Trading platform is one of the most important things that most of the forex brokers offer to their clients. There are certain trading platforms that are offered by the forex brokers such as proprietary platform that belong to one broker and other platform designed and maintained by companies that can be used by different brokers. Among the trading platform the best is the MetaTrader 4.
MetaTrader 4, A Trading Platform
Some of the serious forex broker offer Metatrader trading platform which was developed and designed by a software company known as Metaquotes Software Corporation. But this company does not offer service like brokerage. For those retail traders who are looking for utilities and technical analysis indicator with excellent indications, MetaTrader 4 is the best and most popular trading platform.
Pre-loaded technical analysis indicator can be found in the Metaquotes which are numerous. There are also some few advantages of MetaTrader over other software of forex trading. The advantages may be cited as the following:
1. Programming opportunities – coding systems in trading are offered by Metatrader which are internal. With this system technical analysis tools are built up by some traders to backtest and automate their trading strategies.
2. Free for traders – Traders can use Metatrader 4 in demo trading as well as in live forex trading as it is free for traders.
3. Community – the community surrounding the product and its usage by the traders becomes most beneficial because Metatrader 4 is one of the most commonly use trading platform. Most of the traders use MetaTrader 4 for custom indications, trading strategies and tools that can be used by every person.
4. Widespread usability – the widespread of Metatrader as a trading platform and due to its high usability it is famous. it can be work on XP, windows 98, windows 7 and Vista. It can also work WINE.
TradeStation, a Trading Platform
Another independent and popular forex trading platform is the TradeStation trading platform. This trading platform can be downloaded by the clients from the forex brokers as t is licensed. TradeStation Technologies Inc. developed this trading platform. Before TradeStation were normally used for bonds, commodities, stocks, financial markets and for other options. In the year 2003 TradeStation come up in the market and hence there was a turning point in the trade leaving behind the foreign exchange market.
And from 2003 most of the traders are using this trading platform especially by professional and retail traders. You can also buy this trading software if you do not want to use any company as a brokerage firm. The pricetag of the TradeStation differs from that of the professional to the individuals such as $299.99 for professionals and $249.99 for individual traders. In TradeStation forex data comes with free and for accessing bonds, stock markets and options you need to pay for that. But for large accounts investors cost of TradeStation is paid by the forex brokers. And for the upfront cost of $249-$299 a monthly fee is charged by the brokers for using TradeStation.
Trading Platforms and Forex Brokers
In times in order to conduct trades foreign exchange trading platforms may also be developed by the forex brokers for their own. But if once developed by a forex broker the trading platform becomes proprietary and are owned, use, maintained and designed by individual forex broker firm. Forex traders are also given trading platform which the brokers use. A trading platform owned by an individual forex broker sometimes may not provide trading platform to the customers for free. They may not allow the use of MetaTrader 4 by their clients. But some forex brokers provide free TradeStation or at cost depending on the volume.