Every beginner in trading asks themselves the same question: “Exactly what kind of a trading terminal should I choose for trading?” There are a lot of different trading platforms that have both similar features and essential differences. Among these differences are such nuances as installation on PCs or mobile devices, availability of a terminal in a web browser without installing any additional software components, opportunities to use a terminal for free or on a paid basis.
As a rule, commercial trading platforms (with a monthly fee) are used for trading on stock exchange markets and have the option to trade stocks, indices, and futures.
First of all, let’s check the platforms that require installation on a PC or a mobile device (smartphone or tablet PC). After installing a platform, a trader will get an opportunity to operate on their trading account using their login and password. Usually, there is an option to save the current user profile, which contains personal settings of a client, and move it to the other computer using memory cards or portable hard drives. In this case, all features of a terminal, as well as tools for technical analysis, a wide range of indicators, and expert advisors will be available to a user. The terminals that are run in browsers have a similar set of features, but their distinctive aspects are a limited functionality and insufficient tools for market analysis. As a rule, such platforms have major popular indicators and features, but no opportunities to download any additional ones. At the same time, there are no limitations and restrictions for trading operations. On the other hand, terminals that are run in browsers have their advantages: for example, you can view the current market situation using a shared computer without installing any additional software. You just log in to your Members Area, perform all necessary operations, and then log out – everything is very simple.
RoboForex offers its clients several different platforms: WebTrader and R Trader don’t require installation and can be run from your Members Area. However, the above-mentioned terminals are not yet as popular as the terminals that had to be installed, such as cTrader, MetaTrader 4, and MetaTrader 5. These terminals can be accessed without any fees.
The most popular trading terminals on the currency market are MetaTrader 4 and MetaTrader 5, which can be installed on any device. Perhaps, they offer the widest range of opportunities for trading and analyzing the current market situation. The platforms are quite easy-to-use and have very user-friendly interfaces. There is a great deal of extra indicators, expert advisors, and scripts, which you can download in terminals and customize them as you wish. Despite MT5’s being more advanced version of MT4, it hasn’t been able to beat and become as popular with traders as its predecessor.
Right now, MT4 is considered as the most convenient and multifunctional terminal for trading not only currency pairs, but cryptocurrencies as well. It allows traders to work with Contracts for Difference on popular stocks without installing a special terminal designed for trading on stock exchange markets.
In other words, if there is a prefect terminal in the world, it’s MT4.
Of course, it doesn’t mean that all other platforms are no good. Each of them has the right to exist, because terminals are very different, like traders, and every demand may find corresponding supply. There are terminals with less advanced functionality or user fees. Paid terminals also have their advantages – they offer you an opportunity to acquire additional information on the market or other useful data.
So, MT4 remains the best and most available option for trading on the currency market. However, even MT4 is not enough to trade on stock exchange markets and perform an in-depth analysis of the current securities situation. In this case, it makes sense to turn attention to the platforms that were specifically designed for this type of market. Nevertheless, a beginner should always be very clear about the market they are going to trade, assets, and necessary functionality in a platform – only after that the choice of a platform will really be reasonable.