So, do you want to know the best forex trading platform in 2023?
Firstly, I have to say, there are only two forex trading platforms in the world for foreign exchange markets.
A trading platform is electronic software that traders use to trade the forex market, metals, cryptocurrency, and
Investors and retail traders mainly use these platforms to execute trades like buy and sell.
And if you are a beginner in forex trading, you will want to know the best forex trading platforms that are free and legit. In this article, we will look into some trading platforms that are considered to be the best free force trading platforms.
Best Forex Trading Platforms
According to the research conducted in September 2019, MetaTrader 4 or MT4 is the best and the most popular forex trading platform in the world of the foreign exchange market. Although MetaTrader 5 was introduced in 2009 the uptake has been slow, and as of 2022, the majority of retail traders still prefer MetaTrader 4 or MT4.
MetaTrader 4 Or MT4 Forex Trading Platform
MetaTrader 4 or MT4 is an electronic trading platform designed for retail traders in the foreign exchange market.
In 2005, MetaTrader 4 was developed by metaquotes software corp and is licensed to forex trading brokers who provide mt4 trading platform to their clients to execute trades.
Features Of MetaTrader 4 Forex Trading Platform
MetaTrader 4 has been the choice of retail traders since its release date, not just because it’s free alone but because its composition makes it a go for every retail trader in the financial markets.
Its features include:
Technical Analysis
- Interactive real-time Forex charts with zoom and scroll options.
- 30 of the most popular technical indicators among traders.
- 24 analytical objects: lines, channels, geometric shapes, as well as Gann, Fibonacci, and Elliott tools.
- 9 timeframes: M1, M5, M15, M30, H1, H4, D1, W1, and MN.
- 3 types of charts: bars, Japanese candlesticks, and broken lines for efficient trading.
Trading
- Real-time quotes of the Forex market.
- Full set of trade orders, including pending orders.
- All types of trade execution.
- Detailed online trading history.
Advanced Trading
- Fast switching between financial instruments on charts.
- Sound notifications assist trading.
- Customizable Forex chart color schemes.
- Trade levels visualize the prices of pending orders, as well as SL and TP values on the chart.
- Free financial news — dozens of materials daily.
- Chat with any registered MQL5 community trader.
- Support for push notifications from the desktop MetaTrader 4 (MT4) platform and MQL5 community services.
- Connection with hundreds of Forex Brokers.
MetaTrader 5 Or MT5 Forex Trading Platform
MetaTrader 5 also known as MT5 is an electronic forex trading platform developed by metaquotes software corp as MetaTrader 4 successor.
It’s much more similar to MetaTrader 4, but forex brokers and retail traders still prefer MetaTrader 4.
One major difference between MetaTrader 4 and MetaTrader 5 trading platforms is that retail traders can trade synthetic indices like vix, jump index, boom, and crash on MetaTrader 5 while they can not trade vix on MetaTrader 4 trading platform.
Features Of MetaTrader 5 or MT5 Forex Trading Platform
Technical Analysis
- Interactive real-time Forex & Stock charts with zoom and scroll options.
- 30 of the most popular technical indicators among traders.
- 24 analytical objects: lines, channels, geometric shapes, as well as Gann, Fibonacci, and Elliott tools.
- 9 timeframes: M1, M5, M15, M30, H1, H4, D1, W1, and MN.
- 3 types of charts: bars, Japanese candlesticks, and broken lines for efficient trading.
Also read: How To Start Forex Trading With $100 [5 Profitable Steps For Beginner]
Trading
- Real-time Forex & Stock market quotes.
- Full set of trade orders, including pending orders.
- Level II prices with up to 32 quotes.
- All types of trade execution.
- Detailed online trading history.
Advanced Trading
- Fast switching between financial instruments on charts.
- Sound notifications assist trading.
- Customizable Forex & Stock chart color schemes.
- Trade levels visualize the prices of pending orders, as well as SL and TP values on the chart.
- Free financial news — dozens of materials daily.
- Chat with any registered MQL5 community trader.
- Support for push notifications from the desktop MetaTrader 5 (MT5) platform and MQL5 community services.
- Connection with hundreds of Forex & Stock Brokers.
Conclusion
There I have explained the best forex trading platform in 2022.
MetaTrader 4 and MetaTrader 5 are the best forex trading platforms in the foreign exchange market.
Retail traders find them amazing not because it’s free, but because of their comfortability and amazing features.
I believe the majority of forex traders use MetaTrader 4 to trade currency, gold, metals, indices, commodities, stock, and crypto but have you ever tried to trade all of those on MetaTrader 5?