Best Forex Trading Platform
By: Charley Warady
Every Forex broker wanting you to open an account with them will say they offer the best Forex trading platform. They give them their own brand names, tweak a few things, and let you buy and sell Forex pairs. There are, however, some things every Forex trader should look for when determining what, for him, is the best Forex trading platform.
MetaTrader 4 right now is considered the industry standard. Most brokers, even ones that offer their own trading platform will support MetaTrader 4. By the mere fact that most Forex traders will at some point use it, many will claim this is the best Forex trading platform.
It is an easy to use tool. It is extremely intuitive and has everything a Forex trader needs to keep track of and perform the trading. And because most Forex brokers support it, the trader doesn't have to switch Forex trading platforms every time (or any time) he switches brokers.
The latest and greatest best Forex trading platform is what MetaTrader 5 claims. So far, the reviewers are not as thrilled as the developers are. It is nice in that it combines positions so it gives the Forex trader a better idea as to where he stands with open positions, but other than a couple minor differences, it doesn't look like the major brokers are going to be adopting this as their standard any time soon.
Perhaps MetaTrader 6 will be the next best Forex trading platform, but so far Forex traders and brokers alike are slow to change. They are more inclined to work with something that isn't broken, and so far MetaTrader 4 isn't broken.
Java is the key
The Forex trader is not necessarily tied to Windows anymore nor does he want to sit in his home office in front of a bunch of monitors. Sometimes he wants to use a Mac or his mobile and he wants to be able to trade on anything from anywhere. Unfortunately, right now there isn't a downloadable system for Macs. All Forex brokers have fallen short as far as that is concerned. The Mac demand is increasing and the next best Forex trading platform may be in the works for Forex Mac users.
Until that happens, for the Forex trader on the move or the trader on the Mac, most brokers offer a Java trading platform. These have obvious advantages, but one disadvantage is that when you leave the window and come back, you have to login again.
It seems that, particularly with the larger Forex brokers, they all have their own personal branded best Forex trading platform. Depending upon the broker, they can offer the Forex trader additions that he would not receive on MT4, and if you're happy with the broker and you're not going anywhere, you may as well download and use their platform. It might be, for you, the best platform out there. Try them all and see which one you're most comfortable with. It's your Forex trading and your business. Make sure you get the best.