How do you decide which trading software works best for you? It's a no-brainer that picking the right trading application which compliments your trading style and investment strategy is critical to your forex trading success. The best trading applications enable you to garner profit with intuitive software and an easily accessible trading account.
A forex trading application acts as an intermediary between a forex broker and an investor. It provides the latter with real-time information through charts, news & indicators and provides the interface for traders to execute market orders seamlessly. Generally, trading platforms are free of charge with the exception of a few that offer a higher functionality for a fee. Many brokers also offer platforms with various degrees of functionality to traders who are more active. Speed, accuracy, tools, indicators and educational resources are important factors that give any platform a competitive edge over others.
Most brokers provide users with a forex trading demo account whereby they can try out their strategies in a risk-free setting before participating in a live environment. It helps investors to easily decide upon the most well-suited trading software. Let's now discuss the features and performance of the three most popular interfaces widely used by traders worldwide.
AX1 Trader :
The AX1 Trading application has been designed with a customer-centric approach, is super-adaptable, easy-to-use and can match up to the professional standards of any kind of retail investor. In the lightning-fast world of currency trading, this robust interface is capable of handling all trading-related processes with effortless ease in various domains like stocks, bullions, Futures, forex, commodities and CFDs. The AX1 Trading Platform has strived to provide traders and managers with bespoke solutions to execute and manage orders across all important global exchanges.
Evolving dynamic software :
AX1 Trader is an innovative software and its makers have tried to incorporate the superlative features of every other top software available in the market in it. It does not merely follow the instructions and inputs given by the user but looks at historical data and reads patterns that help in finding out loopholes and deviations.
Incisive quote provider :
The AX1 platform collates the best currency streams in the market from several banks and provides an investor with the best quote for executing an FX transaction.
Mobile trading apps :
The AX1 Trader software is compatible with both iOS and Android devices. Thus you can stay updated on the latest market trends and trade anytime, anywhere by placing trades in a timely manner from your iPad, iPhone or Android smartphone.
Arbitrage Trading :
The arbitrage facility in AX1 Trader scours the markets and therein provides you with the best arbitrage opportunities.
High-end charting and analysis :
The charts and indicators in the AX1 Trading system range from the simple to the intricate ones and equip traders with all the paraphernalia for technical trading in any instrument and having a trading edge.
Algorithmic trading :
AX1 Trader software is capable of providing the most advanced algorithmic trading manoeuvres. It enables traders to gain maximum profits out of their investments by entering or exiting a trade at the right moment.
Other significant attributes :
- Single-click execution
- Live chat facility
- Full control over your trading account
- Live chart based trading with customizable indicators
- High-end technical analysis tools
- In-detail Account statements
- Live-streaming market news and commentary
- Language options
- Multi-lingual support
- Access to all sorts of news- economic, entertainment, sports etc.
- Detailed Account statements
- Lock console- Where you can lock the platform when you are away
- Instant notification facility- Delivers all alerts related to your trading account into your inbox
- Account mapping facility- Which will help you to manage multiple trading accounts via a single login.
- Up to 8 timeframes
MetaTrader 4 is the universally popular forex trading platforms and allows the user to execute strategies of any complexity via web-based, downloadable or mobile applications. It was introduced to the currency trading world in 2005 and instantly became a huge hit among investors due to its client-centric interface, an array of technical tools & indicators and trade automation.MT4 is available in 38 languages and offered by most of the brokerages. Its supported instruments include Forex, Futures and CFDs. It's free to download and you simply need to sign up for a free MT4 demo trading account with an MT4 forex service provider. The MT4 Trading system provides users with a diverse suite of functionalities:
Technical analysis :
The MT4 trading system excels in terms of its analytical capabilities. Quotes and charts with 9 periods are easily accessible to enable you to respond to market movements in a timely manner. Users can deploy up to 23 analytical tools and 30 built-in technical indicators to enhance their trades.
Copy Trading :
The MT4 platform has been designed to enable it to replicate the deals of other traders. Thus investors can access thousands of free and paid signals by choosing from amongst various providers & strategies and apply the same to their own trading methodology.
MetaTrader Market :
The built-in MT4 market allows users to pick, purchase and trade from amongst a vast range of trading applications,1700+ trading robots and 2100+ technical indicators.
Trading algorithms :
Bespoke trading algorithms can be formulated for automated trades via application of the MQL4 programming language and the Integrated Development Environment (IDE).
Mobile Trading apps :
Customers can place timely trades while on the move through the use of MT4 mobile applications available both in iOS & Android smartphones and tablets.
News and alerts :
With the MT4 trading application, you can keep abreast of the latest market movements through live news and alerts so that you can take the right trading decisions.
MetaTrader 5(MT5) :
The MetaTrader 5 trading platform was introduced in 2010 as a successor to its predecessor the MetaTrader 4 platform. Today it is used by millions of market participants around the world as it is suitable for investors of all skill levels. It incorporates all necessary attributes for trading including technical analysis tools, automated trading methods and the ability to trade different currencies, options, futures and CFDs via a single integrated account. There are 79 tools available for analysis including the technical indicators and graphs, up to 21 timeframes are available from 1 minute to monthly and uptil 100 charts can be opened in the interface simultaneously. Like other leading platforms MT5 also has its unique set of features:
MQL5 program language :
The MQL5 language is used in the MT5 platform which has a faster execution speed than the MQ4 language. It is equipped for the use of more advanced trading experts and for processing a greater volume of data.
Additional MetaTrader 5 features :
- Allows for 5 types of orders
- Equipped with system and trading events’ signals
- Timely news update
- Multilingual user interface
- Electronic mail service
- Printing charts
- 4 scale modes
So which is the best?
Well, to each his own. There is no definitive answer as to which one is the No. 1 trading platform amongst AX1, MT4 and MT5. That depends to a large extent on your individual trading style and preferences. If you are looking for a very professional trading console with cutting edge technology then you might be better off using AX1 Trader. However, if you prefer automated trades with easy-to-use features then MT4 might be the kind of interface you are looking for. Again, if you want an interface with multiple new features and a wider choice of options then you can go in for MT5.