Best Trading Platforms 2022
You can be a good trader who is well aware of the right market entry and exits, but if you do not have the right trading platform, your skill mean nothing to you. A small delay in placing the order could cause you to lose career and monitory loss. So the denial of the best trading platform can never be neglected.
In this article, we will be discussing the best trading platforms you must give hands of practice before stepping into a business. Furthermore, we will also share what makes the best Web, Proprietary, or Mobile Trading Platforms.
MetaTrader 4, widely regarded as the gold standard of trading platforms, is a free platform for trading forex and other financial products such as CFDs, futures, indices, commodities, and cryptocurrencies. Retail traders may access MetaTrader4 via specific brokers that have individually licenced the platform. According to the developers MetaQuotes Software, the platform is offered via over 750 brokers, banks and serves millions of traders.
MetaTrader is available on web, desktop, and mobile platforms. It support over 30 languages, including English, French, Spanish, Portuguese, Japanese, Chinese, and Russian. The desktop platform assists in the analysis of financial markets, the execution of advanced trading operations, the operation of trading robots, and the execution of copy trading.
When a Meta 4 forex broker logs onto the platform, whether it is the desktop version or the mobile version, they have many options. The platform’s client terminal supports three trade execution modes; instant execution, execution on request and execution by market.
Orders executed using MetaTrader 4 may be market orders, which are orders executed at the current market price, or pending orders, which are commitments to purchase or sell an asset at a predefined price in the future.
A pending order with an MT4 broker might be a limit, stop, or stop-loss order. The platform’s rapid trading function sends orders from the chart with a single click. Another characteristic, known as a built-in tick, aids in accurately determining entry and exit points. Price movement may be examined in nine different timeframes. The platform’s charting application includes 30 technical indicators and 24 graphic objects.
The mobile platform of MetaTrader 4 gives you complete control over your trading account, and you may access it from anywhere. The free chat option also makes it easier to communicate with other traders. MetaTrader 4 has an automated trading feature that offers automated trading robots known as Expert Advisors (EAs). TradingSignals in MetaTrader 4 enables copy trading of successful traders who share their trades publically for free or for a reasonable fee, therefore becoming signal providers. You may choose a signal provider without leaving the platform and start copying trades.
MetaTrader 5 is an institutional, multi-functional, multi-asset trading platform. It is available in web, online, and mobile versions, and it also includes built-in trading robots, a freelance database of strategy developers, copy trading, and a virtual hosting service. The platform is available in 31 languages and is available for free via your broker.
The desktop version offers greater tools for comprehensive price analysis, algorithmic trading applications through trading robots or expert advisors (EAs), and copy trading.
The MetaTrader 5 platform employs the MQL5 programming language, which is used by automated trading software. It can follow financial symbols 24 hours a day, copy deals, create and send reports, analyse news, and even give a specialised custom graphical interface.
Because the platform includes an entire development environment for creating and optimising your own EA, you may create your successful trading strategy. Alternatively, you may choose from a number of ready-to-use EAs that can be downloaded for free from Code Base or purchased or rented from “MetaTrader Market,” the world’s biggest shop of ready-to-use trading applications. Using the freelance service, you can also order custom applications from professional programmers.
The copy trading feature allows you to subscribe to successful trader signals, allowing you to automatically replicate all trades on your account. There are hundreds of free and paid signals accessible for demo and live accounts.
The MetaTrader 5 platform supports both the traditional netting system for exchange markets such as the stock market and the options market, as well as the forex market’s hedging option system. It enables two market orders, six pending orders, and two stop orders and supports four execution modes: instant, request, market, and exchange execution.
The platform lets you examine up to 100 currency or stock charts at once, and the 21 timeframes allow for comprehensive and detailed analysis of even minor price movements. It also offers 80 technical indicators and 44 analytical objects, such as Gann, Fibonacci tools, geometric shapes, and various channels. MetaTrader 5 offers fundamental analysis, which tracks various economic and industrial indicators. The platform features news reports from worldwide news organisations as well as an economic calendar.
MetaTrader’s mobile trading platform is accessible on your smartphone or tablet running Android or iOS. The mobile version, among other things, supports the entire range of trading functions, allows account status monitoring, and allows viewing of trade history. The MetaTrader 5 web platform allows you to trade forex and other financial assets from any browser and operating system.
The cTrader trading platform is a product of cTrader Limited that acts as an expert resource for ECN brokers such as FxPro, Liquid Markets, Pepperstone, and Admiral Markets. CTrader was designed to satisfy the special needs of no-dealing-desk brokers; as a consequence, the platform has a plethora of tools that significantly improve the efficiency of transparent and direct executions. If you are interested in the real-life stock market, learn about the major advantages of cTrader and how to use this outstanding trading platform.
cTrader platform displays three alternatives for Depth of Market:
- Standard Depth of Market: This feature allows traders to track market dynamics when monitoring aggregated quotes from the brokerage’s liquidity.
- Price Depth of Market: This is an executable ladder that allows better and more precise entries and the use of scalping strategies.
