The best App to trade the forex market is by far MetaTrader 5 (MT5)
You and me are on the move and so are the markets. We need to manage our accounts and trade on the go with powerful and ease mobile apps, web apps, or desktop apps. Trading applications in the Forex industry are the core of the exchange market. Among them, you will find the most common of them, Metaquotes. They developed it by a team of Russian programmers, who didn't expect the success of the app back in 2005.
But this application was in the laboratory for around four years before its release in 2005. The new and all sensational trading app revolutionized the industry for that year, but as new programming codes got developed, it was harder and harder for the MT4 app to stay up and updated.
A new and upgraded trading app saw the light on June 2010. From its core, the new trading application, now called MT5, represents a new app. You might argue that the apps look the same. That is because the programmers of the apps wanted to keep it like that. From the inside, it is 100% different.
People and firms trading in the currency markets, as well as other products, started to react badly towards the new MT5 app.
But that reaction came out of the ignorance surrounding this trading app.
I don't want to give you lots of data and useless background information about this app. There is a lot of it on the internet. Therefore I will share with you things you need to know about MetaTrader 5.
MT5 came out as a result of the high demand on the forex industry MT4 (the King predecessor trading app) had.
The issue with that high demand took place when the updates and debugging reached a limit. Yes, my fellow trader friend, MT4 could not be updated anymore, but why? I am glad you asked!
The new technologies ate the most used app for trading the markets in the whole world.
Yes, there is your answer, MT4 programming code became obsolete. With all the updates coming out on windows operative system, and with a coding programming every day more and more obsolete, MT4 coders reach the limit of updates MT4 could resist.
While all of this was happening in the Robinhood trading of MetaQuotes, programmers, brokers, and traders, all at one voice needed to adapt, research, creates new and better Expert Advisors, better feeds for providing liquidity, developing more and more ways to serve their client thru the MT4 connexion.
For the time MT5 started to gain some ground in the forex trading industry, there were millions of mt4 AE, thousands of Brokers using it, not to mention all expert traders who developed their experience on trading by using MT4 when MT5 came alone.
MT5 remains rejected by thousands of brokers and traders.
The reason for this is simple, firms, traders, a significant majority of them thinks MT4 can do things MT5 cannot.
This myth is, by far, wrong. Simply because there is nothing, absolutely nothing Mt4 does, that MT5 cannot do.
Now, if you have your Expert Advisors coded for MT4, of course, they will not run on MT5. But why don't you hire somebody to code them for MT5?
That is not on MT5; it is on you!
10 Things MT5 does, and MT4 doesn't
In the above infographic, I am just mentioning the more relevant forex trading applications for me, but you might also like the 21 timeframes of MT5.
Enough of MT5, let´s move to the second-best trading app in my list.
CMC Markets owns one of the best High-Tech peace of art for online trading out there.
If you Know ZERO about programming and software developing, you might get a wow reaction when you see it for the first time these trading apps. But if you have a little background of programming and developing online applications, the first time you see this platform, your "wow" will mean something completely different from other "wows."
Simply because CMC Markets have it all, not only on features now, but also on user experience when moving around their trading platforms. Take a look:
Look intimidating, do they not? When you try to do something or to execute an order, whatever you need to do, the system itself will amicably guide you. Assume now you still cannot manage to use it, there are a live chat and a phone line to help you.
Now, honestly guys, it is better CMC trading app than MT5? It is! Better technology used to create it, better layout, more robust, and yet more comfortable to use interface. The reason why it is second and not first it is just because of popularity when faced against MT4 or MT5.
I know many of us will not stop using MT5 or MT4, whatever! For our 100% forex trading live. Especially me, I use it every day, but 40 minutes top. Then I move to CMC. Lets us have a more in-depth view, just a bit deeper on CMC Markets.
Over 35 drawing tools: It explains by itself
Technical indicators: More than 30 overlays and 50 studies
Twenty years of Extensive price history: Allowing you to analyze price action over the long term.
Chart intervals: From one second to one month
Customizable charts: Got it?
Compare price action: when you trade correlated as I do, here is a golden goose.
CMC Markets offers a trade from charts: Not too much of a fancy feature, but excellent anyway.
Check this feature now:
Price projection! An excellent feature for online trading.
Available only when you are inside your live trading account, and on every chart, the pattern recognition tool allows us to seek for standard technical chart and candle patterns, which will result in a price projection.
Now, you don't go blindly and trade based on this price projection like a retarded.
You first have to test several times, discovering which is the more useful asset to trade when using this feature, after having a few months, yes months! Of trying and testing CMC Markets, then check the results to come up with a decision.
Demo trading is your best shot.
Now that you saw my first two forex trading apps, what do you think?
