The Best and Most Popular Forex Platforms for Demo: Difference between revisions
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We are often asked about which [[Forex_broker | broker]] is best to 'DEMO' on when a new trader is learning [[forex]] for the first time. | |||
Demo [[trading]] will not fully prepare you for live [[trading]]. However, demo is good for getting comfortable with [[forex]] concepts, learning how a platform works, learning order types, and understanding trade size and [[Risk | risks]]. You will still need to spend time learning to adjust to live [[trading]] when you eventually move from demo to real money, but demo is where you should start. Starting with a demo account is important as you get to know the basics. | |||
Forex is dominated by just a few major platforms. Some brokers offer platforms developed in-house by their own team, but most brokers offer platforms by one of two major vendors: '''MetaQuotes''' and '''Spotware.''' | [[Forex]] is dominated by just a few major platforms. Some [[Forex_broker | brokers]] offer platforms developed in-house by their own team, and these are referred to as "proprietary platforms" as they are unique to their respective [[Forex_broker | brokers]], but most [[Forex_broker | brokers]] will offer platforms by one of two major software vendors: '''MetaQuotes''' and '''Spotware.''' | ||
MetaQuotes offers the MetaTrader family of platforms. MetaTrader is the most wide spread platform in the retail [[forex] world, so learning how to use MetaTrader means you can switch between [[Forex_broker | brokered]] without much of a learning curve. Right now MetaQuotes offers two versions of MetaTrader: MetaTrader 4, and MetaTrader 5. There's benefits and drawbacks of both version: | |||
MetaQuotes offers the MetaTrader platforms. | |||
__TOC__ | __TOC__ | ||
== | ==[https://geni.us/PepperMT4 MetaTrader 4 (MT4)]== | ||
We are recommending people use [https://geni.us/Pepperstone Pepperstone] for their MT4 demo needs. You can [https://geni.us/PepperSignup create a demo login with Pepperstone here] and create as many demo accounts as you'd like. Why Pepperstone? Currently MetaQuotes' own website will bait and switch your MT4 download into an MT'''5''' install through their installer program. MetaQuotes is doing this to push the adoption of MT5. Pepperstone, once you've signed up, offers a client panel that lets you download their branded MT4, and this program fully installs MT4 without the same bait-and-switch to MT5 that MetaQuotes is doing. | |||
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*Wider set of community created indicators, strategies, and scripts available. | *Wider set of community created indicators, strategies, and scripts available. | ||
*MQL4 (the language the MT4 uses,) is less complex to use than it's older brother (MQL5) and has a cleaner API. | *MQL4 (the language the MT4 uses,) is less complex to use than it's older brother (MQL5) and has a cleaner API. | ||
*Currently more brokers support MT4 (but that's changing as MetaQuotes has been forcing brokers over to MT5 for a while now.) | *Currently more [[Forex_broker | brokers]] support MT4 (but that's changing as MetaQuotes has been forcing [[Forex_broker | brokers]] over to MT5 for a while now.) | ||
|- | |- | ||
|'''Cons:'''|| width="500pt" | | |'''Cons:'''|| width="500pt" | | ||
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== | ==[https://geni.us/PepperMT5 MetaTrader 5 (MT5)]== | ||
As with MT4, we are recommending people use [https://geni.us/Pepperstone Pepperstone] for their MT4/5 demo needs. The same Demo account login can generate MT5 accounts. You can [https://geni.us/PepperSignup create a demo login with Pepperstone here] and create as many demo accounts as you'd like. | |||
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== | ==[https://geni.us/PepperCTRADER cTrader]== | ||
Spotware offers cTrader | Spotware offers the cTrader family of platforms. This platform family is newer but probably has been the biggest competition MetaTrader has seen in the better part of two decades. | ||
Right now I'm recommending people use [https:// | Right now I'm recommending people use [https://geni.us/Pepperstone Pepperstone] for their [https://geni.us/PepperCTRADER cTrader] needs. You can [https://geni.us/PepperSignup create a demo login with Pepperstone here]. Why Pepperstone? They have grown to be one of the largest retail [[Forex_broker | FX brokers]] over the last decade and have amazing customer support. They will treat you well with questions even while you're demoing and, in our opinion, are the strongest cTrader offering out there at the moment. | ||
