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Five Popular Alternative Forex Trading Platforms

Five Popular Alternative Forex Trading Platforms


The trading platform is an important part of today's forex trading activities. The forex trading platform connects brokers and clients, and allows forex traders to monitor price movements, live charts, conduct analysis, execute orders, and use various other benefits. Along with advances in technology, the number of trading platforms is increasingly diverse, even becoming a competition tool between forex brokers. As a result, this provides many new trading platform options with attractive features for forex traders.



For forex traders themselves, the main benefit of trading platforms is their ability to create comfortable trading conditions where optimal decisions and maximum profits can be achieved. In this case, both beginners and experienced traders should open themselves to using the most suitable trading platform for themselves. However, until now Metatrader 4 (MT4) is still the most widely used trading platform for traders. The main reason is because people are already comfortable with the same thing, and are hesitant to change platforms. Indeed, to switch trading platforms is quite risky because each platform has different characteristics. But even though you have started trading with a common platform like MT4, isn't choosing a trading platform that is able to optimize your own trading style even more profitable in the long run !?

In this article, we will briefly discuss some types of old and new trading platforms that already exist and have many fans, including the Web Platform, Metatrader 4, Metatrader 5, cTrader and SIRIX.


Web Platform

The Web-based platform is the oldest online trading system that became the beginning of what was later developed into today's forex trading platform software. Before the Web Platform was born, forex trading was quite troublesome because it had to be done manually or transfer payments and exchanges via the bank. The presence of the Web Platform has opened unlimited opportunities where retail investors can trade forex easily, instantly, anywhere.

Forex traders can access the Web Platform easily in the browser just like opening a normal website, after they register with one of the brokers, and receive a confirmation username and password. The features, appearance, and performance of the Web Platform of each broker can vary, but generally the advantages of the Web Platform are easy accessibility from any PC without having to install any software. Besides that, the Web Platform feature is also simpler than the trading platform in general, with analytical tools that are also quite complete.

The Web Platform is starting to be outdated because of the emergence of the forex trading platform in the form of software whose performance is smoother, lighter, and can be 'affixed' by trading robots. But until now, a number of brokers still provide the Web Platform as an alternative option besides Metatrader 4, including XM Webtrader and Exness Webtrader. The Web Platform is also a popular choice among emerging binary options brokers.



Metatrader 4

Metatrader 4, otherwise known as MT4, is inevitably the most widely used forex trading platform in the World. MT4 was developed by the company Metaquotes Software Corp and released in 2005 to be licensed to forex brokers, who then used it to facilitate online forex trading. Like the Web Platform, traders can follow price movements, conduct analysis, and execute orders on the platform. But unlike the Web Platform which is only available via a browser, MT4 must be downloaded and installed first. Because it can be downloaded and installed, MT4 is also available in a mobile version and can be applied in a variety of OS (Operating System). The main advantage of MT4 lies in the development and application of automatic algorithmic trading.

Automatic trading in MT4 can be developed by brokers, traders themselves, or third parties. MT4 allows brokers to provide trading signals directly to the platform, but expert advisor / robot installations and custom indicators from third parties are also very easy. Moreover, traders can create their own automated trading system with the MQL4 programming language. The community of device trading developers with MQL4 already exists, has an extraordinary number of members from various parts of the world.

The advantages of MT4 make it a leader among the forex trading platforms and are liked by traders. Visit any forex broker, so almost certainly they provide MT4.



Metatrader 5

Metatrader 5, otherwise known as MT5, is the 'sister' of MT4. Developed by Metaquotes Software Corp and officially released in mid-2010, MT5 is expected to replace MT4 with various additional features. MT5 comes with a number of features that MT4 does not have, such as the 21 timeframe instead of 9, a separate economic calendar, and an integrated marketplace.
However, brokers and forex traders seem reluctant to adopt this platform. Conversely, many choose to continue using MT4. Some of the reasons are:
  • Expert advisors and custom indicators built with MQL4 cannot be used in MT5; if a trader wants to trade with the same automated system, he must rewrite the program with MQL5. Thus, the effort and cost of making a reliable trading system on MT4 can be wasted.
  • The MT5 default setting is compiled based on US regulator rules, NFA, which prohibits hedging by implementing FIFO (First In First Out). This is detrimental to traders who use hedging strategies, especially hedging in one pair.

For these reasons, most MT5 users are traders who previously did not use MT4. A number of forex brokers that provide the MT5 platform are Alpari and IRONFX.



cTrader

Developed by the company Spotware Systems, cTrader was launched in 2010 with cAlgo to support algorithmic trading. Spotware claims that dealing desk broker intervention is not possible, thus guaranteeing direct access to markets and potentially improving the quality of client trading. According to many cTrader users, this forex trading platform outperforms Metatrader in terms of accuracy and speed of execution. In addition, the appearance of cTrader is considered to be 'cleaner' and less complicated. Just look at the sample in the picture below.



cTrader is available in several versions, including desktop, android, iOS, and the Web. Its unique characteristics and 'clean' appearance have made cTrader a new favorite among traders. Therefore, a number of brokers are motivated to provide this forex trading platform for their clients, including OctaFX and Fibogroup. OctaFX even holds weekly demo account competitions with special prizes for traders who are practicing using cTrader.



SIRIX

The youngest among the other forex trading platforms in this article, SIRIX was developed by Leverate as a platform that integrates social trading. SIRIX does not have algorithmic features that can accommodate trading and the number of indicators available in the platform is relatively small, but social trading integration provides a competitive advantage for SIRIX. Thus, this platform not only displays charts and indicators, but also orders that are opened by traders in their social trading system. In the SIRIX display image below, the social trading system appears on the right side.

SIRIX is not in the form of software that needs to be installed on a PC, but Web-based, so that it can be accessed like a Web Platform via a browser. But traders' mobility is guaranteed because SIRIX is also available in mobile and tablet versions. In short, SIRIX offers the freedom of the Web Platform, cTrader convenience, and the benefits of social trading directly on one platform.

The rise in prestige of social trading helped boost SIRIX. In its high-tech system, a community of 100,000 traders has been captured. As a result, SIRIX has become more popular and has gathered many fans, so a number of brokers also provide SIRIX as an alternative to MT4. Among the brokers are Forex Broker Inc. and FXPRIMUS. If you are interested in testing trading with SIRIX, you can register a demo account at these brokers, or visit the official website to try the platform in the form of a free demo without the need for registration.


Besides these five platforms, there are still many more platforms specifically developed by each broker for their clients. Some of the most famous trading platforms of this kind are Streamster AGEA and FXCM Trading Station. Each forex trading platform certainly has its own pluses and minuses. To choose which is most appropriate for you, consider:

  • What advantages do you need when trading?
  • Does the platform match your PC / gadget?
  • Can you do trading activities smoothly and effectively with that platform?

To find out the answer, try the platform in demo account mode first until you are sure you can use it with a real account.

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