In the MT4 trading application, traders can follow price movements, perform analysis, and execute orders in the application. The main advantage of MT4 lies in the development and implementation of trading algorithms . Automated trading on MT4 can be developed by forex brokers, traders, or third parties.
MT4 also allows forex brokers to provide trading signals directly to the platform. Not only that, the installation of expert advisors or forex trading robots can be done easily on the platform and will automatically run on the MT4 application on mobile devices.
Traders can also create their own automated trading system with the MQL4 programming language. These advantages of MT4 make this application much preferred by traders and almost all forex brokers must provide MT4. MetaTrader 4 is also the most popular Indonesian forex trading application.
2. Metatrader 5
Metatrader 5 or MT5 is the latest forex trading platform released by Metaquotes Software Corp which was released in 2010, MT5 has various additional features that are not available on MT4, such as a timeframe of 21 instead of 9, a separate economic calendar, and an integrated marketplace . MT5 is also available in the mobile application version. However, many forex brokers and traders prefer using MT4 over MT5, because expert advisors and custom indicators built with MQL4 cannot be used on MT5.
If a trader wants to trade with the same automated system, then he has to rewrite the program with MQL5 because the trading system that is relied on on MT4 cannot be used on MT5. The default setting for MT5 is based on the rules of the United States regulator, NFA, which prohibits hedging by implementing FIFO ( First In First Out ).
This is detrimental to traders who use hedging strategies, especially hedging in one pair and for this reason, most MT5 users are traders who have not previously used MT4.
3. ThinkTrader
The next best forex trading application is ThinkTrader or previously known as Trade Interceptor. If you are looking for or want to try a trading application that has advanced forex trading and analysis tools and complete charts, but is easy for beginners to use, ThinkTrader is the answer.
After being taken over by ThinkMarkets, the app was rebranded as ThinkTrader in 2017. Since its launch, the app has added features for trading forex, stocks, cryptocurrencies, and commodities.
Traders can also access technical analysis tools as well as live charts for most forex pairs , precious metals, cryptocurrencies and over 1000 stocks through this app. You will also be presented with 10 types of price charts, from bars to candlesticks. In-app deposit and withdrawal functions are also available provided your account is verified. ThinkTrader also provides a built-in news portal if you need real-time information on financial news.
This application also provides the feature of closing and opening positions with just one click so that traders can close all positions and all positions can also be run with one click.
4. FXTM
The FXTM application is used by more than 180 countries in the world and is an application developed by the FXTM broker. Interestingly, this application is designed for experienced traders or beginners, so it can be used by various groups.
The information display on the FXTM Trader application page is also designed to be easy to read by presenting balance , margin , profit and so on. To complement the conveniences that have been provided, a one-click execution feature is also available . This will further increase efficiency for traders who need speed in transactions.
This application also has a feature that will provide market analysis from experts so that you can make the right trading decisions.
Still unsure about opening a live trading account ?
If you are a novice trader and are still hesitant to make a deposit, this is of course natural, psychologically you are not ready to trade or invest. Before you are really ready to trade , you can practice by opening a demo account at GICTrade.
GICTrade is a forex trading platform owned by GIC. This forex trading platform brings together traders and market makers . You as a prospective customer can of course choose between the two, namely to become a trader or a market maker .
In addition, GIC also has a GIC Social Trade feature . By using the Social Trade feature, you as a trader can become a follower who can follow the actions of the masters in trading , either through copy trades (following the trading actions of the masters) or reverse trades (taking the opposite action, for example: master buys , you sell ).
This feature makes it easier for novice traders to still be able to learn forex trading but still make a profit.
By opening a demo account at GICTrade, you will immediately learn and get to know the MetaTrader 5 application because GICTrade uses the MT5 forex trading application to make transactions. Let’s learn forex trading from now on!
