Categories: Tips

Top 4 Forex Trading Platforms | (MetaTrader mt4 alternatives) mt4 vs ctrader vs Ninja vs tradingview

Advertisement

4 Important Forex Trading Platforms

One of the most important things in forex trading is what platform we will use.

Every individual has different needs, some are into manual trading and some are into automated trading.

And looking at the available strategies in the market every strategy has different needs like some need good indicators whereas some need important drawing tools.

Well until now, metatrader4 served every trader in the best way possible and had everything a trader needed.

But as time passes, new technologies come into the market and every individual wants to try new technologies and check if it reduces his efforts.

Mt4 is a great trading platform and is one of the favorite trading platforms amongst traders but,

If you are having some issues with mt4 or looking for a better or different trading platform then this article is for you.

In this article, I will tell you about the top 4 mt4 alternative trading platform to consider for forex trading.

Mt4 is the most versatile trading platform of all time which provides the best and the most amount of features.

And, If you look for trading platforms you will get plenty of those on the internet, but not every trading platform is good or can be compared with mt4.

But, there are 4 top trading platforms that are as versatile as mt4 and can be a very good alternative of metatrader4.

1) Meta Trader 5 (MT4)

Meta trader 5 is the newer version of mt4 which was released in 2010.

It has the same features as that of mt4 but with it comes other new features and improvements.

Meta trader 5 allows you to trade forex plus other financial markets like commodities, indices, stocks, etc and support almost all brokers.

It offers excellent tools for price analysis, the use of automated trading applications (trading robots, Expert Advisor), and copy trading.

Features of MetaTrader 5

When it comes to the variety of features, MetaTrader 5 rules and is better than every other trading platform.

It has almost every feature which a trader will need.

1) Flexible trading system

MetaTrader 5 gives a powerful trading system with the Market Depth and provides different types of order and trade execution system.

It supports Two order accounting systems:

The netting system and

The hedging option system.

Furthermore, MetaTrader 5 provides you with 6 pending orders and 2 stop orders.

It also provides an option for trailing stop which helps you to ride a trend and maximize your profit.

With such a variety of order types and execution modes, traders can use any trading strategy for successful work on the financial markets.

2) Professional technical analysis

Metatrader 5 comes with a variety of technical indicators and drawing tools which helps a trader to do his technical analysis with ease.

Technical analysis is an important aspect of forex trading, it helps you to find important areas where buyers or sellers enter a market, like support and resistance.

And also allows you to predict what may happen in the future.

A) Indicators

Meta trader 5 comes with a total of 38 free technical indicators and also allows you to modify or make your own indicator and has all the details on MLQ5.com.

B) Technical Drawing tools

MetaTrader 5 offers 44 technical drawing objects like Gann, Fibonacci and Elliott tools, geometric shapes, various channels, and many more.

These drawing tools are manual and very easy to use.

Metatrader 5 also allows you to customize these drawing tools according to you to make the chart look pleasing and easy for you to use.

3) Fundamental analysis

Many traders use fundamental analysis with their technical analysis to seek confirmation in the market and also take benefit from the upcoming news.

Metatrader 5 provides you with built-in tools for fundamental analysis.

It has built-in financial news and economic calendar section.

Advertisement

The financial news section consists of all the news from international news agencies plus the platform also provides daily broadcast of dozens of newsletters from global or national events, influencing quotes of stocks and currencies.

It has a built-in economic calendar that gives you live data of the upcoming news releases which may affect the price of a currency pair.

4) Supports copy trading

Many of you may not have time for technical analysis or trading on your own.

Well no worry, MT5 trading platform provides you with a copy trading option.

In this you can subscribe to a successful forex trader and the platform will automatically execute the trades which that trades execute in your account.

Does Meta Trader 5 support algorithmic trading?

Yes, it does. One of the most amazing features of MetaTrader 5 is that it supports MetaTrader 5.

Metatrader 5 allows you to develop trading robots with the help of certain algorithmic data and lets you use that robot on their platform.

Supported brokers of Meta trader 5

Well, MetaTrader 5 is the king of trading platforms and almost all the brokers allow you to use MetaTrader 5 for your trading purposes.

Availability of Meta Trader 5

Metatrader 5 is available on all the three versions,

Desktop, smartphone, and web.

Desktop – It is available on three operating systems – WINDOWS, IOS and LINUX

Smartphone – It is available on both Android and IOS operating systems.

Web browser – If you don’t want to install a metatrader5 application on your desktop or if you don’t have a smartphone app.

Metatrader also comes with a web version, so you can easily open it on your web browser directly without even installing it.

