The Best Forex Trading Platform 2024 - XM MT4 (MetaTrader4)

What is the Best Forex Trading Platform in 2024?

Success in the Forex and CFD market is influenced by many factors.

What is the Best Forex Trading Platform in 2024?

Success in the Forex and CFD market is influenced by many factors.

One of them is the trading platform, an important tool in the hands of the investor.

The trading platform is also known as a trading, transaction, and investment platform.

The selection of the best trading platform, which seeks to adjust to the individual investor preferences, must be efficient, fast, and reliable, offer access to numerous instruments and a series of additional functions that facilitate more precise analysis, is undoubtedly an important topic.

Before analyzing which Forex and CFD trading platform is the best, let’s consider what the Forex market is and get to know its essence.

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Why is everyone into the Forex market?

The largest market in the world is the currency market: known as Forex. It is characterized by its high liquidity, easy access, fast order execution, and use of financial leverage. It operates 24 hours a day, 5 days a week. This is a huge market whose participants are international corporations, commercial banks, central banks, mutual funds, or simply individual or retail clients.

How to start trading CFDs based on the exchange rates of currency pairs? You only need a Firm that gives you access to the Forex market. These companies are brokers or other financial institutions that deal with the foreign exchange market. Brokers are the entities that play a key role in currency trading. They act as intermediaries between the market and the investor. Why can it be difficult to find a broker? Because there are so many of them, and often amidst the multitude of information and various tempting offers, it can confuse us. It is advisable to select distinguished entities with a stable market condition, several years of experience in the markets, monitored by competent regulators, with operating permits or licenses. And above all, entities whose offer meets the investor’s expectations. A good broker is one that cares about the client’s well-being, continually develops to offer cutting-edge, innovative and reliable products, and offers a wide range of high-level services.

See the list of Forex Brokers

What is the Forex and CFD platform?

First of all, it should be explained that forex platforms are not actually used for physical purchases and sales of currencies, as they do not function as foreign exchange offices. The basis of the activity of forex platforms for retail clients is to grant access to contracts for difference (CFDs) for currency pairs. A CFD denotes a contract for an exchange difference. The CFD is a specific type of agreement between the two parties to the transaction, obliged to offer the amount resulting from the difference between the opening and closing price of the position. CFD is a derivative instrument that takes advantage of financial leverage and allows you to trade both long and short on the price of the financial instrument or currency pair in which it is traded.

Contemporary forex platforms offer much more than CFDs based on forex, indices, commodities, stocks, ETFs, or cryptocurrencies. In addition, they allow you to buy real stocks from around the world or extremely popular ETF shares, all accessible from a single platform.

Let us now explain what a trading platform really is. Brokers offer and make trading platforms available to their clients. A trading platform is nothing more than a mobile program or software in the form of a phone or tablet application. The platforms allow trading in financial markets through an internet connection. Thanks to a trading platform, the client has the possibility to buy and sell the financial instruments offered by the broker in real-time on the regulated and OTC markets. The charts of the offered instruments are displayed based on the real-time price.

Brokers compete with each other through increasingly attractive offers, better technologies, and more advanced available on the platforms. Today, in a world in constant development, brokers must continually follow new trends in order not to be outmatched by others, and not to be eliminated from the market. That is why brokers must guarantee the permanent development of their companies and work to improve their offer. Customer satisfaction, expressed in opinions posted on industry forums or in ratings, is a great success. These are those that can be offered and where you can find products verified and tested by other clients, traders or investors.

Good trading platforms should offer a number of tools and features that facilitate analysis. Among others, such tools should be technical analysis relationships, tools for drawing on charts, the most up-to-date market information, access to analysis and statistics. In addition, users are offered highly sophisticated platform functions, such as the ability to implement their own non-standard solutions, as well as back-testing of automated investment strategies. The broker must provide users of trading platforms with constant access to educational materials, such as courses or tutorials. An interesting form of investor assistance is access to individual investment consultations with market experts.

