Forex traders can make money 24 hours a day from any location. They are not tethered to laptops — access in South Africa is flexible. Powerful software ensures freedom of movement and convenience of analysis. An efficient Forex platform will meet all of your needs from research to execution. But which system is the best?
Overview of Options
Trading software in 2021 is extremely varied. You may use a generic solution or a proprietary app from your broker. Some systems are tailored to a limited number of markets, while others are more versatile. Web-based terminals work directly in browsers without installation. This great variety of systems comprises many categories. Here are the most important criteria you should know.
1. Generic Vs. Unique
Platforms like MetaTrader 4 are recommended by many brokers. The biggest companies invest in their own app development. Their clients use unique state-of-the-art tools. For instance, the FXTM Trader app allows you to work with 250+ instruments from the palm of your hand. Naturally, proprietary systems are a competitive advantage, and only big brands can afford them.
There is nothing wrong with sticking to standard solutions. MetaTrader 4 and MetaTrader 5 have been around for many years, and they are still relevant. These multifaceted systems have all the essentials and more. They meet the needs of all traders, beginners and pros. MT4 and MT5 are packed with useful tools and features, and open access to a variety of markets.
2. Desktop Versus Mobile
Today, hardly anyone is happy to sit at a desk all day. Trading is viewed as an alternative to office drudgery. Thanks to mobile solutions, you may work wherever you are. Apps for Android and iOS are easily accessible, and they can sync up to your desktop terminal seamlessly.
For example, Forextime offers MT5 in three different versions (five if you consider the OS). First, you may get a full-size terminal for your Windows or Mac laptop. Secondly, install a sleek trading app on your tablet or smartphone (Android or iOS). Finally, you can simply open your browser and launch the web-based system.
As all versions share data, users may switch devices during the day. This is no different from scrolling through social media: when you use Instagram on a laptop and switch to your smartphone, it lets you pick up where you left off. This is known as cross-platform functionality, and it defines the best trading systems.
3. Range of Markets
As a beginner, you may limit your exposure to Forex trading. Eventually, you will broaden the portfolio, as this is the key to consistency and high profits. Most trading systems allow you to work with dozens of instruments, not necessarily related. For example, using the FXTM Trader app, you may buy and sell Forex pairs, spot metals, and assorted derivatives like CFDs on commodities or CFDs on stocks.
On the one hand, the interface should not be too complex, as this hampers learning. On the other hand, you should have the opportunity to expand in the future. Migrating between software providers is a hassle. Transition is the smoothest with families of products, such as MetaTrader.
4. Technical Vs. Fundamental
Online traders apply different analytical methods, and each group needs its own arsenal. Technical traders focus on price charts to see regularities. Some of their peers prioritize fundamentals. The latest financial and political news help them spot the most consequential changes like rises in interest rates, dynamics of oil prices, etc.
The best systems are universal. On the one hand, they have price charts with a range of timeframes (for example, from 1 minute to 1 month). This is necessary, as different strategies require scrutiny on a different scale. Meanwhile, fundamental traders need easy access to the latest news. MetaTrader 5 summarizes the most important events via its economic calendar.
5. Access to Support
Like any software, a trading terminal must give quick access to professional assistance. This largely depends on your broker. The Forex market is open 24 hours a day, and there should always be someone you could reach out to. Well-established brokers like Forextime keep their service centres open around the clock every weekday. Through the FXTM Trader app, users contact support using chat or email.
These are five essential features of high-quality trading software. Today, the range of top-notch tools is spectacular. However, bear in mind that with an unregulated broker, any trading victories are meaningless. Fake Forex companies are there to seize your deposit, so be wary and check the licensing information carefully.