Forex trading terminals: MT4/5 and other solutions
Forex trading platform is special software that a broker provides to a trader to enter the international Forex market and is one of the key elements of trading success. Through the trading platform (terminal), traders make transactions for the purchase/sale of currencies, metals, and other assets of the Forex market.
There are 2 types of trading terminals: a web terminal and a terminal installed on a trader’s laptop/smartphone as a program. In general, the first type is similar to the second, but the difference is that the web terminal is installed on a public server on the Internet. This allows traders not to download software to their PC since in order to use it, clients follow the URL.
The advantage of this type of program is the ease of use as the trader does not have to spend time downloading and installing the application.
In turn, the terminal installed on a computer or smartphone is a program that is designed to meet the needs of traders and brokers.
There is also a classification of trading terminals depending on what type of device the program will be installed on. In this case, terminals are divided into mobile and desktop.
Although the choice of trading platforms is wide, there are several terminals that are in high demand. In the list of top platforms, MetaTrader 4 (MT4) remains the most popular, however, since the introduction of MetaTrader 5 (MT5) in 2010, the debate about whether to use one or the other version has increased significantly.
In addition, international Forex and CFD brokers that have been present in the markets for decades usually follow the path of creating their own trading platforms, which allows them to differ from competitors and not depend on third parties.
How to choose a Forex trading terminal?
Novice traders are often interested in what to look for when choosing a trading terminal. Experts usually recommend considering:
- The convenience of the interface. A trading terminal is an important tool for a trader, so the system interface should be convenient and customizable, that is, it should include the ability to connect an additional desktop, activate a dark theme, as well as set up the “Quotes” plugin, with which you can create an unlimited number of tables with quotes.
- Risk management functions. They allow you to keep risks under control, minimize possible losses, and securely fix profits on transactions. Also, do not forget about stop-loss, take-profit, and trailing stop orders to protect open positions if the price goes in the opposite direction from the planned one.
- Performance. It is also of great importance that the terminal can work equally fast both when performing several or hundreds of operations, as well as on both new and old PCs. An insufficiently optimized program freezes at the most critical moments, which can lead to a negative outcome.
Forex MetaTrader 4 (MT4) terminal
MetaTrader 4 (MT4) is one of the best Forex trading platforms developed by the MetaQuotes brand in 2005. Despite the fact that the terminal is most often associated with trading in the foreign exchange market, it can be used for CFD trading. MT4 is especially popular due to the fact that it is highly customizable to individual trading preferences. It can also be used to automate trading processes using algorithms that open and close trades on behalf of the user according to a list of given parameters.
The display of quotes is available on 9 timeframes – from M1(minute period) to MN(monthly period), and for a more detailed analysis, you can turn on the tick chart. A feature of MT4 is that you can simultaneously place an unlimited number of charts on all available timeframes and currency pairs. Quick access to the interface settings is carried out by clicking the right mouse button. There you can set the chart type (bars, candles, line), background color, grid presence/absence, and other individual parameters for ease of perception.
A set of graphical tools is provided to determine the direction of the trend and reversal patterns. It includes vertical and slanted lines, a Fibonacci grid, text labels, and symbols. After placing them on the chart, you can adjust display options such as color and size.
More than 30 indicators are offered for Technical analysis, which can be applied to the chart by selecting from the list or simply dragging and dropping into the active interface window from the sidebar.
For ease of selection, all indicators are divided into categories:
- Bill Williams.
Also, the MetaTrader 4 uses the MQL4 programming language, with which you can create scripts that perform certain actions, custom indicators, if the existing ones are not what you need, and advisers to perform automatic tasks and even trade automatically without the need for supervision. This can be easily done with the MetaEditor.
In addition, with built-in alerts and news features, the software is able to notify its user of any market changes that require a change in strategy.
Data transfer from the servers to the terminal is encrypted using 128-bit keys. In addition, the terminal supports an advanced security system based on the RSA algorithm. The use of these technologies guarantees the safety of personal data when working on MT4.
With all these features, it becomes easier to make instant decisions that can increase the user’s chances of making a profit. Summing up, the advantages of the trading terminal include:
- the possibility of using automatic trading;
- clear interface;
- wide functionality.
HF Markets, one of the popular brokers, widely known as HotForex, in addition to the proprietary MetaTrader as a trading terminal in desktop, web, and mobile versions, offers traders both MT4 and MT5 platforms to enjoy different timeframes, indicators, tools, speeds, and generally everything, many traders tend to stick with MT4.
Forex MetaTrader 5 (MT5) terminal
MetaTrader 5 is a terminal, which, like MT4, is developed by MetaQuotes. The specialists retained the appearance of the interface of their predecessor, but due to the fact that a different programming language was used, the functionality of the trading platform was significantly expanded.