The trading platform is the basic tool and one of the most important for investors, regardless of their level of experience. It is necessary for both beginner and experienced brokers so that they can freely submit orders, execute transactions, analyze charts or manage their portfolios through the platform.

When starting the adventure with the Forex and CFD market, each investor must decide to choose the broker, the trading account offered by the broker, and the best trading platform that meets their individual expectations and preferences. For people just starting out, selecting the right platform is particularly important. It can be much more difficult for them than experienced people who know what to pay attention to and what functions of the trading platforms are the most important and useful. Forex brokers offer “help” towards beginners (and not only that), offering free demo accounts, where users can familiarize themselves with the appearance, functions, and tools available on the trading platform, which corresponds to the real account. Thanks to this solution,

Any investor, whether novice or highly experienced, must remember that the trading platform must be functional. It must be reliable, fast, and efficient. A platform designed for trading currencies, commodities, and other financial instruments must allow the rapid taking of positions, both short and long. While investing in the Forex and CFD market, it is often important to enter at the right time to invest and therefore the platform must be trusted. Users like it when the offered products do not cause problems and are easy to operate. A desirable trading platform is intuitive, with an easy-to-use interface, and where it is not difficult to find a specific option. The broader the range of additional functions and tools,

Trading platforms provided by brokers to their clients can be divided into two types: platforms created by the broker itself, so-called original platforms (such as XM MT4 and MT5), and those developed by third parties specialized in this area, available to traders. licensed brokers (such as Meta Trader 4). A trading platform developed by the broker can be much more attractive: it can be created to meet the needs and expectations of clients. Undoubtedly, the technologies developed by the brokers’ own efforts create a competitive advantage over other providers of trading systems in terms of system quality, and allow customers to offer more competitive products and services in terms of price. . Such platforms can be tailored to a specific target group, taking into account their individual preferences. Trading platforms provided by third parties contain universal solutions that may not be fully adapted to the needs of clients and the broad offer of the broker. The processes related to updating and innovation can go a bit more slowly, and it shouldn’t be a disadvantage, as the software itself can be good.

Brokers offer platforms in 3 versions: in the form of software installed on the computer (or executable), in the form that is displayed in an Internet browser (web), and in the form of a mobile device application (App).

Installed software (executable)

Installed software (executable) involves downloading the file previously on the computer, continuing with the installation process, and running the platform. This solution allows operating the platform in the most stable, fast and reliable way. However, sometimes its downside may be that all platform settings will only be accessible from a specific computer. In today’s mobile world, therefore, this solution is losing popularity with retail investors.

Platform in an Internet browser (web)

Platform in an Internet browser (web) is an unstoppable trend, especially in the era of rapid technological development, which allows the visualization of large amounts of data along with shorter loading and process times. Thanks to that, these technologically advanced platforms can be easily displayed in an Internet browser window, with the data and settings saved in the cloud. This allows access to the entire account and all settings from any device upon login.

Mobile applications (App)

Mobile applications (App) is rapidly gaining popularity; Thanks to them, investors always have access to their accounts. Obviously, from the point of view of programmers, the difficulty lies in placing all the functions of the platforms so that they are intuitive and easily visible, for example on a Smartphone. As a general rule, applications are used to view the market situation or open transaction and not for advanced analysis.

The best Forex and CFD trading platform should be fast, easy to trade, always contain up-to-date information, and offer the necessary functions and tools. The most popular trading platform around the world, allowing you to trade Forex and CFDs, is XM MetaTrader 4.

See the list of Forex Brokers

XM MetaTrader 4 platform – Best and Most Popular

XM MetaTrader 4 trading platform has been available in the market for many years (since July 1, 2005), and is among the most widely used forex trading platforms that MetaQuotes Software makes available to many brokers.

The Russian firm specializes in the development of software for currency trading.

