About trading platforms. Types and functionality
Trading platforms are used for implementation of trading activity. A trading platform is a system where you can place orders, buy/sell various financial products such as stocks, bonds, currencies and commodities. Now this list is replenished with cryptocurrency. The trading platform is a direct “bridge” between exchanges and traders. The platform basically works exclusively on a network. This factor explains the fact that it can be used regardless of location.
Trading platforms. Where everything starts
Trading platform is provided to traders free of charge when opening an account with a broker. Brokerage companies have the right to add some tools to the system, often this involves attracting customers to cooperation. When installing the trading platform, direct technical support is provided.
Trading platforms are basically based on two parts
This is a program that is installed directly on the electronic device from which deals will be made. (computer, tablet, mobile phone). Today almost all platforms are adapted for such a devices.
These are adjustments. They are introduced by the broker to increase the use of the trading platform. With these adjustments, client terminals execute the trading operation with orders.
Varieties of trading platforms
There are many types of trading platforms for today, however the most popular was and remains Meta Trader 4. Another trading platform is Ninja Trader (NT). The platform is an invention of a private American company. With this platform, you can trade not only currency but also stocks, futures and options. It ranks the second place after MT4. It is characterized by ease of use and reliability and these qualities affect the choice of traders. The use of such a platform will cost you $ 60, but some brokers provide it for free.
Also MT5 which was released five years later after MT4 and included more functions for trading. Platform Mirror Trader based on the principle of mirrored forex trading, it was used mostly by large companies. Today it’s not in high demand.
The functions of trading platforms are not limited, each broker company has the right to make a change and supplement various tools to trading platforms. That’s why we can observe such a difference in the possibilities of using platforms. We can not talk about every “know-how” from brokers, it’s simply impossible. We’ll talk about only basic functions that are embedded in the platform and tend to be volatile.
- Speed and number of actions to be performed. For example, in trading on a platform you can open up to several hundred transactions at a time.
- User-friendly interface. This can include the ability to change the color palette, overlay several charts at the same time and quickly download data.
- Security. The security of the platform implies full confidentiality and encryption of your personal data.
- Mobility. Using a trading platform cannot depend on the time of day or from your location. The only factor that influences the operation of the trading platform is access to the Internet.
A trading platform can be adjusted for each trader, it’s enough to indicate his needs. Many brokers let traders choose tools, thus formulating their own functional tools in the implementation of profitable trading.