MT5 is designed to accommodate additional asset classes, making the MetaTrader 5 platform the ideal multi-asset vehicle for active traders looking to enhance their trading experience with a wide range of new, useful, and insanely powerful features and tools to access trading resources.
Before starting trading, a user can customize the color scheme of the interface and the necessary tools that will be displayed on the chart.
The trading platform allows you to open 6 types of pending orders. To do this, use the “New Order” button on the toolbar and set the necessary parameters in the window that opens.
MetaTrader 5 has 38 technical indicators, and 44 chart objects and offers an unlimited number of charts. In addition, MetaTrader 5 provides one with 21 timeframes, which can give traders an advantage for further market analysis.
One of the most convenient features of MT5 is that it offers an economic calendar with important events that can affect the market.
In general, the platform is designed for more experienced traders and therefore has advanced capabilities for technical and fundamental analysis, and also allows you to use advanced proprietary programs for automated trading.
Summing up, software features include:
- a large range of minute and hour timeframes;
- depth of the Market for tracking the volume of transactions;
- the possibility of conducting wave analysis using indicators;
- the overlay of indicators is used to obtain a smoothed picture;
- the news feed and the economic calendar work in real-time, which allows you to use up-to-date data for fundamental analysis;
- additional orders such as buy stop and limit, and sell stop and limit, which make trading more flexible;
- also, there is an editor that allows you to create your own scripts without professional programming skills.
NAGA Markets, an international broker that offers traders over 950 instruments and assets, offers its users the MetaTrader 4 trading platform and its newer version MetaTrader 5, as well as the company’s own development – the NAGA web platform with mobile applications. Using MT5 you will be able to access a wider range of assets, including real stocks, as well as try out the best tools for comprehensive price analysis, algorithmic, and Copy trading.
Proprietary platforms of Forex and CFD brokers
In addition to the already available and familiar MT4 and MT5 terminals, the best international Forex and CFD brokers provide their clients with proprietary trading platforms that distinguish them from their competitors, and most often do not require downloading to your device. Consider some popular brokerage companies with unique offers.
eToro, a multi-asset social trading and investment company, offers trading through its own web-based terminal that does not require installation or download.
The platform is available in two versions: in a personal account on the broker’s website and as a mobile application.
eToro’s personal account combines all the features of traditional platforms: account management, independent trading, and copying trades.
In addition to having a very user-friendly site, they complement it with services like TipRank and ProCharts. The first one is to provide eToro users with advice from thousands of analysts who are experts in Forex trading. The second is a charting tool that anyone can filter, analyze and export as they please. There you can set up user stats for each trade, be it Cryptos, commodities, currencies, or other assets.
Besides, the eToro website is not only adapted for mobile browsing but also provides a very good application that can be installed on tablets and smartphones.
Exness is a brokerage company that provides convenient and affordable Forex trading services to clients around the world both on the well-known MT4 and MT5 terminals and on Exness’s own Web Terminal. The Exness terminal includes an intuitive interface with unique charting technology and also offers over 50 drawing tools and 100 indicators.
In order to use the terminal, you do not need to download or install anything. All you need to do is log in to your personal account and click “Trade” from anywhere to access the Terminal. The Exness Terminal functions have collected all the advantages of MT5 with an optimized design and without any unnecessary information.
Exness Terminal is available on Windows, Linux, macOS, iOS, and Android, supports all MT5 accounts, and also has all kinds of necessary orders such as buy limit, buy stop, sell limit, sell stop, take-profit, stop-loss, and others.
Plus500, one of the largest CFDs trading companies on various assets including stocks, ETFs, Cryptocurrencies, currency pairs, options, indices, and commodities, provides its clients with a trading terminal, developed by the company’s specialists. The trading program is available in several versions as a web terminal for PCs and laptops and a mobile application for Android and iOS. The web version requires no download or installation, so you can easily access this platform from anywhere in the world.
The Plus500 web platform includes 110 indicators, over 20 drawing tools, and 13 different chart types.
The Plus500 user interface is intuitive and simple. The trading screen is divided into three main sections: on the left side of the screen, there is a menu, in the upper part of the trading screen there is an asset selection dialog, and in the lower part there is a trading chart of the user’s choice – linear or trading candlesticks.
In addition to the trading tools mentioned, Plus500 also has the platform’s main risk management tools: close with profit, close with loss, guaranteed stop, trailing stop, and price alerts.
