REGISTER
PRACTICE TRADING
LOGIN
Successful investing hinges on making the right decisions. This goes not only when selecting markets, assets, strategies, and when to enter and exit trades, but also what tools and platforms you will use to perform your trading activities.
This is especially important In forex trading, which is characterised by currency volatility and sudden changes in currency exchange rates. Furthermore, the forex market is vulnerable to monetary policies and interest rate changes, which can create opportunities for those who can react quickly enough.
For these reasons, forex trades are typically completed in very short timeframes – days, hours or even minutes. Hence, it is important for forex traders to have access to a reliable trading platform and an array of important features, so as to adequately fulfil the often time-sensitive demands of forex trading.
In this article, we will look at some of the most popular forex trading platforms available, including their unique features and how forex traders can access them.
Key Points
- MT4 and MT5 are leading choices for forex traders, offering a range of tools and features for effective market analysis and trading, while the Vantage Trading App provides mobile access to forex markets.
- MT4 remains popular for its user-friendly interface, customisable charts, real-time alerts, and automated trading with Expert Advisors, catering to traders of all levels.
- MT5 builds on MT4 with more technical indicators, multi-asset capabilities, and features like real-time market insights and a dual position accounting system, making it a top choice for forex traders.
MetaTrader 4 (MT4)
What is MetaTrader 4 (MT4)?
Despite being released all the way back in 2005, MetaTrader 4 (MT4) remains one of the most popular trading platforms among forex traders and investors. The flagship product of market information broker MetaQuotes, MT4 offers an array of market analysis tools and customisable charts.
A core contributor to its enduring popularity is its ability to incorporate algorithmic automation, allowing traders to react with greater speed to market fluctuations.
Another plus point is its user-friendly interface, making it accessible for traders of all levels to quickly grasp the core functionalities.
MT4 can be downloaded and installed on desktop or mobile to suit a variety of trading preferences.
MetaTrader 4 features for forex traders
Intuitive charting tools and indicators
MT4 provides an array of charting tools and indicators, allowing forex traders to create customised price charts. This facilitates market analysis and aids in the discovery of market opportunities.
Real-time alerts
MT4 seamlessly incorporates trading signals, enabling forex traders to receive alerts in real-time, providing insights into potential trading opportunities, and highlighting potential entry and exit points for various currency pairs.
Automated trading with Expert Advisors (EA)
Perhaps the most powerful feature of MT4, Expert Advisors (EA) enables automated forex trading which can be created and tailored to your trading goals and strategies. Think of EA as automated trading software built into MT4 that seamlessly automates analytical and trading tasks.
With EAs to perform automated technical analysis on price data, and execute trades based on received signals, forex traders may achieve higher trading efficiency to keep up the lightning-fast pace of the forex market.
MT4 SmartTrader Tools
A variety of trading tools and add-ons are also available, providing forex traders with an enhanced experience.
Risk-management tools
Set dynamic trading alerts with Alarm Manager, which accepts rules and customised options including multiple alerts, order triggers and flexible notifications.
Get a clearer view of market correlations with Vantage’s Correlation Matrix, an intuitive matrix grid that quickly helps traders assess correlation strengths and scores. Scan for correlations with time periods from one hour to one week using various market symbols.
When the time comes, execute quick and precise trades using the one-click Trade Terminal equipped with an array of built-in functions. Set stop-loss, take-profits or training stops, and make instant modifications as needed. Meanwhile, the Mini Terminal is ideal for active traders seeking instant order entry and exit. Manage multiple positions, explore different order types and place trades directly from the charts.
Advanced tools and add-ons
Streamline your trading decisions with Correlation Trader, which allows direct comparison of market charts and key figure analysis for seamless trade execution.
RTD Link lets forex traders compare, analyse and apply real-time rules across multiple accounts within the familiar format of an Excel spreadsheet. Easily manage several accounts by incorporating real-time account, ticket, and price data.
With Session Map, gain an overview of key markets globally via colour-coded markers and visual timezones. Explore price movements in completed and ongoing sessions to inform your next trade.
Meanwhile, Sentiment Trader helps you easily track market sentiment and discern trading direction for your preferred currency pairs in MT4. Lastly, with Market Manager, traders can organise their market watchlist and order types according to their trading preferences.
MetaTrader 5 (MT5)
What is MetaTrader 5 (MT5)?
MetaTrader 5 (MT5) is a more advanced version of MT4 that has found widespread acknowledgement as a state-of-the-art trading platform that is top on the list of most traders around the world.
It retains all of the great features found in its predecessor while making refinements to improve the overall user experience even further. The end result is a sophisticated trading platform with powerful capabilities, yet remaining easy to use for traders of all experience levels.
While MT5 offers multi-asset capabilities, it is widely regarded as the top trading platform for forex traders, due to the several features and additions. These include a large number of new technical indicators added to the already rich selection offered in MT4, and the ability to switch between different accounts quickly and easily, facilitating time-sensitive trades and enhancing the ability to respond to sudden market events.
