Finding the best trading software will greatly improve your chances of trading and investing financially. Since your trading platform is the gateway between you and the markets you’re trading on you need a platform that you feel comfortable with. What’s more, all your trading tools, graphs, indicators, alarms, and robots, will be accessed through your platform.
Hence, finding the best trading platform offered by a safe and regulated online broker is crucial. Therefore, we have created a complete introduction to online trading platforms and what to consider when picking one. Also, we dive deeper into some of the most popular trading platforms such as cTrader and MetaTrader 4 & 5.
What is Trading Software?
Trading software is exactly what it sounds like: software used for online trading. In most cases when talking about trading software, one refers to trading platforms, ie. the tools and platforms used for trading. However, trading software could also be a stand-alone analytic tool or even software used for practice.
Today, there is a vast number of trading software available and many of the top-tier brokers offer a combination of different versions. Also, due to the rise of new technology and devices, there is trading software for computers, smartphones, and even web browsers.
What’s more, there are what’s called third-party trading software and proprietary software developed by brokers, which both present advantages.
Desktop Software
Only a few years ago, desktop trading platforms were the most common trading software used by online traders. These are platforms that are downloaded to computers – either desktop or laptops.
To access this type of platform, you have to install the trading software on your computer. Now, for many reasons, this is quite impractical and it is becoming more common with trading platforms that are more accessible.
Web-Based Software
Today, web-based trading software is more commonly offered by top-tier online brokers. These platforms function the same way as desktop software with one major difference: there is no need to download anything.
Instead, the platform is accessed through a web browser on any computer. Hence, traders don’t have to limit themselves to trading on one computer but can log in to their trading account from anywhere.
Mobile Software (Trading Apps)
The rise of trading apps – mobile trading software – has been swift and exciting. In today’s industry, any broker that wants to be taken seriously has to provide ample mobile trading opportunities.
For some brokers, their mobile app has become their main trading platform handling a majority of their trades.
The benefits of using mobile software are many, but accessibility is the main one. Having a trading app on your smartphone allows you to trade anywhere at any given time. All you need is the app, a smartphone or tablet, and a decent internet connection.
Third-party or Propetriary?
Another major aspect that sets trading platforms apart is whether they’re designed by the broker itself or by third-party software developers. Neither versions are “better” than the other one, but they do present different advantages.
For example, in-house developed trading software tends to be less advanced and more beginner-friendly, although limited in terms of offerings and features.
A third-party platform, on the other hand, is developed for the sole purpose of being as advanced and sophisticated as possible. Often providing multiple graphs, indicators, and other tools to help you perform, these platforms are great trading software to use if you’re serious.
To get a better idea of the difference between these two types of platforms, please refer to our comparisons below.
Some of the Best Trading Software (third-party)
As promised, you can read more about some of the best software trading software developed by third parties below.
MetaTrader (MT4 & MT5)
MetaQuotes is the name of a company that is responsible for two of the best online trading platforms ever: MetaTrader 4 and MetaTrader 5.
Both of these platforms are highly sophisticated and efficient and, despite common beliefs, MT5 is not an upgrade of MT4. Instead, the two platforms have been developed for different purposes.
You see, while MetaTrader 4 is one of the leading forex trading platforms in the world, MetaTrader 5 is mainly suitable for CFD trading (when utilizing the advanced features of MetaTrader 5 for CFD trading, it is beneficial to choose reputable MetaTrader 5 brokers that allow traders to leverage its tools).
Besides that, both platforms feature similar tools such as great analytic methods, indicators, and even copy trading.
cTrader
cTrader is the name of a top-tier trading platform developed by Spotware that was launched in 2010. Since then, the platform has grown extensively and is now considered one of the absolute top trading software anywhere.
In many ways, cTrader is in direct competition with both MT4 and MT5, and with every similar feature, including copy trading and algorithms that help optimize your efforts, your decision comes down to personal preference.
In addition to its comprehensive features, cTrader also offers trading with algorithms, allowing traders to optimize their efforts.
TradingView
TradingView is the best analytic tool available to any online trader, regardless of where in the world you reside. In their own words, TradingView is the tool to “Track all Markets” and it couldn’t be close to the truth.
No matter which asset or market you’re trading on, you can rest assured that TradingView will have accurate and up-to-date price data. This way, you can plan and execute your trades in the best way possible.
If you’re looking for reliable trading data, then TradingView should be your obvious choice.
NinjaTrader
Launched in 2003, NinjaTrader is among the best trading software options available today. With its robust features and user-friendly interface, the software provides a powerful platform for both beginner and advanced traders. Note that NinjaTrader is specifically tailored for futures trading. It also supports stocks, options, CFDs, and forex, allowing traders to diversify their portfolios and explore various markets.
The best element about NinjaTrader UK is its advanced charting capabilities with a wide range of technical indicators, drawing tools, and customisable chart templates. This enables traders to conduct in-depth analyses and make well-informed trading decisions. Additionally, NinjaTrader’s order execution system is highly reliable and efficient, ensuring you efficiently enter and exit trades.
Another noteworthy aspect of NinjaTrader is its extensive third-party ecosystem. The platform supports a vast library of add-ons and indicators developed by third-party providers, allowing traders to customise their trading experience according to their unique strategies and preferences. This ecosystem fosters innovation and provides traders access to a wide range of tools and indicators to enhance their trading performance.
Some of the Best Trading Software (brokers)
As mentioned, many online brokers develop their own trading software, and below, we have listed three brokers that have excelled at this. Keep in mind that some brokers only offer their own software while others offer a combination of their platform and a third-party platform such as MT4.
1. eToro
This is the broker that made online trading popular and copy trading the talk of the town. With millions of customers, thousands of assets, and licenses from the US and Europe all the way to Australia, eToro can be used by pretty much anyone.
eToro quickly made a name for itself by providing unparalleled copy trading and social trading features. However, the eToro platform is also one of the best that we have tried for “regular” trading and analytic work.
Naturally, eToro is available on the desktop and through trading apps for your smartphone.
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. IG Markets
IG Markets is, by far, one of the top online brokers online today. With a massive selection of assets, several different trading platforms to choose from, and an overall amazing reputation, IG is a favorite among many.
When using IG, you can choose between an array of trading software, both proprietary and third-party developed including MetaTrader 4. Obviously, all trading software is provided in web-based, desktop, and mobile versions to accommodate every type of trader.
3. Plus500
*Illustrative prices
For mobile traders, few options can compete with Plus500. For years, this broker’s trading has been one of the highest-rated trading apps in both the App Store (iOS) and Google Play (Android).
Without a doubt, Plus500 is an excellent choice for mobile traders, although the platform also performs well in the web-based version. The one downside with this broker and the trading software is the small number of assets offered which barely exceed 2,000. All instruments on Plus500, including forex, can be traded through CFDs.
Note: 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
MetaTrader 4 vs. MetaTrader 5
Some might say that MetaQuotes made a confusing decision when deciding to name their two main platforms MetaTrader 4 and MetaTrader 5 even though MT5 isn’t an upgraded version of MT4.
The difference lies in the markets that the platforms have been aimed at. Both of them are designed for speculative online trading. However, MetaTrader 4 was developed for forex trading and today ranks as one of the best forex trading software available. MetaTrader 5 was, as mentioned earlier in this guide, developed for CFD trading.
This means that the platforms share a lot of similarities but that they, in the end, provide different trading opportunities.
Because of this, there is no reason to compare MetaTrader 4 with MetaTrader 5 and chances are that you will end up using both trading software in your upcoming trading journey.
Do you want to know more about the automated trading software or ai trading apps? Read our other articles.