Forex Сopy trading platforms
Automated trading attracts many users due to its simplicity and convenience of making transactions. One of the varieties of auto trading is copying the trades of other participants. You can simply connect to a special service and mirror the trades of more talented and experienced traders in order to receive passive income and reduce the time to create and test your own strategy. The most famous platforms for auto trading are ZuluTrade, and DupliTrade, as well as various proprietary developments such as AvaSocial by AvaTrade, and others.
ZuluTrade is one of the world’s largest Forex automated trading systems, which has gained immense popularity among thousands of traders from all over the world. The ZuluTrade trading platform uses signals from providers – professional Forex traders – to automatically manage your accounts with the largest brokers.
The platform allows you to trade independently on your own trading account, as well as copy someone else’s trading. At the same time, you can always control the course of transactions and intervene in it – for example, correct an already open transaction and close it earlier than the trader from whom you copied it.
DupliTrade is another reliable automated trading software. This platform is user-friendly, you can duplicate the actions of experienced traders on it. This is the main feature that allows novice users to earn from their trading accounts. The platform will show a list of top traders and the strategies they used to make a deal.
AvaTrade provides access to both ZuluTrade and DupliTrade for the best Copy trading experience. Once you activate your account, you can view a list of signal providers along with their statistics. It can include an income statement and a risk profile so you can choose the person/people that best suit your copy trading goals. Copy trading is not limited to any one type of financial instrument. Traders can benefit from a variety of instruments such as currencies, stocks, commodities, etc.
In addition to ZuluTrade and DupliTrade, AvaTrade has developed the AvaSocial app that provides a social environment where traders can see how others are making deals, and if they like the strategy and actions of a certain trader, they can follow or copy them.
Besides, this popular provider allows you to trade on the MT4 and MT5 platforms. If you want to trade directly on the AvaTrade website, the provider offers its own platform. And, of course, mobile traders are not left out, as AvaTrade offers a full-fledged mobile application. That is available on both iOS and Android.
VPS and VPN in Forex trading
If you want to feel more secure while participating in online Forex trading, you should definitely consider using a VPN (Virtual Private Network) or VPS (Virtual Private Server).
VPN and VPS are used by people who want to opt for private and secure internet surfing. Due to the rules that some countries have imposed on different Forex websites, it can be more difficult for traders to access them. The beauty of VPNs and VPSs, apart from the protection they provide, is that they allow you to access almost any website you choose, including with certain restrictions.
A Virtual Private Server or VPS is a virtual computer that works independently like a real computer. It is tailored to your unique requirements and is especially beneficial for Forex traders due to the security and flexibility it provides.
It is always connected to the Internet, which speeds up the execution process and also makes the trading environment more secure and stable.
XM Group’s MT4/MT5 VPS solution will allow traders to remotely connect to a VPS located just 1.5 km away from XM’s data center in London, with Optical Fiber connectivity.
Taking advantage of this service will enable XM clients to make the most of XM’s unparalleled execution without having to worry about other factors that can impede their ability to trade effectively such as internet connection speeds, computer failure, or power cuts.
With XM’s VPS you can trade like a pro, since it:
- easily accessible from your location;
- increasing the speed of your trades;
- is ideal for the use of expert advisors (EAs);
- 24/7 available;
- has state-of-the-art optical fiber connectivity.
If you’re looking for something else rather than brokers’ provided VPS, you can always turn to reliable VPN services for Forex trading to boost your trading security. Top VPN services are the best way to soothe the hazard of a personal data leak, access geo-blocked pages, and remain anonymous for both the government and other Internet users.
Nord VPN is a service that will securely protect your Forex trading with the most powerful encryption algorithms, Double VPN, VPN+TOR, and other technologies for complete privacy. The company also provides separate servers for games, file transfer, and video. In addition, a large number of global servers in 60 countries provide fast access from anywhere in the world.
Click the button below to get the best VPN deal for Forex trading:
Nord VPN is one of the best VPNs for Forex trading that also gives the opportunity to unblock streaming services, use torrent file sharing and avoid game restrictions.
Top Forex brokers with state-of-art terminals
The main tool for working in the financial markets is the trading platform, so the trader’s efficiency in making different transactions depends on their choice. To facilitate the task of finding the optimal terminal for Forex beginners, we conducted a thorough analysis of the software that brokers offer for trading based on data transfer speed, technical capabilities, access to Fundamental analytics, as well as ease of use, and compiled a list of the best companies.
It is also important to note that in the Forex market, traders can open several accounts in order not only to test their strategies on different trading platforms but also to try different tools and collect all kinds of Forex bonuses up to 100% on the first deposit.
Register, verify accounts and start trading with the leading Forex brokers below to compare trading platforms, select multiple instruments and check order execution times.
