Which Trading Platform Should I Trade With?
The importance of choosing the right type of trading platform is often understated, but this actually may play a factor in one's success. If you don't choose the right trading platform for you, any kind of inconvenience might wind up preventing you from checking your trades or making the necessary adjustments in your positions.
What are the types of platforms typically offered? Most forex brokers usually have a web platform, an MT4 or MT5 option, and a mobile app. In some cases, you can be able to login to your account through any of these platforms but some brokers can give you access to only one or the other. Let's take a look at the main considerations for each.
Majority of traders open an MT4 account because this is often seen as the most stable among the options provided and comes packed with a lot of features. MT4 is short for MetaTrader4, which is a pretty standard platform across brokers and fairly straightforward to understand. It comes with trading charts, a large array of technical indicators, an economic calendar, and features to apply and test expert advisors.
An MT5 trading platform is a more advanced version of MT4, as it usually includes other financial instruments apart from currency pairs and contains more tools that can be used for trading robots. These MT4 and MT5 platforms require download and installation, which means that it will take up some space in your hard drive, so it is generally recommended for laptops or desktops with plenty of available memory space. This is also suitable for traders who employ several technical indicators or trading systems.
easyMarkets' MT4 platform comes with a range of products and services offered on a stable, familiar, and trusted environment that is most popular among traders and money managers. In addition, MT4 MultiTerminal features are also provided, along with scalping, hedging, and negative balance protection. When using these strategies please familiarize yourself with Terms and Conditions
If you prefer accessing your trading account from different locations and while on the go, a web platform might work better for you. These usually come with only the essentials, such as your trade and account information, as well as forex charts.
Web platforms such as this one from easyMarkets comes with a simpler interface compared to an MT4 platform but may require an updated version of your internet browser to load properly. Also, trading on a web platform can be dependent on your internet speed, as trade execution delays can be encountered on a slow connection.
If you like being able to check your open positions from time to time, having an MT4 app on your iOS or Android device with an easyMarkets account could also come in handy. Just make sure to check if your device is updated to the required operating system version before installing the app. Also, it's generally recommended to access your trading account through mobile only to check or close positions instead of watching the charts and applying technical indicators through an app.