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Forex currency trading market. It is a way of investing often chosen by beginners, but many experienced financial experts also use Forex. The feature of the exchange is that it is possible to conduct transactions only through licensed brokers. Many traders worldwide choose to cooperate with the company xChief, which recommends its clients use only the best software for Forex trading. Based on the professionals’ guidance, we have reviewed the platforms for online trading on the Forex Market, which is the best place to start your trading activity.
Key Criteria for Choosing Forex Trading Software
If you try to understand the features of Forex trading platforms yourself, you will notice that not all of them have the same functionality and configuration set. There is an exact list of factors that are most important for a newbie when choosing the correct software:
- Licensing and secure transaction regulation
- Program speed and general productivity
- Brokerage commission size and spread ratios
- Analytical tools for in-depth transaction analysis and training
- Intuitive interface and accessibility
- Customer support and service quality
Sometimes developers release software with a specific set of tools, or brokers develop their platforms for the most effective cooperation with traders. Such options are better left for experienced professionals who have already decided on a specific field of activity. And at the start of your journey as a Forex investor, we recommend mastering the basic software of the latest generation.
Review of the Best Forex Trading Platforms by Reliable Broker xChief
Skilled brokers, who are experts in the world of Forex trading, advise using only the best software with a high reputation and tested by users. Today, the latest version of mt5 trading platform is considered one of the most versatile options for both beginners and professionals. But we will take a look at the other choices available.
Simple and Easy MetaTrader 4 (MT4)
The platform that opened to traders from all over the world in 2005 is today the most popular platform for Forex trading and CFDs. Many financiers are so used to MT4‘s simple interface and user-friendly toolset that they continue to use it despite the release of several updates. There is no arguing that this software has a wide range of free effective tools that are easy to master and use.
Progressive MetaTrader 5 (MT5)
5 years after the previous one, the developers released an updated and improved version of the legendary trading platform, which has not stopped innovating and remains a leader today. Multi-market MetaTrader 5 is created according to the principle of “all in one”. All because the owner of a single account can access not only trading, technical analysis, manual and algorithmic trading modes but also has full access to financial markets: Forex, stock exchanges, futures forward, and options trading. To learn about 80 analytical tools, a novice trader will have to work hard. But in the end, he will be more successful by making the highest-paying trades.
User-friendly Mobile Apps for Forex Trading
We cannot fail to mention that the chosen platform for Forex trading should be as convenient and accessible from anywhere in the world as possible. The dynamics of transactions require investors to be constantly engaged. Therefore, the choice of platform will also depend on whether it has a mobile version. MetaTrader 4 and 5 software has applications for Apple iOS and Android gadgets, which have almost a full set of functions and differ little from the desktop version. Traders from anywhere on the planet can stay online and monitor trades without distractions.
Conclusion
Before taking your first steps in Forex Trading, it is important to choose not only a broker with the best conditions and quality service but also a trading platform for comfortable work with transactions. There are many software with different sets of options, but for a beginner, it is better to pay attention to the most popular MetaTrader platforms, which have not only a lot of free tools but also are not difficult to learn and start your way in successful trading.
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