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Best Platform to Trade Forex

August 18, 2015 (Last updated on June 24, 2018) by

More than five years ago, I posted a poll about your favorite trading platform. It has shown an overwhelming popularity of the MetaTrader 4 platform with other platforms as the runners-up. But that was before the full release of the MetaTrader 5 platform, before cTrader, and during time when few brokers offered their own proprietary platforms. Obviously, an updated poll is required to address the new platforms and remove the obsolete ones. Here is the brief description of the trading platforms from the new poll:

MetaTrader 4 — does not require any introductions. Its colossal code base and support of more than 200 brokers speak for themselves.

MetaTrader 4 Platform Screenshot

MetaTrader 5 — had a lot of improvements over its older version, but also had its own disadvantages (particularly, the position system). When MetaQuotes upgraded MT4 to have nearly all new features of MT5, the interest in latter has fallen significantly. Still, MT5 is usually the first platform to get the newest updates and support for new service by MetaQuotes.

MetaTrader 5 Platform Screenshot

cTrader — was a big hit during the first year of its appearance when many brokers added support of the platform. It is a great alternative to MetaTrader, which looks native to traders migrating from that platform. Unfortunately, not so many brokers support cTrader now.

cTrader Platform Screenshot

Currenex — an old but still popular platform used by several ECN Forex brokers. It is based on FIX protocol. Although Currenex will not appeal to traders accustomed to MetaTrader, it is a fully functional platform with complete support for automation.

Currenex Platform Screenshot

NinjaTrader — another prominent trading software (and since April 2015, a broker too). It is still used in several Forex brokers (mainly, the US ones), but it is more popular in futures trading. Unfortunately, the platform is paid unless you are trading through their own brokerage. You can read our review of NinjaTrader if you want to learn more about it.

NinjaTrader Platform Screenshot

VertexFX — visually resembles the MetaTrader platform but is a completely different solution for FX, CFD, futures, and commodities trading. It has its own auto-trading scripting language called VTL. Currently, it is more popular with brokers in Middle East and Asia than with the global online brokerages.

VertexFX Platform Screenshot

What Forex trading platform do you like the most?

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If you have some interesting comments or questions regarding the best software for currency trading, please feel free to reply using the form below.

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