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What Is The Best Forex Trading Platform For You?

by with No Comment Forex

Author:Exness Broker

As a trader, there are several factors that you should consider when choosing a forex trading platform. Some of these factors include your experience level, your trading preferences, and the tools you need for both technical and fundamental analysis.In this article, we shall analyze the different trading platforms offered by Exness to all its traders. Exness offers MetaTrader 4, MetaTrader 5, Mobile, WebTerminal, and MultiTerminal trading platforms.

MetaTrader 4 The MetaTrader 4 platform is one of the most popular forex trading platforms in the world and is used by millions of traders across the globe. This platform is quite easy to use and is ideal for traders getting started with forex for the first time. The MT4 platform offers 30 built-in indicators, as well as an additional 2,000 free custom indicators that any trader can download and use to perform their technical analysis.

The MT4 platform also allows traders to enter numerous types of orders depending on the market conditions, as well as allowing trading directly from the MT4 charts. The platform also allows traders to back test their trading ideas and strategies through the MT4 History Center.

MetaTrader 5 The MetaTrader 5 platform is an advanced version of the MT4 platform that offers more functionality such as the ability to execute more order types, and view the market across a wider range of time frames. This platform is well-suited to advanced traders who would benefit from the ability to build powerful EAs and sell them in the MetaTrader Market.

Mobile Platforms Given near universality of mobile devices such as smartphones and tablets, many traders are switching to mobile forex trading terminals in order to trade on the go. Although most mobile trading platforms offer limited functionality in terms of the tools available to traders, their main advantage is that they allow traders to trade wherever they are.Traders only require a stable internet connection and a mobile device that is compatible with their chosen mobile trading platforms, such as the MT4 and MT5 mobile trading platforms.

WebTerminal The WebTerminal is a trading platform that allows traders to trade directly from their web browser without having to download and install additional software. This is an excellent choice for traders who do not feel comfortable downloading trading software onto their computers, such as the MT4 or MT5 trading platforms. The WebTerminal is a stripped-down version of the downloadable trading software providing all the essential functionality with only the more advanced tools missing.

MultiTerminal The MT4 MultiTerminal is an advanced trading platform that allows traders to trade and manage different accounts. This platform is best suited for sophisticated traders with multiple accounts dedicated to trading different instruments, different strategies, or for the management of the accounts of other people.Institutional investors could also benefit greatly from this platform given their complex trading needs. The MetaTrader MultiTerminal allows traders to place new trades and allocate lots across different accounts simultaneously, which is vital for traders managing multiple accounts.

Conclusion To sum up, it is crucial to note that each of the above forex trading platforms has different functionalities that are suited to different types of traders.For most beginner traders, the MT4 platform is their best choice, although they might not utilize all of its functions. The choice of a trading platform is largely subjective and depends on a trader’s needs. The best course of action for most traders is to open a demo account in order to test their preferred trading terminal before engaging in live trading.

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5 Reasons Why Most Forex Traders Start With Demo Accounts

by with No Comment Forex

Author:Exness Broker

Forex can be intimidating for newcomers. Often new traders don’t know where to begin, and so either rush in without a plan or alternatively decide against trying out trading at all.

 

Fortunately, Exness offers an ideal way for new forex traders to get started; the Demo account.

In this article, we’re going to dive into some key reasons why most traders start with Demo accounts and why it could well be the perfect way for you to try out forex trading too.

Once you’ve read the article, why not go ahead and open a Demo account for yourself with Exness

Reason One: It’s Risk Free Time and again we speak to new traders who are concerned about the levels of risk they could be exposed to when trading forex. Ultimately, risk management is a technique that needs to be learned through practice.

The best way to do this is through the Demo account. Entirely free to use, the demo account is topped up using virtual funds as many times as you want. This means that new traders can practice in a completely risk free environment, making as many mistakes as needed with zero repercussions.

The Demo account also provides access to all the functionality needed by new traders to learn risk management principles. Then, when they’re comfortable, they can graduate to real accounts with confidence.

Reason Two: It’s Unlimited Many forex trading courses in the market are closed-ended, meaning that new traders have a limited amount of time to learn before they are thrust into the real forex market to fend for themselves.

With the Exness Demo account, however, traders can experiment and learn for as long as they want. If the account runs out of virtual funds, it can simply be topped up in seconds for free.

What’s more, traders can open as many Demo accounts at no cost. This means that they can experiment with strategies, currency pairs, and more across multiple accounts. This allows you to discover for yourself which approaches work best.

Reason Three: Real Trading Conditions Demo trading can be incredibly educational, but only if the trading conditions included are the same as you’d find when trading forex for real. The last thing you want is to gain lots of experience with a Demo account, only to find that the real accounts feature completely different dynamics.

With the Exness Demo accounts, you will trade under virtually the same conditions as one of our real accounts. This allows you to get a sense of what live currency movement across 120+ instruments are like. It also allows you to explore the use of features such as leverage, margin, and spread.

With the Demo account, traders can also try out different account types to find out which one is best for them. These includeMini, Classic, and ECN. Each account has different benefits, and so creating a Demo version is an ideal way to test them out.

Reason Four: Experimentation With the Demo account, you can make use of all the same tools, as well as the same currency pairs, that are accessible with real accounts, meaning you can directly transplant strategies developed in Demo over to one of the real accounts when you’re ready.

One of the major outcomes of this is that many well established traders still operate Demo accounts. They do so because they still need a safe space in which to experiment with new strategies and approaches. Say for example a trader decides to try out a indicator. Either they can do so in the real market, and possibly risk significant amounts of capital, or alternatively can do so in Demo, risk free.

As you develop your skills as a trader, the Demo account will always be there for you to experiment with.

Reason Five: Expert Advisors Expert Advisors (EAs) are one of the great benefits of trading with the MetaTrader 4 and MetaTrader 5 platforms through Exness, and with Demo accounts you can test and experiment with them to your heart’s content.

Essentially computer programs written by experienced traders, EAs can make trading decisions for you based on historic price data analysis. While EAs allow many traders to take a hands-off approach to trading, they are not without their failings. Using EAs means you put your money in the hands of an algorithm, and you should absolutely test it out before you commit to using it for real.

With the Exness Demo account you can use EAs in exactly the same way as you would with a real account. With new EAs being developed all the time by the MetaTrader community, the Demo account is the perfect place to find the right one for you.

Conclusion The Demo account is a great tool for new and experienced traders alike who are looking to develop their skills, experiment with new strategies, and test EAs, all within a completely risk-free environment.

Open a Demo account today and start your forex trading journey the right way!