XM MetaTrader 4 platform is approved by inexperienced professionals and investors as it is very easy to use, readable and intuitive. This is not a rich platform with many advanced features, but it focuses on basic tools that are instantly available. Another reason underlying the popularity of the platform is the fact that using the simple MQL programming language, anyone can write a commercial automaton. There are many of those available on the Internet that, in the opinion of many, are expected to improve or automate the decision-making process. The automaton identified as an Expert Advisor (EA) makes buy/sell decisions, based on a predefined algorithm.

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Original xStation platform

Another popular platform for Forex and CFD trading is xStation.

This is an original platform, the first version of which was developed in 2011 by Dom Maklerski X-Trader Brokers [X-Trade Brokers Brokerage House] and which is widely accepted by users. This cutting-edge platform has won numerous awards and distinctions. The platform provides the user with access to extensive technical analysis tools, market analysis, commenxStation ts, macroeconomic calendar, and statistics. The xStation platform has an advanced stock and ETF scanner. This allows anyone to filter thousands of available shares, taking into account popular parameters, in a matter of seconds. xStation is available in three devices, a desktop or laptop installation version, a web platform, and as an application for mobile devices. This is an innovative platform with a host of advanced features, window systems, and ample customization space. The creators of xStation offer the user a 21st-century trading platform that anyone can adapt to suit their own needs.

Find out more about XTB’s xStation platform

How to select a Forex and CFD trading platform

Forex and CFD brokers offer their clients various trading platforms.

These can be the brokers’ own platforms or those available by third parties. Both types of platforms are designed to serve the same goal: to allow investors to participate in the market. Today’s trading platforms have similar functions and tools, differing primarily in terms of technologies, interface, and details, which often determine their success. A properly designed trading platform is supposed to anticipate the expectations of even the most demanding clients. The tool should be developed and improved taking into account the needs of investors and characterized with transparency, innovation and, above all, ease of use. The selection of the best investment platform,

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1. Fast operation and reliability

In many cases, financial market decisions must be made instantly.

Therefore, it is necessary to ensure that the platform operates quickly and reliably.

In many cases, success or failure is determined by making the right decisions without undue delay caused by the operation of the trading platform.

An important parameter that determines the selection of a specific platform can be the availability of various types of orders, from instant orders to pending orders, take-profits, stop-loss or market closings, and whether or not it offers the possibility of sending and modify orders directly from the charts.

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2. Functionality and easy handling

Easy operation makes the user comfortable.

That is why the platform designers make sure that they are easy to use and intuitive.

Nothing is more annoying than looking for simple functions that should be “close at hand” and wasting time on that.

The client hopes not to have to bother to know the platform and learn its functionalities.

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3. Tools

It is impossible to conduct a market analysis without the proper tools on the platform.

Brokers do their best to ensure that the client has access, above all, to technical analysis tools.

The drawing of Fibonacci trend lines, channels, retracements or expansions is a standard, the normal thing.

However, a good trading platform should provide even more tools, as each investor has specific preferences.

Some will take advantage of Elliott waves, some of Gann’s tools, while others want access to already labeled and measured harmonic patterns.

You need a wide range of technical analysis tools and a good trading platform.

Add to that the multitude of technical analysis relationships available to choose from.

Here, too, anyone has their favorite options, and as many of them have been developed over the years, brokers should also make them available on their platforms.

The brokers’ offer is continuously expanded and enriched with new financial instruments.

That is why it is also necessary to have scanners and filters.

A broker with access to, for example, thousands of shares must ensure that the client can filter them based on predefined parameters in a very short time.

The same applies to account statistics.

In this way, many investors can track their past behaviors and use such tools to draw conclusions for the future, regarding their investment decisions.

The more tools the better, especially if the customization capacity is added to choose only those options that the investor wants to see on the platform.

See available trading tools of XM

4. Free additional features

Access to the training platform must be free.

Today, a good broker with a good trading platform should offer all services to clients for free.

So it doesn’t matter if it’s tools used in trading, feedback, analysis or training, all of that should be contained in one package for each client.