Are these trading application good enough for you? Do you think there is something I should mention about those trading apps that I didn't? That is why the comments block is below there, brother!
Hey! Not done yet, there are 10 in total, so eight more to go, ready?
IG Markets, my experience is simple; this forex broker doesn't offer much. And they don't, merely because they have what every other broker has. I placed it on position three for one fundamental reason, TRUST.
I don't know about you guys, but I had an excellent experience with this broker. When a forex broker fixes your account issues in a flash, when you call them, and they are there, and when you are not there. Something happens in your open trading positions, and they call you, and I am not talking about margin call, I mean you opened a too-much of a risky trade, you placed a wrong Stop Loss, your take Profit is too close or whatever. And they call you, now that is attention.
And again, I need to mention what this broker offers. Which is also cool, not just because of what it is but because of how it works, which is fast and bug-free.
Web trader: A regular web-based trading environment. pretty easy to use though
MT4 platform: Booo
mobile trading: You know every time everywhere same features brokers aim to have.
Again, I see not much power in terms of technology or features offered, but if there is one thing we look in a forex broker, is security. Security involves trust in the broker for your trading. The broker sometimes is holding us tens of thousands. If you don't trust them, why in the world you have your money there in the first play? Are you OK?
Lets us honor the line of this article and check this IG Trading platform:
Simplicity, nothing out of this world, but one thing is keeping them as one of the biggest trading platforms in the world to trade, and that is reliability. I think I said enough about this monster broker.
Saxo Bank, this broker is one the oldest and yet modern broker you will find, owner of such a fantastic website, and still even more impressive apps to trade.
First, they have a web-based trading app called SaxoTraderGO.
This broker has it all, experience, trust, the best technology available for trading, and still, It is not my first. The reason for this is simple; the amount of money you need to start trading. I have not an account with them, but last time I checked I needed 10k to start register in that broker.
It is not bad when you are aware that trading is a high-risk environment to put your money. Now, if you know what you are doing, I am not saying just open and close a position. When you have a long-lasting experience and an excellent background of trading, then you should consider this broker, My pocket dest like it, neither my bank account, but my brain is in a fight with them. I mean this is a kind of broker you don't go to play around.
Let's talk about the more profound trading style Saxo Bank app can offer.
SaxoTraderPRO; now, this app is enormous in terms of features, check how they present it to us:
"The professional’s choice. Our downloadable, fully customizable,professional-grade platform for advanced traders."
And this is the good news, and they are entirely right. The didn't complex for marketing purposes, because the learning curve for that trading app got to take some months to continue practicing. But it is great!
Check the regular SaxoTraderGo app:
Saxo Bank offers lots of features and tools and a whole lot of things; your mind can be wow for a while, and yet, still simple compared with SaxoTraderPro.
See below what I mean:
I know many of us to have several monitors and tools and a lot of show-off Bla Bla Bla things. But this SaxoTraderPro app is the perfect fit for us. And yet, I am not using it. Why? Did you read above or just looking pictures:-D
Saxo Bank is also well known for its reputation, a robust and trusted forex-giant.
Looking for something like this broker or having the money to start trading there, it is always wise to get in touch first. A call, an email, clear any doubt out, then you open your account.
Is more or less a deserved place for this broker: Dukascopy Bank
Awarded for several years as the best trading platform app provider in the world and all these fantastic features a broker should have. DukascopyBank has it all. It is not higher on this ranked trading apps, just because the FCA, NFA or CySec do not regulate them. If they are, they should have it at the footer of their website pages.
Regulations represent something important because the more regulated a broker is, the more control it has to reduce the possibility of fraud. It is not that never before a fully regulated broker did something wrong to their clients, be as I said, it reduces the risk of happening.
Dukascopy Bank trading app is straightforward to use, and very fast too, even when using old tech mobiles (5 years old max LOL)
Let us take a look at the platform JForex 3:
Here I had to make a copy and paste, and this is what they featured as main characteristics for JForex 3:
Manual, automated and chart trading
250 indicators and chart studies
Calendar of economic events, news
Automatic trading on a user's machine or Strategy Server
Automated trading historical tester
Renko, Range bars, Point Figure, and Line break charts
JForex 3 trading app got created for traders, they said. Using Java, which allows the app to run regardless of the operating system in your desktop pc or Mac. About this, I got to say that it is significant for stability in our positions open. I won't get too much into detail on this, but, have you ever had a trading position open overnight, and you wake up in the morning to find that the trade closed, and it got out in a PIP point it was not expected to get out at?
Well, that might happen for different reasons, but one of the most common reasons is the app stability concerning the operative system.
