Forex Trading Platforms

A trading platform is the software you use to see prices, draw on charts and send orders to your broker. The broker holds your account; the platform is the window into it. Most brokers let you choose between several platforms.

MetaTrader 4 (MT4)

MT4, made by MetaQuotes, launched in 2005 and became the most widely used retail forex platform in the world.

Simple, stable and light on computer resources.
Huge library of custom indicators and Expert Advisors (EAs, automated trading programs) written in the MQL4 language.
9 timeframes, about 30 built-in indicators.

Note: MetaQuotes stopped selling new MT4 licences to brokers years ago and pushes MT5 instead. Many brokers still support MT4 for existing clients, but new accounts are increasingly MT5-only.

MetaTrader 5 (MT5)

MT5 is the successor to MT4. It looks similar but does more.

21 timeframes (including M2, M10, H2, H6 and more), 38 built-in indicators.
Built-in economic calendar and market depth (Level II) where the broker provides it.
Faster multi-threaded strategy tester for EAs, written in MQL5.
Also trades stocks and futures at brokers that offer them.

Warning: MT4 indicators and EAs do not run on MT5. They must be rewritten in MQL5.

cTrader, TradingView and Broker Apps

cTrader

Made by Spotware. Clean modern design, market depth shown by default, detailed order options and transparent execution reports. Automation uses C# (cBots). Popular with ECN brokers.

TradingView

A browser-based charting site with excellent charts, a huge community and the Pine Script language. Many brokers now connect to it so you can trade directly from TradingView charts.

Broker web & mobile apps

Most brokers build their own platform for the web and phones. Usually simple and good for checking trades, but fewer tools for analysis and automation.

Feature Comparison

Feature	MT4	MT5	cTrader	TradingView	Broker app
Cost to you	Free via broker	Free via broker	Free via broker	Free plan; paid plans for more	Free
Timeframes	9	21	26+ (incl. tick, Renko)	Many, custom	Few
Built-in indicators	~30	38	70+	100+ plus community scripts	Basic
Automation	MQL4 EAs	MQL5 EAs	C# cBots	Pine Script (alerts, strategies)	Rarely
Market depth	No	Yes*	Yes	Depends on broker	Rarely
Desktop / web / mobile	All three	All three	All three	All three	Web + mobile
Best for	Legacy EAs	All-round use	ECN trading, clear execution	Charting and analysis	Monitoring on the go

* If the broker provides depth data.

Tip: Many traders do their analysis on TradingView and place orders in MT5 or cTrader. That is fine. Just make sure the prices match: your broker's feed may differ slightly from TradingView's default data.

Anatomy of a Platform

Almost every platform has the same four parts. Learn them once and you can use any platform.

Part	What it shows	What you do there
Market Watch	A list of symbols with live bid and ask prices and spreads	Pick a pair, open a chart, open an order ticket
Chart	Price history as candles, bars or a line, plus indicators	Analyse, change timeframe, draw lines, drag SL/TP
Order ticket	A window to set symbol, volume, order type, SL and TP	Send market or pending orders
Terminal / Toolbox	Open positions, pending orders, balance, equity, margin, history	Monitor and close trades, check results

Reading the terminal

The terminal shows key account numbers. Learn these words:

Balance: your money not counting open trades.
Equity: balance plus or minus the profit or loss of open trades.
Margin: money locked up to keep your open trades running.
Free margin: equity minus margin. Money still available for new trades.
Margin level: equity ÷ margin × 100%.

Example

Balance:          $1,000.00
Open trade P&L:     −$45.00
Equity:           $1,000 − $45 = $955.00
Margin used:        $361.67   (0.10 lots EUR/USD at 1.0850, 1:30)
Free margin:      $955 − $361.67 = $593.33
Margin level:     $955 ÷ $361.67 × 100 = 264%

Note: Margin for 1 lot of EUR/USD at 1.0850 with 1:30 leverage = 100,000 × 1.0850 ÷ 30 = $3,616.67. The example above uses 0.10 lots, so margin is one tenth: $361.67. More in Leverage & Margin.

Charts in the Platform

The chart window is where you will spend most of your time. You can show indicators, draw support and resistance, and see your open trade with its stop and target as lines.

A typical platform chart: candlesticks, a 21-period moving average and a line marking the entry price of an open trade.

One-Click Trading: Use With Care

Most platforms have a one-click trading option. Once turned on, a single click on Buy or Sell opens a trade at once, with no confirmation window.

Danger: One-click trading makes costly mistakes easy: the wrong lot size, the wrong pair, or a double click that opens two trades. Keep it off while you are learning. Use the full order ticket so you see the volume, stop loss and take profit before you confirm.

Example: A one-click mistake

You meant to buy 0.10 lots of EUR/USD, but the volume box still says 1.00 from yesterday.

Intended:  0.10 lots → $1 per pip
Actually:  1.00 lots → $10 per pip
A 30-pip move against you: −$300 instead of −$30

Choosing Your Platform

Choose a regulated broker first. Then see which platforms it offers.
Open a demo account on each platform you are considering.
Practise the basics: open a chart, place a pending order, add a stop loss, close a trade.
Pick the one you find clearest. You can always add TradingView for charts.
Install the mobile app too, so you can check or close a trade away from your desk.

Warning: Only download platforms from your broker's website or the official app stores. Fake "MT5" apps have been used to steal logins and deposits.

Test Yourself With Exercises

Which part of a platform shows your open positions, balance and margin?

Market Watch
Terminal / Toolbox
Order ticket

The terminal (called Toolbox in MT5) lists open trades, pending orders and account figures.

Your balance is $2,000 and your open trades show −$150. What is your equity?

$2,150
$2,000
$1,850

Equity = balance + open P&L = $2,000 − $150 = $1,850.

Can an MT4 Expert Advisor run unchanged on MT5?

No, it must be rewritten in MQL5
Yes, they use the same code
Only on weekends

MT4 uses MQL4 and MT5 uses MQL5. They are not compatible.

Equity is $955 and margin used is $361.67. What is the margin level (rounded)?

38%
264%
594%

Margin level = 955 ÷ 361.67 × 100 = 264%.

Why should beginners turn off one-click trading?

It costs extra
It is slower
It skips the confirmation step, so mistakes are easy

With one click there is no ticket to check lot size, pair, stop or target before the order is sent.