Exploring forex trading platforms
A closer look at IFX Brokers' platform features reveals why this leading broker is sought after by many forex traders.
The availability of a user-friendly Forex trading interface is a major selling point for every Forex broker.
A trading platform is a piece of software developed for the sole purpose of facilitating foreign exchange (FX) market speculation. Trading platforms can range in execution speed and operational complexity, and are generally supplemented with additional analytical features.
The MetaTrader 4 (MT4) and 5 (MT5) trading platforms, developed by MetaQuotes, are by far the most widely used trading platforms currently available and both of these cutting-edge platforms are offered by IFX Brokers.
This article explores  the features and trading experience different types of traders can expect from IFX Brokers’ MetaQuotes suite.
MT4: popular with beginners
MT4 is best for novice traders and those who want a simplified platform to trade forex with IFX Brokers.
The user-friendliness of MT4 was a primary design goal. Because it just includes the tools traders actually need and leaves out the extra fluff you won’t use, MT4 is the simpler choice. Because of this, it is the best option for inexperienced and casual traders.
With MT4, you may analyse charts across nine distinct time intervals. When compared to MT4, which only provided three different time frames, MT5’s extensive library of 21 options is clearly superior.
IFX Brokers’ MT4 is packed with features and tools made specifically with forex traders in mind. Because of this, MT4 has become the de facto standard among forex trading platforms.
The four most popular order types in MT4 are a buy stop, a sell stop, a buy limit, and a sell limit. Most traders will utilise these order types because they reduce exposure to loss and grant greater discretion over when and how trades are executed.
If you are using MT4, you likely want a trading platform that doesn’t need a lot of specialised programming or finicky configuration settings. This makes MT4 an attractive option for novice traders and those who lack the time or interest to develop their own trading techniques from scratch.
MT5: perfect for diverse strategies
MT5 is used for contract-for-difference (CFD) trading, stock trading, and futures trading. While not every trader would benefit from such a wide variety of features, those that deal in a wide variety of assets could find greater utility in them.
Although MT5 can still be used for forex trading, its performance may suffer due to its lack of specialised features and tools for analysing forex charts. When contrasted to MT4, however, MT5 offers a vastly expanded selection of time frames.
Many traders choose not to use these modifiable aspects. Some traders and certain types of trades, such as CFDs, greatly benefit from access to these time frames, despite the fact that they are not widely used.
You may find this information particularly useful if you are a more seasoned or well-rounded trader.
Tools like an economic calendar help you stay on top of the latest happenings in the global financial markets, and MT5 has you covered there, too. However, the platform must become more intricate to accommodate these additional functions, and the learning curve will be higher.