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5. Access to a wide range of products

Thanks to a wide spectrum of products and services, the broker’s offer will be more tempting and the client will be more willing to consider it.

If the client gets everything they need in one place, access to numerous Forex market instruments and CFDs from around the world at an affordable price, they do not need to look any further.

The client will select the platform that allows it.

See available markets for trading in XM’s Official Website

6. Mobility

Today it is beneficial if, in addition to the computer or laptop version, the trading platform is also available on other devices.

The mobile phone or tablet with a permanent Internet connection is a standard today; consequently, the flexibility and convenience of unrestricted trading and portfolio management whenever you want and on any device is a significant advantage.

Download XM’s Mobile App for free

Conclusion

When selecting the best trading platform, you should pay attention to the parameters defined above.

Still, first of all, you need to follow your own preferences, tastes, and expectations towards the product that is best for you.

User comfort is important. A platform is only a tool, but very important to achieve success and have an advantage.

A platform well adapted to the user’s needs increases the probability of success.

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How to start trading Forex?

In this section, we will answer important questions about Trading: What is Forex? Why should you start forex trading? What are the advantages of leverage?

We will take an in-depth look at all the determinants that you need to take into account when trading forex.

All forex pairs are grouped on the term of one currency versus the other.

Every currency pair has a “ base”, which is the first currency expressed, and a “counter”, which is the second.

Any currency can either strengthen (appreciate) or weaken (depreciate).

Since there are two currencies in each pair, there are four variables you can guess about when it comes to forex trading.

If you believe that the value of one currency will rise relative to another, you will go long or buy that currency.

If you believe that the value of one currency will fall relative to another, you will short or sell that currency.

So, for example, if you think the USD will strengthen (appreciate) compared to the JPY, you will go long or buy the USD / JPY pair.

You will also buy if you sense that the JPY will weaken (depreciate) against the USD.

In parallel, if you think that the JPY will strengthen against the USD or the USD will weaken against the JPY, you will take a sell position or go short on USD / JPY.

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Example of a forex trade

Next, we will elaborate on both winning and losing trading points.

Suppose you think the GBP will strengthen against the USD on the back of lower-than-expected data on US Non-Farm Payrolls.

By buying GBP, you are simultaneously selling USD.

You buy GBP at 1.5662 with the expectation that the market will move as you have predicted.

When you trade forex, you will see that there are two prices available.

One is the sale price or “ bid ”, and another is the purchase price or “ ask ”.

The spread is fundamentally the difference in price between these two.

We offer tight spreads on forex pairs, which means that it is close to the market value of the underlying instrument.

If the market moves in your favor, your operations can become profitable sooner.

Pips, or percentage points, are where traders make profit or loss.

Most of the currencies we offer to contain four decimal places. A pip is the smallest movement that a currency pair can make.

Let’s look at GBP / USD trading at 1.5560.

If the price moves to 1.5565, then it is a change of 5 pips To be more concise, we offer some prices quoted in fractional pips – this means we have an extra decimal in the quote.

Therefore, a change in price from 1.55652 to 1.55664 means a movement of 1.2 pips.

Learn how to trade Forex with XM

What are Spreads and pips?

When you trade forex, you will see that there are two prices available.

One is the sale price or “ bid ”, and another is the purchase price or “ ask ”.

The spread is fundamentally the difference in price between these two.

We offer tight spreads on forex pairs, which means that it is close to the market value of the underlying instrument.

If the market moves in your favor, your operations can become profitable sooner.

Pips, or percentage points, are where traders make profit or loss.

Most of the currencies we offer to contain four decimal places.

A pip is the smallest movement that a currency pair can make. Let’s look at GBP / USD trading at 1.5560.

If the price moves to 1.5565, then it is a change of 5 pips.

To be more concise, we offer some prices quoted in fractional pips – this means we have an extra decimal in the quote.

Therefore, a change in price from 1.55652 to 1.55664 means a movement of 1.2 pips.

Find out more about XM’s spreads and pips