MetaTrader 5 features for forex traders
Greater confidence with real-time market insights
Through Vantage’s integration with MT5, traders can instantly access real-time market information, including essential information such as market depth, and where large orders are sitting on the price ladder.
Traders can then plan and execute their trades using a complete range of trading order types while tapping on MT5’s dual position accounting system to establish risk management control.
Excelling trading experience
Vantage customers can enjoy an excelling trading experience with MT5, benefiting from lightning-fast speeds, ultra-tight spreads and enhanced charting capabilities.
Importantly, MT5 offers greater flexibility to forex traders with the ability to view multiple charts across 21 different timeframes, an improvement over the limited options found in MT4.
Additionally, MT5’s integrated alert system ensures you will also get firsthand reminders about crucial market events, without having to refer to an external economic calendar.
Trading robots and expert signals
MT5 empowers forex traders in seeking an edge. Expert Advisors (EA) have been made available for MT5 traders to facilitate signals trading strategies while enabling traders to hedge their positions.
Further build out your automated trading strategies with seamless access to the integrated MetaTrader Market, where you’ll find trading robots and technical indicators for purchase,
MT5 Traders can also effortlessly mirror expert traders by following them on the MetaTrader Market.
Vantage All-in-one Trading App
What is Vantage All-in-one Trading App?
The Vantage Trading App is made for those who prefer to trade using their mobile phones, tablets or other mobile devices. It is developed to be lightweight and intuitive while offering an extensive selection of tools and features to suit every trading style.
Available in iOS and Android versions, the Vantage Trading App offers forex traders a secure, convenient and responsive way to keep up with their trading activities while on the go.
Vantage Trading App features for forex traders
Accessibility to essential instruments
The Vantage Trading App provides access to a wide range of essential instruments, including forex pairs and forex contracts-for-difference (CFDs). With the ability to plan, monitor and execute trades at any time, forex traders can stay plugged into the market wherever mobile data is available.
Charting, news and monitoring tools
Gain a comprehensive view of the forex markets with the in-built news calendar and seamless access to in-depth analysis and market commentary.
Analyse and track your trades across up to 10 timeframes, and tap on a range of popular indicators and customisable charting tools to further refine your trading strategies for optimal outcomes.
What is the best platform for forex trading?
While MT4 and MT5 are highly popular choices among forex traders, the best forex trading platform really comes down to what your individual needs and preferences are, and how well they are served.
For instance, MT5 has many advanced and powerful features, but understanding how they work may take time. A trader who is constantly on the move and finds it difficult to sit down and explore all the ins-and-outs of MT5 may be better served by the Vantage Trading App, which offers comparable levels of utility, combined with the convenience of mobile trading.
In any case, you don’t have to restrict yourself to a single, best, trading platform. Instead, it is advisable to learn what MT4, MT5 and the Vantage Trading App have to offer, where they excel, and how they can complement each other to aid you in your forex trading journey.
What is important, though, is the party providing the forex trading platform for your use. Forex traders should be careful in choosing the brokerage they sign up with, so as to avoid falling prey to predatory business practices or outright scams.
Be sure to only choose an online brokerage that is fully licensed to operate, and regulated by the authority bodies relevant to you. This will ensure the protection of your customer rights in case of disputes.
It’s worth signing up only with a reputable brokerage that has a proven track record, and perhaps even a string of industry awards in recognition of their high standards and genuine, customer-first approach.
Many leading brokerages also offer free demo accounts, which allow you to perform paper trades. Don’t hesitate to sign up for a demo account to make some practice trades and learn first-hand how the brokerage works, and the services it offers.
Frequently Asked Questions (FAQs)
Q. What is the difference between MT4 and MT5?
MT4 offers a solid and dependable forex trading experience with an intuitive interface and a solid selection of indicators, tools and other useful trading features.
MT5 takes this winning combination and improves upon it, resulting in a state-of-the-art trading platform that is widely regarded to be the gold standard. It retains the accessibility and ease-of-use of its predecessor, while further streamlining the user interface for efficiency, and puts forth an improved selection of more powerful tools and indicators.
Both MT4 and MT5 are designed as multi-platform assets, but forex traders prefer MT5 as it more closely caters to their needs. You can find more details here.
Q. How do I start trading with Vantage?
You can start trading forex by following these steps:
- Sign up for a Vantage trading account. You can start with a demo account to practise if you’re not ready for a live account.
- Choose your preferred trading platform, and download and install it on the devices you want to use.
- Log in with your Vantage account on your trading platform, choose the forex pair you want to trade, and start trading.
- If you’re making a live trade, you may need to wait for your funds to clear before you can start trading.
Q. What should I consider before opening a trading account?
You should choose a trading account that fits your experience level, trading strategies, and the type of asset you want to trade. Also, be aware of the fees and charges involved with different types of accounts, as well as financing requirements around leverage and other facilities.
It may be helpful to have an overview of Vantage’s various trading accounts so you can better understand which one you should choose.
