex.
- Clear DMA Pricing.
- Windows or Mac compatible.
- Price streaming.
- Innovative order management.
Disadvantages of Iress
- A learning curve for newer users.
When Iress is launched for the first time you are presented with a plethora of possibilities. New investors will need to familiarize themselves with Iress.
Which platform is the most effective? This is dependent on which type of trader you represent. Research all the platforms before you decide.
FP Markets are there to help, contact their customer service for a prompt no obligation response. There are many types of platforms available linked with specific brokers offering different tools.
Above are the three most popular platforms used by a wide range of investors. Carefully research and test all the platforms. Do not start trading real money, until you are positive you have everything in place. Trading journal, trading strategy and of course, ensure you are proficient with your chosen platform.
One of Americas largest online trading brokers offering a variety of account types, unique to their business. Providing their thinkorswim suite of platforms, online and mobile trading apps.
Other well-known Forex trading platforms are EToro, Forex.com and Interactive Brokers all offering various platforms for professional and retail investors, with different types of brokerage tools.
The thinkorswim online trading platform offers good education resources, trading tools, webinars and videos.
Access to a wide range of asset classes; stock trading, currency trading, bonds and CFDs, non-proprietary mutual funds, futures, Forex, crypto and commission-free ETFs.
Active traders can monitor their positions on the go with the mobile app.
Which is the best Forex trading app? It should be the one that ticks all the boxes. Whether you’re looking for good customer support or ease of use.
The broker you choose should make your trading experience as seamless as possible.
Never trade what you can’t afford. Do your research. Avoid becoming a victim of a scam in the future. Unrealistic claims, very high leverage should raise a red flag.
Always read the disclaimer.