The reason why I think this trading app deserves its fifth position. Though the broker offers many features, yet, the technology is too old. When something is given by old is close to dying. They better adapt to the new technologies, or they will soon found themselves surrounded by a market which flies upon them on clouds, while they are still running fast, on foot.
Not everything I have to say is about all brokers got to be helpful and shine, does it?
You might have your own experiences with this broker, and I have few. Tell me about your experience, and you might convince me to update this section. Meanwhile, this is it. Cheers!
FXPro, Now I will try to hold my horses here because I had an awful experience with this broker.
You might have noticed by now. I am not an affiliate on any of these forex firms. Neither I am trying to convince you over any of them. But I firmly believe the more info we share among each other, the more protected we will be, which also means, prepared.
I am not going to leave you wondering, what happens with me in FXPro.The thing was as follow:
I had my account open and running as regular, but one of my position, which was doing perfect start to drop on earnings, while another one was climbing. Did I mention that I trade correlated? Yes, I did brother!
Ok, then I received a call, it was a margin call, as they told me, but I argued; "I have enough balance, and everything is fine for me", the seller insisted with an out of hell pitch, which I did pay attention to, but he insisted on me funding more my account, I said NO! I won't. He keeps calling and asking to the point that I closed all my positions,took my profit :-D, and never went back to them.
That was annoying for me, to the point that I won't go back to them for trading, simply because as you can see, there are much better options for me.
Ok, now some images from FXPro:
Yes, I know, It is not a trading platform image, but it is cool though. Beautiful details, and for those of us in the markets for several years, we can easily spot the meaning of the picture. Yes, this is a post with mystery! Boohoo.
Do you want to know more?
Comment or share this post to see who is informed enough to see the hidden message!
Now, back to the annoying thing; the trading app image from FXPro:
This tools are quite common and not too much of a novelty. What is making this broker such a success among other brokers, is not the features it has, nor the prices, neither the customer support, :-).
Their success lays on the competitivity, they know what is going on on significant brokers, and because of that, they adapt, so adaptability is one thing, but we are not promoting this broker, we are informing ourselves about it. And when it comes to low budget to trade, aiming to use a reliable broker, then yes, FXPro is for you.
Are you like me? Do you get pissed up when they call and call for you to deposit? Then here is a piece of good news; A manager of FXpro told that my account manager got fired after they found what he did to me.
I don't know if it is the truth, but one thing is for sure, he didn't call me again maybe because I requested all my data to be deleted from their database, threating them to call the GDPR Justice League!
If you made it up until here, you deserve to know this: FXPro is a broker you can trust, they send your money fast to your bank, they have lots of payment solutions and processors, I mean, yes, that guys was an asshole! But I took all my money back. No! I am not tempted to open another account there. Can you stop messing around! LOL
FxPro MetaTrader 4
FxPro MetaTrader 5
The above is the trading app platforms FXPro have to offer. As you can see, they offer Ctrader. Significant and yet secure platform to trade.
I am not going to mention much about spreads and fees, but FXPro is one of the brokers with the lowest extra charges in the industry. Now, don't fall into the unreal Zero spreads thing many brokers are offering, because what they won't take from you from there they will take it with another way.
With this broker, I never had fees surprises. I always paid what I knew; they told me I have to pay.
HYCM, my beloved broker, I said it is mine not because I own it. Come on now!
But because they are so transparent and clean that when you talk to them, you feel like almost you are not talking with a broker. They won't push, they won't lie, they won't trick you into opening an account just to onboard your money to let you alone to lose.
I have a constructive comment to say about this broker, but if I talk about them this good and not expose to you the downside, then this post is rubbish. And I said that because of this:
They are one of the first brokers in the world; their FCA license goes back to 1991. If not that year, pretty close to that. Plus, they are in the business sine 1977. Wow, that is a lot of years.
And yet they still on diapers. Don't laugh! is serious, :-)
HYCM broker had survived the significant regulation changes of the industry, and after all those years, after all the opportunities there, still you don't see any considerable platform developing on their side.
Their mobile app for trading was develope for my gramma, and I guess because it was so bad and slow and buggy, that I never got to open a position there.
Nope, my gramma is not a developer, stop messing with my gramma!
Then you still considering HYCM at this old ranked broker apps!
Inevitably, because as I mentioned above, this Forex Trading apps list, it not for you to find just a broker to trade, it is meant for you to choose wisely at the moment of putting your money in somebody else's hands.
HYCM will provide you with exceptional service if you only trade withMT4. When you know you are not an aggressive trader, meaning, purchasing big lots and having to buy 50 positions a day with a lot of money in each location, then HYCM is for you.
Not to mention the fact that HYCM had never received a fine by any authoritative regulator. HYCM do clean and transparent executions of trading.
There is no need to show you images of HYCM trading platform because they use MT4, so you had seen that early today, :-), if not, you are not a trader!
