When you are considering a Forex broker, one of the first things that you need to factor in is their online forex trading platform. It would be easy to assume that all forex brokers’ trading platforms are created equal, but this is certainly not the case. Read on to learn which five of the various forex trading platforms on the market stand out as the most exceptional and popular with clients.
The Tradestation 9.1 Platform
Tradestation’s claim to fame is their coveted 2013 ranking by Barron’s Magazine. Barron’s rates them the top trading platform for forex. They are also awarded the distinctions of best platform for frequent traders, for International traders, and for experience and technology.
The newest Tradestation is Version 9.1, and it comes available as a full downloadable platform, as a remote over the Web version, and as a mobile device platform. Perhaps most impressive is that the Web Trader accesses more or less the most important features and functions of the downloadable version. This includes real time streaming data and bullet speed trade executions. It allows you to trade forex, options, stocks, and futures with one easy to use order ticket. The TradeStation Mobile also offers surprising feature functionality. You can analyze charts, watch real time quotes, find symbols, place orders, check balances and positions, and all in 24/7 real time. This latest version of the TradeStation features enhancements to the forex trading experience and to OptionStation pro, chart trading, and an improved Walk Forward Optimizer. The Easy Language Class Library has also been expanded.
Multibank ECN Trader
Multibank ECN is a very interesting forex platform. The trader sends direct and instant trade executions to more than eighty of the leading banks of the world. The platform is a combination of the IKON Group’s technology-leading ECN and the world renowned Meta Trader 4 system. This marriage is a match made in heaven that provides unrivaled reliability and stability, along with firm two way five figure pricing. The only real downside to this Multibank ECN trader is that it is limited in the number of products that it trades. You may trade forex, CFDs, and metals only.
Another well respected and appreciated IKON Group designed platform is the Prodigy. This is primarily an institutional level trading platform. It comes complete with a vast array of tools, products, and functions. These include RFQ trading, no re-quote trading, technical studies, news, charts, and five levels of market depth. This means that traders gain the perspective and functionality of a Market Maker, complete with data hedging abilities and multiple level market views. Besides this, the Prodigy suite includes an impressive offering of products that begin with forex and metals and stretch on to non-deliverable forwards (NDF’s) and options.
The pros to such a system are obvious. With fifty-five spot pairs of foreign exchange offerings, integrated currency reports, streaming live executable rates, and lightning fast execution of orders, it also provides numerous order types in FX trading and vanilla options trading for thirteen differing pairs of currencies. The downside is that if you are not an institution, you will not really be able to enjoy the benefits of the platform.
Meta Trader 5
Practically everyone who has traded Foreign Exchange has at least heard of the MetaTrader Trading Platform. The latest incarnation of this legendary forex household name in platforms is the MetaTrader 5. It was created to make possible trading of not only forex, Options, and CFD’s, but also of futures and equity markets. You are able to execute trades across various financial markets and even stock exchanges from only the one account and platform.
Maximus is the final of the five popular online forex trading platforms considered here. This platform’s strength is its deep liquidity pool access, its transparency, and its efficient two way five figure pricing. It offers significant flexibility as spreads can also be chosen as floating or fixed. Finally, it provides instantaneous executions of trades and is among the most stable of trading systems available. The downside is that you can only trade Metals, forex, and CFD’s with Maximus Trader.