Source – https://www.metatrader5.com/en

2) cTrader

cTrader is a leading multi-asset Forex and CFD trading platform and similar to metatrader4

It offers rich charting tools, advanced order types, and many other features.

One of the best things about c-trader is the interface.

It has a very stunning user interface and is very easy to use.

Features of cTrader

1) Advanced trading system

cTrader offers advanced trading experiences with fast entry and execution tools, ultimate order processing, level 2 pricing, and a full variety of advanced order types.

It supports Two order accounting systems:

The netting system and

The hedging option system.

a) Quick trade execution.

In trading, you need your orders to be processed as fast as possible and cTrader just does that.

It fills your order in less than a second by its fast entry and execution system.

b) Depth of market.

cTrader comes with market depth function(market sentiment) which shows the ratio of long and short positions in the live market.

This may help you to decide when to enter or get out of a trade.

cTrader provides 3 types of Depth of market: the Standard DoM, the Price DoM, and the VWAP(volume-weighted average price) DoM.

c) Alerts

cTrader allows you to configure email alerts and notifies you when your alert is triggered.

You can set alerts for deposits, withdrawals as well as the different order types and also for a price level where you are planning to open a position.

2) Tools for technical analysis

A) Chart types

cTrader supports 6 types of charts namely,

  • The Bar Chart (OHLC)
  • The Candlesticks Chart
  • The Dots Chart
  • The Heikin Ashi Chart
  • The HLC Chart
  • The Line Chart

B) Indicators

There are 58 built-in standard indicators in cTrader.

They are sorted by groups depending on their function: Trend, Oscillator, Volatility, Volume, and Other.

C) Drawing tools

cTrader comes with a variety of drawing tools that help for better trading and deeper analysis.

It comes with trendlines, equidistant price channels, different Fibonacci tools, and a lot more.

D) Chart templates

There are three chart templates in cTrader

  • Volatility

It is optimized for analyzing the volatility.

  • Range

It is optimized for analyzing the ranging markets.

  • Trend

It is optimized for analyzing the trending markets.

E) Timeframes

The cTrader comes with two types of timeframes, the tick(A Tick is a change in the price of a symbol on the market) and standard timeframes.

Advertisement

The standard timeframe ranges from 1-min to 1-month.

The tick timeframes range from 1 to 1000 tick.

Does Ctrader support algorithmic trading?

Yes, it does. cTrader allows you to develop trading robots with the help of certain algorithmic data and lets you use that robot on their platform.

They also provide you with a proper guide which helps in automating your trading from scratch.

Ctrader Supported brokers

cTrader supports a variety of brokers and most of them offer you their own cTrader trading platform.

Availability

cTrader is available on all the three versions,

Desktop, smartphone, and web.

Desktop – It is available on the windows operating system.

Smartphone – It is available on both Android and IOS operating systems.

Web browser – If you don’t want to install a cTrader application on your desktop or if you don’t have a smartphone app.

cTrader also comes with a web version, so you can easily open it on your web browser directly without even installing it.

Source – https://ctrader.com/

3) Ninja trader

Ninja trader is a trading platform that lets you analyze the chart, build and integrate trading apps, test your ideas through backtesting, and execute your trades from one single platform.

Ninja trader allows you to automate your trading and develop your indicators, trading apps, and different chart drawing tools.

Ninja trader allows you to trade all the markets

  • Futures
  • Forex
  • Options
  • CFD’s
  • Stocks

Features of Ninja Trader

1) Advanced Trading system

A) Technical analysis tools

Ninja trader comes with a variety of charting tools and indicators for better and deep analysis of the chart.

B) Order flow

The Order Flow + suite of premium features available for NinjaTrader 8 gives you tools to analyze trade activity using order flow, volumetric bars & market depth.

It helps you in analyzing the buying and selling pressure in a particular chart with the help of transparent order flows.

C) Volumetric bars

Volumetric bars track buyers and sellers tick by tick giving you a comprehensive view of the activity for order flow trading.

It is a tool that guides you with the total market activity and helps to track the flow order of the market.

It helps you to find the areas with maximum volume clusters or the areas where the buyers or sellers have exhausted.

Based on which you can make the right trading decisions.

D) Order flow Market depth maps

Historic and real-time visualization of the limit order book giving you clear insight of market depth and order flow.

This helps you in identifying support and resistance zones easily and accurately.

E) Alerts

Lets you put alerts when a price crosses a line on the chart and offers custom alerts.

It also allows you to share your analysis on different social media platforms.

