Whether a trader is a professional or a beginner, using the best technology to buy and sell trading assets is critical. Today, there are countless online programs available that claim to be the best platforms for trading in the financial market. Choosing the truly best trading platform can be a challenging task. We at CopyTrade explain some basics and show the best trading platforms for online trading with their distinctive features.
What Is a Trading Platform, and Why Do You Need It?
A trading platform is software that provides a trader with online access to international exchange and over-the-counter financial markets. An intermediary between the market and the trader is a broker. A trading platform is a broker’s tool provided to the trader to obtain information and make transactions.
A trading platform or terminal is needed for the following purposes:
Receiving the information
First of all, these are quotes – the cost of an asset at the current moment online. Quotes are broadcast by a broker who receives them from their partners – liquidity providers. Also through the platform, you can find an archive of quotes, receive news, etc.
Market analysis
The platform has basic tools for technical and graphical analysis to assess the state of the market at the current moment and in previous periods.
Deal management
Opening and closing orders, partial closing of orders, and placing pending orders is possible here.
Account management
Opening any number of demo and real accounts, switching between them during trading and analysis.
Strategy testing
The functionality of some platforms allows you to check the effectiveness of manual and algorithmic strategies on the history of quotes.
Trade performance analysis
The platform saves the history of transactions and generates a statistical report (statement) with the possibility of uploading it to spreadsheet editors.
The Best Platforms and Their Features
A huge range of options for different tasks offers MT5. Here, a trader may work with several actives at the same time. No requotes or deviations of orders and high leverage are also presented.
The main features of the platform are the following:
- Trading via one click.
- Low spreads.
- Time can be selected, and it is saved.
- You will see active orders in the chart.
- There is a ‘Close By’ option.
- You can edit graphic orders.
One more useful option is MT4 for PC. This platform provides amazing possibilities depending on your trading style. It includes:
- Working with advisors and set of indicators.
- Trading via one click.
- Streaming of news.
- Total technical analysis.
- A huge number of orders at the same time.
- Creation of different indicators through periods of time.
- Management of your own database.
- Back up and security of all your data.
- Special mailing system.
- Built-in guides for help.
A good trading platform provides technical and graphical analysis tools, different timeframes, and various types of charts. Also, it should have an intuitive interface and a convenient design. Comfort is important in trading. The platform should not lead to eye fatigue, and all the main functions should be at hand.
