The trader’s main tool is a trading platform, but it’s not enough for reaching success. There are lots of other tools that make money earning easier and faster: numerous applications, scripts, copy trading services. This review will cover them all. Read on to learn about the best Forex trading tools 2020.
What tools do you usually use while trading? A trading platform, obviously. But is it enough? What about mobile trading apps? Or trading advisers? Also, there are paid or free services for trading signals, copy trading services, trader’s diaries, and so on. Everyone has their favourite sets of tools and I invite you to share them in the comments section.
The article covers the following subjects:
Review of the best Forex trading tools
Rating of Forex tools
The rating below is subjective, but at least it will introduce you to a trader’s auxiliary tools. I use a great deal of those tools myself.
1. Best desktop trading platform 2020 – MetaTrader
MetaQuotes’ products MT4 and MT5 have been the market leaders for many years. These platforms bring together functionality, convenient visualization and user-friendliness. Though the platforms seem overloaded with tools, 3-4 hours of trial and Google tips will be enough to become a confident user.
- Constant assistance by MetaQuotes: updating and troubleshooting. None of other platforms can deliver an analogue of the MQL5 site with the same toolkit.
- Opportunity to add indicators, advisors, and scripts in MQL4 language. Though the platform offers a few dozens of embedded indicators, figures and charts, you can order code writing for MT4 to meet your trading system’s requirements. There hardly exist any platforms offering such an opportunity.
- Dedicated set of functions for testing and optimizing indicators and trading advisers.
The fourth version of MetaTrader is more popular than the latest fifth one. Working on the newest version, the developers added into MT5 a fully-fledged option of market depth, a few additional orders, non-standard time frames, etc. That didn’t impress traders for one reason: most indicators and advisers are tailored to MT4 and aren’t readjusted to MT5. The only thing in which MetaTrader 5 outperforms MT4 is testing and optimizing trading systems.
2. Best web trading platform 2020 – LiteForex
The most popular trading platform is LiteForex’s platform built into the Client’s area. Unlike Mt4, it’s totally understandable at the first sight. The developers managed to offer an optimal set of functions and a user-friendly interface.
Advantages of LiteForex’s platform:
- Advanced data transmission. No slowdowns or delays in orders execution on both the server and the platform.
- Additional indicators, which are absent in MT4.
- Extra functions: one-click order control, analytical tips (market sentiment, signals of trend indicators and oscillators), user chat with professional analyses and news.
- The platform is adapted to any versions of mobile devices.
- It features an embedded service for copy trading and a set of functions for creating various affiliate programs, with or without a cashback. More details are provided here.
LiteForex’s Forex platform is a perfect option for active beginner traders and passive investments. Just have a go and open a few trades on this popular platform. You gonna like it!
3. Best trading analysis website 2020
There are two sites that claim victory in this category and either of them is convenient and useful based on what your goals are.
Investing (investing.com). It’s a free analytical portal with 15 millions of unique users per month. It provides…