The Forex market, the world’s largest financial market with over $5 trillion trading volume a day, is where currencies are traded. Foreign exchange trading has no central marketplace, so trading takes place in over-the-counter markets.
To start trading in the Forex market, you will need a trading platform which most brokers offer for free. Simply speaking, a trading platform is your portal to the market.
Most Popular Forex Trading Platforms
A lot of trading platforms have emerged in the market with varying features and functions, but the two most popular platforms today are the MetaTrader 4 and MetaTrader 5 platforms. MetaQuotes Software Corporation is the developer of these platforms.
Features and Functions
- Trading platforms display real-time market quotations which are grouped to be displayed in the form of a graph. It also displays different timeframes, ranging from several minutes to several hours.
- Traders are able to place market orders, manage positions, and monitor their trading account at any given time.
- A good trading platform has built-in indicators to allow traders to execute technical analyses. Algorithmic trading is one of the strongest features of the MT4 platform. Traders can develop, test and apply Expert Advisors which enable them to trade without human intervention.
- To make traders’ work easier, trading platforms also feature important tools including a fundamental and economic data tool that updates traders on the latest market events that affect Forex rates. Additionally, trading alerts are available to set price levels.
Forex trading platforms available in the market continue to evolve to provide traders the best trading experience. Today, traders can also access the market through smartphones and tablets, enabling them to trade anywhere. Trading directly on the web is now also possible. The MT4 is the most popular and most used platform in the market given its easy to navigate interface. Therefore, if you are a beginner, this is the best place to kickstart your Forex trading journey.