F) Advanced trade management system

Ninja trader comes with an advanced trade management system which helps you to eliminate emotions and be disciplined while following your trading strategy.

2) Technical analysis

A) Indicators

Ninja trader offers over 100 different indicators like RSI, MA, Bollinger bands which help you with your technical analysis.

B) Charting tools

Just like MetaTrader and cTrader, ninja trader also comes with a variety of drawing tools that are very easy to use.

Ninja trader comes with classic and advanced charting tools which helps you analyze different patterns in the market precisely.

Does Ninja Trader Support Automated trading?

Yes, the ninja trader does support automated trading.

It lets you auto trade multiple strategies at the same time.

It also allows you to develop your personal indicators, trading app, different chart drawing tools, and much more.

Ninja Trader Supported brokers

Ninja trader has its own brokerage services plus they support 6 other brokers.

Namely, Fxcm, Ameritrade, OANDA, interactive brokers, FOREX.com, CITY INDEX.

Availability

It is only available on the desktop version.

Desktop – It is available on the windows operating system.

Source – https://ninjatrader.com/Analyze#

4) Trading view

The trading view is my favourite trading platform and the best one out there.

The trading view is a social trading platform that allows you to perform the technical analysis, share it with others, and also execute a trade from one single platform.

The best thing about the trading view is the charts or interface, they are very easy to use, has almost all the indicators and chart drawing tools.

So, let’s see what trading view has got for us.

Features of Trading View

A) Chart types

Trading view supports 12 types of charts namely,

  • The Bar Chart (OHLC)
  • The Candlesticks Chart
  • The Hollow candles Chart
  • The Line Chart
  • The Area Chart
  • The Baseline Chart
  • The Heikin Ashi Chart
  • The Renko Chart
  • The Point and Figure Chart
  • The Kagi Chart
  • The Line Break Chart
  • The Range Chart

B) Timeframes

The trading view supports 1 second to yearly timeframes.

That is the most amount of timeframes provided by any trading platform.

C) Drawing tools

This is probably one of the best features of a trading view.

The drawing tools provided by the trading view are very vast and it very easy for you and can also be modified according to your needs.

The trading view comes with 50+ smart drawing tools.

D) Indicators

The trading view offers 100+ prebuilt indicators and around 100K+ community-powered indicators.

E) Alerts

Immediate notifications when market moves meet your criteria. Alerts can be PUSH to phone, text message/SMS, webhooks, email, or screen popups — so you won’t miss a beat!

There are 12 different alert conditions that can be applied to indicators and drawing tools.

All alerts run on powerful servers with backups for extra reliability.

F) Algorithms and strategy tester

Pine Script lets you write custom indicators and strategies, and then measure performance through Bar Replay or Strategy Backtesting.

Thousands of scripts that are ready for use have already been published by the active community of traders.

G) Social

TradingView is one of the largest and most active social trading platforms in the world.

You can talk to millions of traders from different countries in real-time, And also read and publish visual trading ideas directly on charts, or watch & record video ideas.

H) Fundamental news section

The Trading view comes with a fundamental section which helps to keep you up to date with market news.

Does Trading View support copy trading?

No, the Trading view does not support copy trading.

Does Trading View Support Automated trading?

No, the trading view does not support automated trading.

Though it allows you to make your own custom indicators from scratch.

Trading View Supported brokers

The trading view supports only two brokers, Paper Trading by the trading view and FXCM.

Availability

It is available on the Web and Smartphone versions.

The trading view comes in free as well as paid versions.

It has 4 versions, basic, pro, pro plus, and premium.

Source – https://www.tradingview.com/

Advertisement
admin

Recent Posts

What is MACD in Forex ? MACD INDICATOR EXPLAINED

What if I tell you that MACD (Moving Average Convergence Divergence) is a momentum oscillator…

3 weeks ago

What is Slippage ? How to Avoid Slippage in Forex Trading ?

Many times, when we place a trade using market execution order with trading platform our…

4 months ago

What Bid rate and Ask rate in Forex Trading ?

Whenever we buy/sell currency in the forex market, we see two rates in the market…

5 months ago

What is Base Currency and Quote or Counter currency in Forex Trading (2020)

When you first go and see a forex chart or the market watchlist section on…

5 months ago

Different Types of Currency Pairs in Forex | Major , Minor and Exotic Currency Pairs

Different Types of Currency Pairs in Forex   Whenever we trade currencies in the forex…

5 months ago

How to Open a Practice account in Forex Trading ? Demo Account | 2020

In this article, I am going to tell you how to open a practice account.…

6 months ago