Forex Platforms

With all of the Forex platforms that are available for trading, many traders have a tendency to get confused. Does it really matter which one you use? Here are a few things to consider about the various programs that are available in Forex trading.

Metatrader

When you get out into the market and start looking at Forex brokers, you will notice that almost all of them offer the popular Metatrader software. Some brokers offer Metatrader 4 while some offer Metatrader 5. Regardless of which version you have, the same basic rules apply.

This is pretty much the industry standard for trading software. Even if you eventually move into some other type of software, you need to become familiar with this particular program.

Pretty much all of the Forex software on the market is compatible with this program. If you think that you'll ever venture into that arena, you need to know how to get around.

It is very easy to use for beginners and experienced traders alike. You can see all of the available Forex currency pairs up in the top left corner of the page. Then you can open Forex charts and put them in the main portion of the screen. You can trade directly from the chart or through the symbol list.

Broker Platforms

Besides using Metatrader, you will also find that almost every broker has their own program to trade with. Some of them have several different programs that you can use. All of these have different pros and cons for you to consider.

Some of the most popular broker platforms are those from eToro, FXCM and Dukascopy. EToro is known for having a very user-friendly platform that even comes with guided tutorials in case you are confused. FXCM's program is also very easy to use and has good "non-dealing desk" execution.

Dukascopy's JForex platform is very similar to Metatrader with a few unique features. It is optimized for both auto trading and trading from the chart. You can use a historical strategy tester in much the same way as you would with Metatrader. If you open an account with Dukascopy, you will not be able to use Metatrader, so this is a nice alternative to have.

Which to Use?

When you get involved in Forex trading, you will have to be able to adapt from one platform to the other. They are all pretty much very similar and you should be able to use any of them if you have basic computer skills. I would recommend getting to know Metatrader and then if you open an account with a broker that doesn't offer it, then you can practice with it on a demo account before going live.

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