The Forex platform is really the heart of a Forex broker and absolutely critical to the traders success. Every time you want to trade you have to open the trading platform and therefore it’s obvious that you have to like the software. While the core functions of the trading platforms are much the same and there are only a few significant differences. But some softwares offer important functions others don’t and this is also crucial for your trading success. There are differences especially in the usability and clarity. The eToro platform is clearly tailored for beginners and places more emphasis on clarity than functions. Metatrader 4, however, is a professional forex platform that offers some special functions and doesn’t focus on usability that much. This does not mean that Metatrader is not to be recommended, but that it takes longer to get used to it compared to the eToro software where even your mother could trade properly.
In the following, we take a look at the most popular Forex platform and show with screenshots how that platform looks like. We place special value on the clearness of the software, technical analysis capabilities and the process of making a trade. We offer you the chance to take a look at the Forex platforms without registering and downloading it.
The eToro Forex Platform
The eToro platform is without a doubt tailored for Forex beginners, but still offers many useful features and surprises with the depth of advanced features. In the last couple of years, eToro had done a lot to become more attractive for advanced traders. With the integrated eToro Open Book you will get input from experienced traders. Also interesting is the very unique community aspect. On the left side of the eToro software you can see whether a currency is bought or sold at the moment. However, this indicator should be used with caution. Here you can create an account with eToro and enjoy its superior software!
eToro offers numerous analysis tools that can be displayed easily when needed. Examples of the indicators in eToro are: Simple Moving Average, Exponential Moving Average, Williams% R, Momentum Oscillator, Stochastic Oscillator, Linear Regression and more.
The completion of trades is more than simple. The leverage, the position and Stop Loss or Take Profit are set quickly and of course the latter can always be adjusted.
The Metatrader 4 Forex Platform
Metatrader 4 and 5 is the most popular trading platform. Especially because it can be offered by different Forex brokers while the eToro platform is operated only by eToro. Metatrader is used by famous brokers such as easyMarkets, AvaTrade, InstaForex and many more. Here you can create an account with easyMarkets – our top Metatrader broker!
The Metatrader software is completely different than the eToro software and looks way more professional at the first glance:
You can add multiple charts to one map and show desired indicators:
In regards to technial analysis, Metatrader offers everything you can find. We doubt that there’s an indicator you can’t use with the Metatrader software.
Making a trade is in contrast to eToro not that easy. It takes a few minutes until you get used to it while even your mother could make a trade with eToro. But at Metatrader there are no buttons in the overview, which jump directly into your eyes. To make a trade you must right-click on the currency pair and then click on “New Order”. This will open the following window:
Here you have to set a stop loss and take profit. You have to know what you’re doing while eToro suggests certain stop loss and take profits figures.
We highly recommend that you try out Metatrader with a demo account first before you start trading with real money although you’re already used to real money trading. You may experience usability problems while trading. The only way to prevent that is to get used to the software with play money.