To begin the trading process, a necessary condition is the existence of the trading platform. The trading platform a special software system and hardware that provides interaction between trader and broker based on the internet.
Today there are many different trading platforms, but the most popular one is obviously MetaTrader 4. Simply put, the trading platform is the software program that is installed on the computer and the trader uses it for online trading.
The trading platform is provided free of charge by the broker when you open an account, regardless of whether it is demo or real account. It has several important functions:
- It displays the market situation, in other words, it provides you with the information on quotations in real time. This information is systematized and grouped to display in the form of charts. You can select a time interval for which the information will be grouped together. This frequency is called the timeframe. For example, if you select the 30 minutes timeframe, it means that one candlesticks or one bar (depending on the type of graphics) will correspond to the time interval of 30 minutes.
- The trading platform allows to trade through the issuing of market and pending orders. You can manage positions and monitor the condition of the trading account at any time (except weekends and national holidays).
- The platform has tools for technical analysis thanks to built-in indicators and offers the possibility to enter into transactions in automatic mode.
- The trading platform has several tools whose primary purpose is to facilitate the trading process. These tools can include: news flow from major news agencies in real time, audio signals that indicate important system events and shopping, saving the history of commerce, reporting on trading and more.
The trading platform can technically and psychologically influence your trading, thus your profits. So it is essential to make a great choice right from the beginning. Almost all existing platforms have their own advantages, and there as many opinions as there are folks, but objective parameters could make a big difference: speed, user interface, tools, security, must determine your ideal choice. The Web terminal is one that can be utilized right from the browser. It is different from the software version as you don’t need any installation and updates. You have the same trading experience, but it is right on the browser of computer, smartphone or tablet. Let us see 2 of the best Web platforms.
MT4 Web
Once the web platform concept got popular among traders, Metatrader has also created a web version so that we could enjoy the same experience as with MT4 software. Due to wide functionality, it turned into one of the most well liked among traders with experience. Modern technology, rich functionality and great interface will allow executing orders based on technical and fundamental analysis of the market.
The MT4 web version has an intuitive interface, which is anyway different from what you have experience with the software. The chart page goes quite fast and doesn’t need much traffic. All you have to do is to site on your computer and start trading.
In case you got used to the software version, you may find the MT4 Web quite empty, like there are only five basic indicators: moving average, Bollinger Bands, Momentum, envelopes, and MACD. Fibonacci lines are also included. However, when you make a comparison with over 50 indicators included in the software version, you can understand the dissatisfaction of some Metatrader fans. But, the developers promised to include more indicators in the future.
The great point is about the 3 chart options, including Japanese candlesticks, bars or the broken line. You will also have 9 time frames for an exact analysis. On this MT4 version, you will find the current market prices, trade currencies (from major to exotic pairs), commodities, indices, CFDs, and bitcoins. Here are some advantages and drawbacks:
Pros
- You can use it from your browser
- Customizable window "Market Watch" is grouped by asset class and has an easy search function
- "Click & Trade" option makes you possible to execute orders by one or two mouse clicks
- The ability to trade directly from the chart
- Economic Calendar
- A lot of financial instruments
- User-friendly interface
- Accounts monitoring and management of trading operations
- You can print charts and there are different timeframes
Cons
- It still may require some revision and changes
- There are a few technical indicators
- It does not support trading advisors
- You cannot change the interface settings
cTrader 4 WebTrader
Another great web platform that you can use right from your browser or smartphone is cTrader web terminal, which is one of the latest technologies in the field of online trading. The users have the highest speed of order execution and chance to control the full amount of the current market price, so that they can make transactions at the best prices.
cTrader provides full STP (Straight Through Processing) access to the currency market for professional and novice traders. It means that you can trade in the Forex market directly with leading international banks (Deutsche bank, Bank of America, Citigroup, Goldman Sachs, Barclays Plc., JPMorgan Chase, Credit Suisse, UBS), excluding the intervention of a broker. NDD (No Dealing Desk) order processing guarantees the execution of transactions in with just one click. It includes the same market leading spreads, Level II pricing and one-click trading as the desktop version.
Here are some advantages of cTrader Web system:
- Advanced charts and technical analysis tools
- You can trade against the market without deal desk intervention
- You will have the fastest ultra low latency execution
- Get greater control over your risk with micro lots
- Compatible with all major browsers like Firefox, Chrome, Opera, and so on
- Many financial instruments (83 currency pairs on the Forex, and metals)
- Over 50 indicators with the possibility to mix them and optimize. You can even create your own
- User-friendly interface with many settings
- Quick access to the most frequently traded instruments