Now we reached the position where execution is killing the broker, but the broker has it all. Well, almost!
ICMarkets, powerful broker, very robust firm, yes it is a fantastic broker, all platforms, nice prices/fees/commissions/whatever.
But what in the world is happening to them? Have you ever trade with them and notice how long it takes for a position to open?
Yes, execution time is everything here. The broker said it is 40ms, which is terrible anyway. But the thing gets worse when you go to trade.
I mean ICM guys, read me carefully, you need to have a better server configuration, locations, and platform setting. Today having that much of lousy execution time for a broker with your potential it is not acceptable.
Yes, you have all the rest of the features, but come now, don't you care about the traders?
Now, back to the real world. We don't just go for a broker for execution time; in fact, many of the traders out there have no clue of what I am mentioning.
They think execution is that tall guy with the long sword to cut your head off. Well, it is that because if your execution time is too slow to enter, imagine how long it will take to get out? For the time the position closes, your account might get burned.
Ah but not everything is terrible there:
ICMarkets is equipped with all the necessary tools for an excellent experience when trading, if you live in London, LOL. There is where the server for the trading platform of ICMarkets is located, at least one of them.
Also, the broker offers excellent customer support, good spreads, and fees.
Regardless of the execution, which not always is having problems, only in time of Markets volatility, which all broker might be a victim. We don't care about the execution when it is not provoking us any damage.
Here is a TIP:
If you want to know how bad or good an MT5 or MT4 connection is, check on the respective app. say you are using MT4, in the lower right corner of the platform, when hovering over the connection meter, you can see the speed of the connection for that precise moment. If you know that it is too high, check an economic calendar, you might find some good or bad for the event of the market going on.
Now if nothing is going on, then it is just the broker latency.
Here I will give you the list of the available platforms and tools for trading in ICMarkets:
MAM / PAMM
Virtual Private Server
MT4 Advanced Trading Tools
I don't know about you guys, but it looks old and giving the other versions of Ctraders out there, who knows why they keep this one so far.
Oh, we are about to reach the bottom.
For mobile apps, there are plenty, but one which is always up and running, not buggy times, and fantastic design is Etoro.
Etoro right now is going thru a very aggressive marketing moment, thanks to this their average visitors per month are 14m, yes, fourteen million visitors a month on average, according to Similar web. Realistically speaking, it is easily possible when you pump a lot of money per month on PPC.
I will share with you my favorite marketing advertizing from Etoro, come on, man, and I don't want you to be bored:
That video is not only funny; it is also real. People are trading there are more focusing on living than trading.
It is not something easy, though, because you got to find first a good trader to copy your trades. Once you find it, everything is straightforward, just set the right parameters to determine the size of your positions, etc.
Etoro is not the first, or in a better position for me, because they more focused on copy traders than anything else. Yes, you can trade regular there, but once you get to use them regularly, they are just another broker. Nothing amazing about it.
For me, a good broker not only has it all but take care of all.
Broker IronFX, one of the biggest broker of the industry
Yes, IronFX is such a massive broker, with everything a good broker may wish, only when it comes about infrastructure and cash flow. But its reputation is its enemy.
They said and shield themselves on IBs scamming them and stealing money from their clients in the name of Iron FX, that is what they told me on the phone. Which it is real, in China that happened, Iron is innocent of that. But guilty on allowing them to do it for the lack of proper management.
When you hire people who are supposed to monitor something they got hired to do, and they don't do it, then the door is open for robbers to get it, damage the business and leave, taking with them your reputation.
IronFX is a fantastic broker now, has it all and more. But it is still fighting to beat the past — the yesterday of Ironfx, which have no mercy on this great broker. There is something significant about the persistence, the fight, the cleaning of the name.
Of course, people are complaining, but let's be realistic, all broker, here on the list or not, they have the ups and downs.
I Put IronFX last not because it is the last, but because is where your attention should end, not in a broker now, but in the fight of a good match, a battle to make money yes, but protected from those who are trying to take our money and then blame us for losing it.
Take ironFX platform for a spin, check it and see all the features, there is nothing a broker have IronFX is not having it. If they don't have it now, it is not because IronFX didn't test it before, it is because they found no value in it, nor for their business neither for the users.
The same thing we should persist on doing, finding the best opportunities out there and test them, not all golden will be gold, so you better learn from the experience of others, it will save you a lot of money.
All these trading platforms apps represent my experience on each, somewhere significant others not that much. I didn't want to reserve for my self any though, and this is an open thought, wrong, or right I share it with you for your evolving into a better trader.
Do not waste your time, and it is the real no renewable resource we have, so look for fast execution, trusted and experienced broker to use your time.