- VWAP Depth of Market: This feature helps to monitor the expected VWAP and the expected spread (especially useful for more experienced traders who work with larger and different volumes).
cTrader offers a range of chart modes, colour schemes, and timeframes, resulting in a highly comfortable trading experience. Using three different chart modes, you may arrange the charts in your workspace differently. You can use a multi-chart, a single-chart, or a free-chart. The default scheme colours are a black background with green and red bars, however, you may modify the charts by changing those default colours and maintaining it as a different colour scheme if you want.
The platform offers a large option of indicators and timeframes for your convenience. You’ll get access to a complete set of indicators (over fifty in all, including Moving Averages, MACD, Stochastic Oscillator, Bollinger Bands, and so on), which are organised into four categories: Trend, Oscillator, Volatility, and Volume. In terms of timeframes, you can access the standard 1, 5, and 15-minute timeframes under the 1-hour timeframe, but cTrader gives additional options ranging from 45, 20, and 10 down to 1 minute. Overall, cTrader offers more timeframes than competing platforms.
Other Third Party Platforms
Besides the most famous MetaTrader platforms and cTraders there are other options like TradingView, Zulu and Ninja you can look into as your trading platform.
TradingView is a powerful stock screener, charting platform, and research powerhouse that offers a plethora of tools for investors to learn more about the markets. TradingView’s most outstanding features include a fully operational mobile app, a wide range of screening criteria, custom script incorporation, and much more. TradingView offers a wide range of educational tools in addition to charting and research tools. View news feeds associated with each asset, read articles, view real-time market data, and even watch livestreams with professional traders to improve your skills. Paper trading accounts are also offered to assist you in mastering TradingView’s diverse set of tools.
ZuluTrade is a social and copy trading platform that operates online. Essentially, it allows traders to replicate the trades of experienced traders in the forex and financial markets in order to attain a degree of automated trading. On the other hand, the social aspect allows traders to offer comments and discuss ideas. It now has about one million users and a trade volume of more than $800 billion.
NinjaTrader is a powerful derivatives trading platform that specialises in futures, forex, and options. The platform includes a variety of unique trading tools. A free version lacks the added features of Trader + and OrderFlow +, but users may still break down charts, backtest strategies, and trade without paying anything upfront. NinjaTrader has its own brokerage services, but users may also choose from a variety of other brokerage services. Accounts have minimums based on the securities traded, and commissions vary depending on the platform version. The platform’s vast array of tools and analysers will provide advanced derivatives traders with hours of entertainment. The free version, which is offered with all brokerage accounts, is an excellent beginning platform for beginner traders who do not want to make a financial commitment. As your trading experience grows and you are ready for additional tools and functionality, you may increase the level of complexity.
Web Trading Platform
A Web Trading platform enables you to do all trading functions right on a browser. There is no need to download anything for that. You just need a fine internet connection, a broker’s account and you are good to go. Besides many other things, an easy-to-use interface, modern design, and compatibility with beginners and advanced traders make up a fine Web Trading platform. In brief a Web Trading platform must have the following functionalities to be the best:
- Easy navigational menu
- Option for placement of maximum order types such as market order, pending order, limit order, stop order, buy stop order and conditional orders
- Availability of different types of charts and tools
- Option to trade full range of trading instruments the broker offers
- Reports like order confirmation report
- Option to view trading history
- Access to broker’s trading community
- Access to live market sentiments to make informed trading decisions
- Option to edit individual and aggregate positions at the click of a mouse
- Availability of a demo account
Mobile trading apps open up the ways to trade wherever you are. A prudent trader place and close order on the basis of some strategy. The strategy may requires a price to hit a certain level. If you have mobile trading app installed in your mobile you can place the order with just an internet connection no matter whereever you are. Mobile apps must be equipped with a full range of trading tools and instruments to let the traders make more winning decisions. Briefly speaking, a good mobile trading app needs to have following attributes:
- Widely available to download form platforms like website, Google play store and Apple store
- Downloadable for low ended mobile devices
- Access to wide range of symbols
- Availability of tools to make technical analysis simple
- Availability of eye catching charts customisable charts
- Options to conduct position analysis
- Learning tools
- Wide order type placement option
- Demo account options
- Must be secured by two way authentication
- Sublime color schemes
Many brokers invest heavily to build their in-house trading platforms to provide their customers with a wide range of trading tools and facilities. Some brokers don’t hassle with their own trading platform and just offer third party platforms like MetaTrader. The benefit of the proprietary platform is that it merges with the true colors and themes of broker’s mission. It reflects the functional uniformity across the platforms. Besides this, the proprietary platforms have desktop and mobile app versions to facilitate the traders.
A proprietary platform is said to be the best if it has the following features:
- Must be available in different versions like for desktop and mobile app
- Offers automated trading
- Offers wide range of trading instruments
- Learning educational tools
- Offers advanced order types
- Free of cost
- Option of one click trading
- Social trading
- Different account types
- Easy to use desktop and mobile trading platforms
- Highly compatible
- 24/7 support
Many brokers offer a proprietary platform; some offer a third-party platform while some provide the combinations of both to facilitate the traders. Third-party platforms like MetaTrader are better in ease of use and support because of forums’ global recognition and availability. On the other hand, proprietary platforms are known for their functional uniformity across all broker’s themes and missions.