I hope this helps anyone new to the FX game who is looking to master a platform and wrap their head around how the act of taking a trade even happens. | I hope this helps anyone new to the [[Forex | FX]] game who is looking to master a platform and wrap their head around how the act of taking a trade even happens. | ||
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|'''Cons'''|| width="500pt" | | |'''Cons'''|| width="500pt" | | ||
*Less freely available indicators and custom code written for this platform as the community that uses is is smaller and it has only been around for a few years. | *Less freely available indicators and custom code written for this platform as the community that uses is is smaller and it has only been around for a few years. | ||
*Fewer brokers use cTrader when compared to | *Fewer [[Forex_broker | brokers]] use cTrader when compared to MetaTrader, but this number is growing. | ||
|} | |} | ||
==Related Wikis== | |||
Readers of '''The Best and Most Popular Forex Platforms for Demo''' also viewed: | |||
* [[Trader Scouting and Prop Firms Overview and Comparison]] | |||
* [[Recommended Forex Books for New and Developing Traders]] | |||
* [[Having an Edge in your Trading]] | |||
* [[Essential Forex Trading Guide]] | |||
* [[Speculating]] |
Latest revision as of 19:38, 17 October 2023
We are often asked about which broker is best to 'DEMO' on when a new trader is learning forex for the first time.
Demo trading will not fully prepare you for live trading. However, demo is good for getting comfortable with forex concepts, learning how a platform works, learning order types, and understanding trade size and risks. You will still need to spend time learning to adjust to live trading when you eventually move from demo to real money, but demo is where you should start. Starting with a demo account is important as you get to know the basics.
Forex is dominated by just a few major platforms. Some brokers offer platforms developed in-house by their own team, and these are referred to as "proprietary platforms" as they are unique to their respective brokers, but most brokers will offer platforms by one of two major software vendors: MetaQuotes and Spotware.
MetaQuotes offers the MetaTrader family of platforms. MetaTrader is the most wide spread platform in the retail [[forex] world, so learning how to use MetaTrader means you can switch between brokered without much of a learning curve. Right now MetaQuotes offers two versions of MetaTrader: MetaTrader 4, and MetaTrader 5. There's benefits and drawbacks of both version:
MetaTrader 4 (MT4)
We are recommending people use Pepperstone for their MT4 demo needs. You can create a demo login with Pepperstone here and create as many demo accounts as you'd like. Why Pepperstone? Currently MetaQuotes' own website will bait and switch your MT4 download into an MT5 install through their installer program. MetaQuotes is doing this to push the adoption of MT5. Pepperstone, once you've signed up, offers a client panel that lets you download their branded MT4, and this program fully installs MT4 without the same bait-and-switch to MT5 that MetaQuotes is doing.
Pros: |
|
Cons: |
|
MetaTrader 5 (MT5)
As with MT4, we are recommending people use Pepperstone for their MT4/5 demo needs. The same Demo account login can generate MT5 accounts. You can create a demo login with Pepperstone here and create as many demo accounts as you'd like.
Pros: |
|
Cons: |
|
cTrader
Spotware offers the cTrader family of platforms. This platform family is newer but probably has been the biggest competition MetaTrader has seen in the better part of two decades.
Right now I'm recommending people use Pepperstone for their cTrader needs. You can create a demo login with Pepperstone here. Why Pepperstone? They have grown to be one of the largest retail FX brokers over the last decade and have amazing customer support. They will treat you well with questions even while you're demoing and, in our opinion, are the strongest cTrader offering out there at the moment.
I hope this helps anyone new to the FX game who is looking to master a platform and wrap their head around how the act of taking a trade even happens.
Pros |
|
Cons |
|
Related Wikis
Readers of The Best and Most Popular Forex Platforms for Demo also viewed: