There are so many powerful forex trading platforms to choose from out there. Different forex brokers may offer different trading platforms. Some platforms are web-based while others are downloadable on both desktop and mobile. It is always advisable to look for a forex broker that doesn’t offer you a complicated platform. Do competitor analysis to determine which platform is easy to use, more user-friendly and won’t confuse you along the way.
Best Forex Trading Brokers in South Africa
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Different types of forex trading platforms
Trading Station is a forex trading platform offered by brokers such as FXCM. The platform comes with more than one order type, highly developed charting application and a whole range of pre-loaded indicators. According to FXCM’s website, the platform also gives traders a computerization and forex trading strategy. It also capable of optimizing and back-testing. The platform can be downloaded or used on a personal computer, tablet, or directly straight from the web.
NinjaTrader gives traders a C# framework for developers to construct integrated indicators, automated strategies, drawing tools and many more. The platform is available to use with a number of brokers across the globe. For new traders or forex trading beginners, NinjaTrader gives you a learning opportunity and it only takes a few weeks before you can start excelling on it. The programme is available for a download and you can visit NinjaTrader official website.
MetaTrader 4 (MT4):
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. According to its official website, MT4 is a free forex trading platform. It comes with a flexible trading system, algorithmic and a selection of technical analysis options. On top of this, it also offers virtual hosting, mobile trading, signals and market.
ZuluTrade is a software company that operates an online and mobile social and copy trading platform. The platform allows users to imitate trades on the forex industry made by often more experienced forex traders. According to its official website, the platform enables traders to develop forex trading strategies. You can test, evaluate and learn how experts in the forex market operate.
FAQs about Forex Trading Platforms
What is a forex trading platform?
Forex trading platform is a web-based programme that allows you to login and start trading forex. The web-based version is not downloadable and there’s no need to install any software. It allows you to trade directly from the internet. The platform is compatible with Linux, Mac and Windows. For as long as you have a good internet connection, you will be able to access it.
Which forex trading platforms should I choose?
Well, you can try any one of the above-mentioned forex trading platforms. They all work well and easy to use. Choose anyone which is compatible with your operating system.
How can I install a platform?
To install the platform is easy. Simply choose which platform you would like to install. Click the download button. After downloading the file, run the download file and follow the steps. Remember to select that you agree with terms of the agreement in order to proceed to the next step.
What is the best Forex trading app?
There are many platforms that give their users access to trade forex, binary options and commodities. Before you choose the app, check the reviews to determine if the app is the best or not. If the app reviews good ratings, simply go for it but if it reviews poor recommendations, stay away from it.
Can I use my mobile phone to trade?
Of course you can, simply download the app or visit the web for a web-version platform. With your mobile device, you can trade wherever you are and whenever you want.
Are all platforms accessible with the same login details?
No, different platforms require different types of login details. Some platforms might require more characters and special characters than the other.
Can I export my trading history on the platform?
Yes, some trading platforms allow you to export a trade history. You can export it as an EXCEL or just an HTML file. Simply login to your forex trading platform and click on the “Account history” at the bottom of the page. Right click and choose which format you want to save as.