FXCM Insights

What Is The Best Forex Trading Platform?

The forex is an exclusively digital venue offering individuals from around the globe an opportunity to trade currencies remotely via internet connectivity. It is by far world’s largest marketplace, facilitating over US$5 billion in trade on a daily basis.1)Retrieved 16 August 2017 http://www.bis.org/statistics/d11_1.pdf

Such vast levels of participation are attributed to favourable market conditions and low barriers of entry. All that is needed to begin trading on the forex is an internet connection, capital, computing capabilities and a trading platform.

Perhaps the most important of these inputs is the trading platform, which is a software suite that gives individuals the ability to access and interact with the market. It is an indispensable tool, one that makes both analysis and active trading possible.

To put it simply, the platform is the trader’s portal to the market.

Characteristics Of The Trading Platform

A truly great platform offers robust functionality through a user-friendly format. The platform is an indispensable part of completing the following tasks:

Forex trading is a highly competitive and fast-paced arena. In order to keep from falling behind, one must identify and employ the platforms that combine leading-edge technology with innovative flexibility. Trading Station, MetaTrader 4 (MT4), NinjaTrader and ZuluTrade are industry leaders in the provision of forex trading platforms.

Trading Station

Trading Station is FXCM’s proprietary, flagship platform that furnishes users with an abundance of options for both analysis and execution. It is a solid choice for traders of all experience levels, from novice to expert.

Trading Station provides award-winning functionality in the following areas:

MetaTrader 4 (MT4)

MT4 is considered by many to be the industry standard in forex trading. Boasting one of the largest user bases in the forex industry, it supplies users with the technology to accomplish any trading objective.

MT4 offers a collection of unique services to enhance both analytics and trade execution:

NinjaTrader

NinjaTrader is a popular choice among futures, equities and forex traders. Featuring advanced analytics coupled with affordability, it is an all-inclusive software trading platform. With more than 40,000 users worldwide, the NinjaTrader community offers top-tier support and customer service.

Below are few of the premier features offered by NinjaTrader:

ZuluTrade

A pioneer in the arena of “social trading,” ZuluTrade presents individuals with a method of consulting and copying the trades of other traders in real-time. ZuluTrade is an attractive alternative for individuals who are just starting out or those who simply do not have the time to fully engage the forex.

ZuluTrade is a unique platform with several distinct features:

Which Platform Is The Best?

Being able to analyse the market in real-time, execute trades efficiently and develop new strategies are key aspects of achieving longevity in the marketplace. Selecting the platform that is best suited for the trading operation’s needs is a big part of maximising the chance of success.

So, which platform is the best? The question is largely subjective and will depend upon whom is giving the answer. Each of the above software trading platforms is unique, excelling in specific areas of functionality.

Designating a best platform is a personal question, based upon specific needs and preferences.

Here is a general breakdown of where each excels:

Depending on the available resources, style and market goals, the determination of a best platform will differ. However, no matter the type or size of trader, one of the aforementioned platforms can optimise performance while enhancing the overall market experience.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites are provided as general market commentary and do not constitute investment advice. FXCM will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

References   [ + ]

1. Retrieved 16 August 2017 http://www.bis.org/statistics/d11_1.pdf