Online brokers offer their clients electronic platforms that they use to perform transactions and perform other trade-related activities. The popularity of a broker depends on the functionalities, user-friendliness, and reliability of their trading platform. Most of these platforms are available on PCs and portable devices. Trading platforms may be proprietary or may be purchased by the platform developer’s broker for the use of their customers. Online trading platforms offer the user the following basic functionalities:
Accessibility is an important criterion for evaluating a platform. Other functions such as fast order execution, better account management functions and user-friendly tools for market research are equally important. The platform must be in the right place in terms of complexity; if the functions are too complicated, a beginner may feel overwhelmed, but if the functions are too small, the same trader can switch to a different platform as they gain more experience. This makes flexibility for customization an important function for a platform because it can be adapted to the needs of different user categories.
MT4 and JForex are two of the leading trading platforms offered by Forex brokers.
MT4
MetaTrader4 was developed by MetaQuotes, which licenses its software to Forex brokers who deliver it to their customers. The software is available on Windows and mobile devices and some of the brokers also offer a customized version of MT4 for iOS devices. The platform is mainly used for margin trading and is not recommended for trade shows. Although some traders use it for CFDs, it is mainly used for Forex trading. MT4 is one of the most popular platforms in forex trading and can be downloaded for free. MT4 makes automation of order execution possible by programs in MQL4 language, which have their own character. One of the most attractive features of this platform is the flexibility it offers – it allows construction of custom indicators, tailored to the needs of different users. The simplicity and the many built-in tools on the platform make it a popular choice.
Benefits of MT4
-Localization: since MT4 is used so widely in different geographic regions, it has been translated into multiple languages, which is a big plus for users in non-English-speaking regions.
-Diagrams: the platform offers numerous diagrams with which the trader can analyze the market with a technical perspective.
-Expert advisers: MT4 provides algorithmic trading that can be used by a trader as tailor-made expert advisers. While an experienced trader may still prefer his own order execution skills, EA’s novice traders can learn the tricks of the market.
– etc.
JForex
Most Forex brokers offer MT4 as the preferred trading platform for their customers, and this has resulted in its high popularity with retailers. Over time, MT4 platforms have become the industry standard, but JForex offers a quality alternative to MT4 and offers functions and functionalities comparable to those of the market leader. It is offered by Dukascopy – Swiss Forex Bank & Market place and is recommended for traders interested in manual / automated trading and the development and testing of trading strategies based on the Java programming language.
– Functionalities – The JForex platform can be used for forex trading and offers a wide range of order types including market, stop, limit, profit taking, stop loss, stop limit, follow stop, etc. It also offers slippage control mechanisms that can be used to control maximum price shifts during order execution. The platform can be used in both the net position and the cover mode.
– Automated strategy visualization – JForex allows a visualization of the selected trading strategy based on historical data, for testing the strategy before implementation.
– Multiple indicators – More than 180 trade indicators are available.
Conclusion
Both trading platforms have their own strengths. MT4 is popular for its simplicity, flexibility, built-in tools, and expert advisers. It is particularly easy to adopt as a novice, making it popular and one of the reasons why it has become the market leader. MT4 is also suitable for an expert trader, but the scope of the options that JForex offers when building and testing complex strategies are greater than with MT4. Also, the OS compatibility of MT4 is limited compared to Jforex, which gives JForex an advantage for MAC and Linux users.
