Finance

Top 3 Trading Platforms and their Pros and Cons

No one wants to land a trashy trading platform. As much as possible, you will want to use a reputable, advanced, and futuristic trading platform that will help you handle your trades. In this case, you need to find the most appropriate trading platform for your needs. Here’s a list of the best trading platforms in 2021.

MetaTrader 5

MetaTrader 5 was released in 2010, five years after MetaTrader 4. MetaQuotes Software Corporation is the developer of these two successful trading platforms. MT5 is equipped with powerful features that allow you to execute trades conveniently. Unlike MetaTrader 4, which is more basic and used by Forex traders who are yet to venture into other markets, MT5 is more precise and supports a variety of markets, trading tools, and trading features. It is by far one of the most used trading platforms nowadays particularly due to its variety of markets and exceptional features.

Pros

  • Powerful features and trading system
  • Precise prediction of the market prices
  • Offers tools for fundamental analysis
  • Features Algorithmic or robotic trading
  • Allows purchase of additional services
  • Offers built-in advanced reports

Cons

  • Different programming languages as with MT4.
  • It has advanced tools that might intimidate beginners.
  • Hedging is disabled in the exchange market.

Plus500

This trading platform is also highly rated and also well-known just like MT5. It has been available since 2008 and provides important channels such as browser extensions, mobile apps, and web-based platforms. The maximum leverage in Plus500 is 1:300. Its minimum deposit is $100 and available currency pairs are 70. There are no FX margin, FX commission, and Indicators but it has a demo account. Its trading hours are 24 hours, 5 days a week.

Oanda: FX Trade

This trading platform specializes in Forex trading and is as popular as MetaTrader 4. Oanda has real-time data which is from 25 central bank exchanges throughout the world. There is no minimum deposit and you can start trading, without risks attached, on demo accounts which have virtual funds that you can spend on your trades. It has a very responsive customer service, both virtual and real people. The only cons the Oanda has is that it doesn’t offer slippage protection and negative balance protection. It might also appear too complex for beginners.

XTB: xStation

This trading platform is considered one of the largest and longest-running as it was available since 2002. It supports desktop, web, and mobile use. There is no required minimum deposit, the currency pairs available are 49, the Forex margin is 3%, the Forex commission is $4 per lot, no available indicators, and the trading hours are 24 hours, 5 days a week. A demo account is being offered. The cons in this trading platform are that a $30 commission will be charged for $100 and less on withdrawals.

These are the top three trading platforms that you can choose from. They have proven their efficiency and reputable for quite a while especially the MetaTrader 5. Of course, it is important to remember that you must consider your trading needs before deciding which trading platform to use.


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