Exness Forex trading
Exness is one of the best online brokerage companies for trading a wide range of instruments including currency pairs, stocks, indices, metals, energies, popular Cryptocurrencies such as Bitcoin and Ether, and others.
Exness clients are provided with a wide range of trading platforms, which includes MetaTrader 1, MetaTrader 4, MetaTrader 5, MetaTrader WebTerminal, or Exness Terminal’s own development. The broker also has a mobile app for iOS and Android to keep up to date with the latest trends. In addition, Exness is one of the few companies that offer a VPS server to increase connection speed and save money in the event of a sudden power outage or other factors.
Among trading accounts, clients can find standard retail, and professional ones, as well as a demo, to hone their skills and test their abilities with a virtual balance without losing real money.
Exness has established itself as a reliable brokerage provider, which is confirmed by licenses from such regulatory bodies as FCA, CySEC, FSCA, FSC, FSA, and others. Try trading with Exness using our dedicated button below.
Plus500 CFDs trading
Plus500 gives you the opportunity to trade CFDs on a variety of assets such as currency pairs, indices, commodities, Cryptocurrencies, stocks, options, and ETFs on a live and demo account. The latter allows you to work out new strategies, and try out unfamiliar instruments, test indicators, and Expert Advisors.
As for terminals, the company offers Web Trader for Windows and macOS, as well as mobile versions of terminals for smartphones and tablets.
Accounts are classified into two types: real and demo. Clients can top up accounts using Visa and MasterCard as well as popular e-wallets such as Skrill and PayPal. Support is available 24/7, as well as in all the languages the site is translated into.
Plus500 works with traders worldwide and is regulated by FCA (UK), CySEC (Cyprus), SFSA (Seychelles), AFSL issued by ASIC, FSP issued by the FMA (New Zealand), MAS (Singapore), and Authorized Financial Services Provider license issued by the FSCA (South Africa). Try trading with Plus500 by clicking on our button below.
eToro Forex trading
eToro is a trading platform and a social network with a variety of contracts for difference (CFD) on stocks, commodities, and indices, ETFs, currency pairs, Cryptocurrencies.
Clients can work on the broker’s own trading terminal, which is available in two versions: on the web, as well as in the eToro app for Android and iOS. In the app, you can deposit and withdraw funds, trade, and candlestick charts, as well as copy trades and chat with other members.
Accounts are divided into Retail and Professional Client, which have many risk management features such as negative balance protection.
Deposit-withdrawal operations are possible by bank transfer, payment cards, using electronic payment systems (PayPal, Skrill, Neteller), and the Giropay payment.
The broker has millions of clients around the world and is distinguished by its reliability, which is supported by licenses from such regulators as the FCA (UK), ASIC (Australia), and CySEC (Cyprus/Europe). Try trading soft commodities with eToro on favorable terms using our special button.
AvaTrade Forex trading
AvaTrade is a highly-rated online trading platform that specializes in the CFD markets. This popular provider allows you to trade on multiple platforms including MT4, MT5, AvaSocial, AvaTradeGo, and AvaOptions. It also supports third-party social trading tools such as ZuluTrade and DupliTrade.
Or, if you want to trade directly on the AvaTrade website, the provider offers its own platform. And, of course, mobile traders are not left out as AvaTrade offers a full-fledged mobile application that is available on both iOS and Android.
The supported markets on AvaTrade number in the thousands, covering everything from Forex and commodities to stocks and indices. You can also trade Cryptocurrencies, options, and futures.
AvaTrade is a registered and regulated broker that complies with the most stringent requirements of regulatory bodies such as MiFID, ASIC, Japan FSA and FFA, FSB, IIROC, and FSCA. Try trading with AvaTrade and get a special offer from TopForex.trade by tapping on the button below.
XM Group Forex trading
XM Group is one of the largest trading service providers with a wide choice of popular financial instruments including more than 55 currency pairs, CFDs, stocks, gold, energy, commodities, and more. Traders have several types of accounts at their disposal, depending on the initial deposit and personal preferences: Micro, Standard, XM Ultra Low, and Shares.
XM has different terminals, both the usual MT4 and MT5 and WebTrader for trading through a browser without downloading. You can use them on various devices and as an application for iOS and Android. To test the functionality of the platform, you can open a demo account with a deposit of $100000.
XM Group is regulated in several jurisdictions, including ASIC, CySEC, IFSC, and DFSA. The broker also has a very attractive bonus program of 100% for the first deposit and provides the opportunity to connect to a virtual private server (VPS) in London, with which traders can turn on advisors for uninterrupted and non-stop operation and save themselves from constantly monitoring. Try all the possibilities of trading with XM by clicking on the special button below.
Popular Forex trading terminals - FAQ