Leading Web Trading Platforms
01/07/2016 9:00 am EST
For the benefit of traders interested in learning more about Web trading platforms, Konstantin Rabin, of ForexCrunch.com, reviews three possibilities, including one he feels “is a great piece of software that comes with just the right amount of tools for beginners in FX trading.”
Technologies drive progress in nearly every single aspect of our lives. We no longer send SMS, but use Viber, WhatsApp, or any different messenger, our files are stored on Google drive, Dropbox, and other services. It is clear that the general tendency of progress is to move all of the applications and services into the cloud, so they can be accessible anywhere, anytime, and on any device. While this is roughly the case with most of the services we use, not every platform is available as a Web application. Today we will take a look at the three best Web trading platforms that exist nowadays.
Best for Starters—UTIP
Most of you have probably never heard about this trading platform. This is a great piece of software that comes with just the right amount of tools for beginners in FX trading. While it offers multiple assets plotted over the charts, allows multiple time frame analysis, supports candlesticks, bar and line charts, it also delivers a modest amount of trading indicators and impressive customization options. This way a novice trader can tune up the platform to his own liking without feeling drawn in the enormous pool of features.
It is quite a useful platform especially when compared to the Web traders that are developed in-house by the brokers.
A Solid Choice—MT4 WebTrader
Perhaps this will surprise you, but after roughly ten years of operations MetaQuotes has recently released its Web application for trading currencies online. While the design and the general user experience of the platform has improved, the amount of features found in the Web edition of MT4 can hardly correspond to the desktop version. Needless to say, automatic trading is not supported either.
Currently this platform is offered by a few MetaTrader brokers and it is projected that the adoption rate will increase in the near future. However, the whole feeling of the lack of features does not make this platform a viable option.
An Advanced Platform—cTrader
This is a great software for advanced traders as it contains quite an impressive amount of useful features. Even though such a wide scope can make starters a little lost, advanced traders would certainly be more than happy to use this platform. cTrader comes as a phone app, desktop solution, and a Web trading platform. One of the greatest things is that the Web platform is not different from the standalone app, hence a trader can use an identical platform as his broker.
It also comes with integrated 1 click trading, Depth of Market, and a few useful apps like cMirror, cBot, and cAlgo.
It goes without a doubt that nowadays a trader should feel comfort in his trading even if the trades are executed on somebody’s machine. While there are a few options available, it is necessary to pick up the platform that matches your needs and skills the best. I would recommend to go for UTIP if you are a beginner, choose cTrader if you are advanced, and use MT4 if you simply dislike changes.
By Konstantin Rabin, Contributor, ForexCrunch.com