Forex trading platforms are specialized technologies on which forex traders conduct their activities. (Forex is the largest currency trading market in the world). There are many platforms available, and each has its strengths and weaknesses. It is helpful to understand how platforms differ and which platform features may benefit you in your specific situation
Metatrader is the world's most popular forex platform.MetaTrader is head and shoulders above its competitors in terms of popularity. The current version is MetaTrader 4, commonly known as MT4, and version 5 will be released shortly. You can also navigate to www.globex360.co.za and find a forex brokers in South Africa.
How do we calculate the popularity of MT4?
MT4 has significant strengths that traders appreciate. It is an efficient platform that allows the trader to perform multiple tasks quickly and easily. These jobs include trading, performing charting analysis, accessing built-in indicators, and even running other trading models, including automated bots.
Custom, in-house trading platform
Instead of using MetaTrader, some forex brokers have built a proprietary, in-house platform. Using their proprietary platforms, these brokers have complete control over the trading environment and can customize it to suit their tastes. Likewise, they can issue bug fixes, create upgrades, and respond to customer feedback about desired additions or changes. Therefore, modifications and updates can happen faster than MetaTrader and may appear to be more responsive to customer needs.
The downside of these custom forex platforms is the fact that traders are unable to use bots and other applications that are designed for the MT4 system. Traders who opt to use these MT4 applications with a custom platform should execute orders by hand rather than relying on automation.
Also, since some of these custom platforms run on software such as Java or Adobe AIR, their performance may be less reliable than that of MetaTrader.
Given the immense popularity of MT4, some traders question the prudence of using the in-house platform. However, there are cases when it is good to go the custom route.