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What Is a Trading Platform? Definition, Examples, and Features

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The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Gaps are points in a market when there is a sharp movement up or down with little or no trading in between, resulting in a ‘gap’ in the normal price pattern. Gaps do occur in the forex market, but they are significantly less common than in other markets because it is traded 24 hours a day, five days a week. Each currency has its own code – which lets traders quickly identify it as part of a pair.

Understanding more about your investment style needs can help determine which forex broker will be best for you. In our live RAW spreads tests done by Ross Collins, we found IC Markets has the lowest spreads of the forex brokers. IC Markets averages 0.32 for the EUR/USD currency pair for its ECN-style trading account called RAW account. If you are looking for a broker with low spreads, we think IC Markets is the best choice. Guaranteed stop loss orders (GSLOs) offer a high degree of protection against loss, but forex brokers usually charge a premium to use them or offer a higher spread. While GSLOs can save forex traders a great deal of money in the form of losses avoided, the broker accepts a high degree of exposure.

  1. Colors are sometimes used to indicate price movement, with green or white used for periods of rising prices and red or black for a period during which prices declined.
  2. Our team of industry experts conducted our reviews and developed this best-in-industry methodology for ranking online platforms for users at all levels.
  3. This top broker’s CFD account charges no commissions and offers good leverage, making it an excellent option for traders of all experience levels.
  4. I dive into the ins and outs of leverage, explain how pips work, and more.
  5. If you are interested in trading CFDs, there is a range of great mobile options available from some of the top brokers in the industry.

Almost any trading strategy can be formalised and implemented as an Expert Advisor, so it automatically trades for you. A trading robot can control both trading and manual trade analytics, freeing you from routine market analysis. Because MT4 is so popular, thousands of community forums and guides are available to help get you started.

Compare Forex Brokers

Many forex brokers offer paper trading tools that let you test different strategies without putting any money at stake. Virtual trading simulators like those are a good way to learn how to trade and understand the different strategies you might employ. Like MT4, MT5 charts are highly customisable but available in 21 timeframes (12 more than MT4). It has 38 built-in indicators, including Fibonacci Retracements and Elliott tools, which are unavailable on MT4. The platform also provides a market depth feature that displays the order book of a particular financial instrument, showing other traders’ buying and selling orders in real-time. We discovered that NADEX, while leaning more towards an exchange than a typical brokerage, deserves a spot on our list due to its unique array of trading products.

With over a million users, it is one of the largest copy trading providers around. The following social trading platforms are some of the most popular in the industry. Traders can use its Bar Replay feature to rewind the markets and review trading events with user-defined speed and resolution. TradingView also provides detailed reports on your strategy’s performance and comprehensive financial analysis for all major stock exchanges, including financial statements and valuation analysis. One of the significant differences between the MetaTrader platforms and cTrader is that the infrastructure behind cTrader is managed by Spotware itself.

For example, in the UK the regulatory body is the Financial Conduct Authority (FCA). The costs and fees you pay when trading currency will vary from broker to broker. But, you should bear in mind that you’ll often be trading currency with leverage, which will reduce the initial amount of money that you’ll need to open a position. Be aware though that leverage can increase both your profits and your losses. Forex is always traded in pairs which means that you’re selling one to buy another.

What Is the Forex Market?

Across the range of major currency pairs available on MT4, Pepperstone averages 0.06 for its Razor account and 1.09 for its Standard account. We found these Razor account spreads very competitive compared with other top brokers like Eightcap and IC Markets. The cost of forex trading platforms varies greatly depending on the type of platform and the broker offering the platform. Traders typically have to pay a cost for the license to use the platform as well as fees per trade or block of trades. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Understanding Currency Trading Platforms

In terms of social trading, eToro is a leader, fostering a vibrant community where traders can share insights and learn from each other. While some might label IBKR as merely a ‘discount’ broker, our experience with them paints a different picture. Indeed, IBKR has rolled out an impressive suite of trading tools for US account holders. Their low trading costs didn’t compromise the quality of our trading environment. They presented us with a commendable collection of tradable assets and the standard tools we expect for analysis, charting, and market research. And, of course, IG offers access to brokers for mt4 – the world’s most popular forex platform.

Which Currencies Can I Trade in?

You can choose between a Windows download, WebTrader, and an iOS or Android Trading App for mobiles. As an online charting platform, TradingView boasts a user base of over 50 million who actively analyse the markets and share their trading strategies. We’ve found its charting tools and features especially useful when trading stocks, futures, forex, indices, commodities, and cryptocurrencies. For traders—especially those with limited funds—day trading or swing trading in small amounts is easier in the forex market than in other markets. For those with longer-term horizons and more funds, long-term fundamentals-based trading or a carry trade can be profitable.

There is value in analysing the market and the thing you’re trading (forex in this case) from different angles. Candlestick charts are among the most commonly used charts in forex trading. They’re a type of bar chart, which means the candlesticks show the opening and closing https://bigbostrade.com/ prices, as well as the day’s price range. Therefore, when you trade forex, you’re simultaneously buying one currency and selling another. The relative value of the base and quote determines the value of your currency pair and whether you make a profit or loss on a trade.

The volatility of a particular currency is a function of multiple factors, such as the politics and economics of its country. Therefore, events like economic instability in the form of a payment default or imbalance in trading relationships with another currency can result in significant volatility. Read on to learn about the forex markets, how they work, and how to start trading. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.

Check out a gallery of screenshots from IG’s educational offering, taken by our research team during our product testing. These platforms may also provide tools for research in addition to tools for order processing. For example, if it’s a bullish pennant, the price will spike and stay high for a brief period before the spikes start to get smaller.

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