One of the most important factors in online trading is the Forex trading platforms used to actually execute your trades. You can’t do anything without a good Forex trading platform. The question of which platform to use is therefore very significant and prevalent across trading forums.
In 2016, there are more options than ever, but are they an improvement on what came before. The MetaTrader 4 (MT4) platform has long been considered the top performer, and most brokers provide it for free.
Let’s take a look at what sets MT4 apart, and what options are available.
The original MetaTrader 4 platform became the industry standard, by providing a user-friendly, powerful platform with everything most traders needed. It’s lightweight, easily accessible, complete with tools and features, including Expert Advisors (EAs) and scripts. And it’s 100% free.
There is nothing “wrong” with MetaTrader 4, and its deficiencies have nothing to do with its features or functioning. The biggest problem with MT4 has been that it is incompatible with Mac or Linux computers. In fact, for a long time there were no particularly good Forex trading platforms for Mac.
Recently, however, Admiral Markets have created an emulated app for Macs which works almost exactly the same as the Windows software. The only lacking is accuracy with Expert Advisors (EAs), so if you want to use automated trading, it is best you find another workaround.
MetaTrader 4 Supreme Edition (SE) is a plugin offered by Admiral Markets. It provides extra functionalities for MT4 that, while not required, give experienced traders many more options.
The features include:
• The Mini Trader which simplifies and enhances order creation in a neat and compact window
• Trading Terminal which uses the Mini Trader terminal across multiple currencies all conveniently placed in one window
• Alarm Manager to alert you to important events as per your preferences
• Correlation Trader which will aid you in taking advantage of correlated pairs and / or avoiding the risk
• Correlation Matrix, which shows the correlation between all currency pairs
These features are very powerful and can give traders a real advantage when used smartly.
MetaTrader 4 WebTrader
As mentioned, MT4 has been difficult to access for users of non-Windows computers. It is also difficult to access when away from your laptop or PC.
Admiral Markets have provided an alternative with MT4 WebTrader. This online software does not require any installation, and can be used on any computer. It is convenient and highly functional. It is a great solution for those reluctant to use emulated MT4 software, as well as those who are on the move and not always at their own computers.
We’ve been talking about MT4, so it may seem strange to you that for years there has been an “upgrade” in MetaTrader 5. While MetaTrader 5 provides certain functionalities not present in MT4, and is the newer software, it has not gained the popularity of its predecessor. This may be due to MT4’s popularity and usability. MT4 users do not feel the need to upgrade, as MT4 provides everything they need.
Especially with MT4 SE, traders find no advantage in upgrading to the less user-friendly option of MT5.
Choosing the best Forex trading platforms
The best Forex trading platform for 2016 is once again MetaTrader 4. With Admiral Markets’ Supreme Edition and WebTrader, there is really nothing missing from the most popular platform available.
There is no need to search for alternatives, as this free software is widely agreed to be the best.
Miles Chapman has worked in Forex for 30 years and is an expert in trading systems, programming and technical analysis.