Few Best Forex Trading Platforms for Beginners – Data Science Society (2024)

The beginners in Forex have special needs. It takes around 18 months of training, mentoring, and consistent practice to be able to move from being a beginner to the realm of becoming a mid-level trader.

This fact was conveyed by the CEO of a trading company based in the UK. The question is: what do beginners for 18 months that might be needed to make the transition?

Many exercises on demo and live accounts and many studies on all types of materials that range from the actual trading process to the psychology of traders must be done.

Note that we have mentioned the fact that a lot of trade must be done, both on demo and live accounts. So traders must understand the type of platform they need to use to get a lot of learning from the platform.

This article describes the Forex trading platform that beginners need to use to bring their skills to the next level.

MetaTrader 4 (MT4)

Almost every retail forex broker offers an MT4 platform. If you are going to war, common sense reasoning states that you practice with the same weapon that you must use on the battlefield, because no one goes to war with an unproven gun (or a skill that has not been proven in this case).

So if you are going to start real money trading, you only need to start your learning journey with the MT4 platform.

Apart from the fact that practicing with the platform that will be encountered in direct trading, MT4 has certain features that will really improve beginner trading skills if used correctly. Some of these features are as follows:

MT4 graphics make reading very easy and do not need to master how to use various graphical tools and objects on the platform.

Terminal windows are loaded with tabs which are pure assets: news bars for trading news and Market tabs, Base Codes and Signals to access resources in the MQL4 Community.

• Easy to use interface
• Use of expert advisors.

MT4 comes as a browser-based version known as Webtrader. You can also download MT4 as a generic mobile application in the Google Play store and the App Store for iOS-based devices.

So for beginners in forex, MT4 is the first trading platform that you must recognize.

Every beginner also can use automated trading software. This will be helpful for them to a great extent.

MetaTrader 5 (MT5)

MT5 is the next level platform in the MetaTrader platform series. Despite maintaining many MT4 features, there are several improvements and direct changes that have been included.

There is still a lot of confusion about what Metaquotes wants to do with MT4 and MT5. Originally launched as a substitute for MT4, MT5 found it difficult to achieve the type of market penetration that MT4 acquired.

So Metaquotes seems to be quite satisfied with allowing retail brokers to walk with both platforms. Some forex brokers have tried to encourage the use of MT5 by only allowing certain trading assets on MT5.

So it’s not surprising that you will see some brokers who only offer stock CFDs or cryptocurrency on the MT5 platform they offer.

So, once a beginner finishes with MT4, the next best platform to master is MT5. The similarity between the two platforms will enable easier MT5 mastery.

Just like MT4, MT5 has a web-based version and is also present as a generic mobile application that can be downloaded from the Android and Google Play Store.

cTrader

This platform from Spotware Systems is a trading platform that introduces beginners to ECN trading conditions. This goes hand in hand with cAlgo, which is a platform used to build algorithms used in cTrader.

CTrader allows traders to make a number of exits on forex positions, and also allows the display of market depth on brokerage order books. Beginners can also make deposit and withdrawal transactions in the platform interface.

CTrader has a desktop and web-based version. The web-based version loads fairly easily, and also has new features introduced to the latest version: “cTrader Copy”. This is a cTrader social trading product, and allows beginners to copy successful trader trading from within the cTrader platform itself! This is an amazing innovation and has brought the concept of social trade to a higher level.

Although the cTrader interface is a little more difficult to obtain than MT4, beginners can easily reset the interface to make customized workspace settings.

eToro Social Trading

There is no way we can conclude a discussion about the best Forex trading platform for beginners without mentioning social trading platforms.

The eToro social trading platform is the most suitable for beginners. Its simplicity, ease of use, lightweight (web-based) and providing Leader selection metrics that are easy to use, making it a beginner social trading platform for beginners.

Beginners can choose assets to be monitored, and they also get access to a well-organized selection of Leaders format whose trade can be copied.

The most important thing is the Risk Score, which is probably the most important metric that beginners should consider when choosing a Leader. The eToro Risk Assessment System is one of the best out there.

This shows in clear numbers and in graphical form, how conservative or how risky a trader is.

For beginners who want to start taking advantage of forex even as they continue to study the market, eToro’s social trading platform gives them such opportunities.

Conclusion

The four platforms discussed above are the best forex trading platforms for beginners and arranged as a result of 14 years of author experience in the forex market.

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