1.    Introduction

Firstly, information on trading platforms was examined, and some sub-criteria, such as analysis, market analysis, and pricing tools, and their sub-dimensions and basic operations, were detected. In the following part, the examinations of the sub-items are examined, and some comparisons and suggestions are made. Then, in the last section, in line with the findings, some application evidence is analyzed. Finally, some recommendations for further research are given.

The broker and platform to be utilized in the market play a key role in profit and loss in forex trading. Making the right choice is an important step in successful trading. To identify the common and different aspects of a set of trading platforms, some Forex brokers and their platform products were examined. Sub-item by sub-item, items are examined, and the common and different features are detected.

To examine the similarities and differences between the trading platforms, several brokers and their platforms are chosen according to predetermined criteria. These platforms were comparatively examined according to several sub-criteria that will be clarified in the next section. These sub-criteria are separations that should be examined under the main heading: Market Analysis and Market Information, and some items such as Price Display,

Charting Tools, Trade, Open Position, Close or Predictive Orders, Account Management, Estimates and Explanations of Orders, Reports, Support and Support, and Other Facilities.

Forex trading is among the most active markets in the world. It attracts more and more people with the opportunities it offers and also with its attractive features. Thus, many trading platforms are being made, opening towards mechanical structures or between them. The most important difference between Forex and other markets is that Forex does not have any physical places where transactions are made. Transactions are made mainly through computers.

1.1.   Definition of Forex Trading Platforms

In this paper, the following popular forex trading platforms are considered: ActForex, Currenex, ForexMill, Easy Forex, Forex.com, eForex, trading.com, etc. These platforms are analyzed based on their features and capabilities. The results of this analysis are expected to help traders select the best trading platform for conducting their forex trading.

In addition to tools, forex trading can be done through the web or phone. Traders have options to place buy, market, stop, limit, or contingent orders with minimum steps at any time. Some platforms also have an additional feature that allows traders to set a specific time for automatic order execution. This is a useful feature for managing trading activities efficiently. With these platforms, traders can carry on with their business while the trading platform manages their trades.

Forex trading platforms are internet instruments that permit traders to access and execute orders in the forex market. There are lots of forex trading systems designed for various market conditions. All forex trading platforms include features and tools for in-depth technical and fundamental analysis of the market.

1.2.   Importance of Choosing the Right Platform

Investors, big and small, all over the world are keen to buy and sell foreign currency, short and long, 24/7! The system needs to be switched on continuously. Investors need to avail themselves of a price that absolutely and immediately offers the most liquid of all current markets. Around the clock and around the globe. Whether you are a private or institutional investor, you must be prepared to buy or sell at any second of the day and at the very best possible price you can find at the exact moment. You must also be able to get really good prices and get in and out of the markets at transaction costs of not much more than a 1.5-pip spread. Lower costs are better for you. And 1.5 pips is for small private investors. Institutional investors love costs of 0.5 pips or lower. These pre-conditions can only be met by relationships backed up by human skill and the enterprise of the most financially strong and competent human organizations, which today are the globally operating megabanks of the world.

What would be the ideal market structure for this forex trading market to function efficiently? Well, minimal transaction costs would be desirable. Is that possible? The forex market is infamous for its high transaction costs, which is one of the reasons many people question its efficiency in the first place. However, as this reason becomes more and more prevalent as technology improves, these high transaction costs are not a result of uncoordinated, competitive activity by individuals.

2.    Key Features to Consider

It should also be secure and, of course, provide support for the currency pairs being traded. These are broad descriptions and may leave the reader still in the dark. However, we delve deeper into the intricacies of forex trading dynamics, and in the course of the article, the reader should understand the features to look out for in a good forex trading platform. A forex trading platform is not just about carrying out trades. It is the sum total of the online interface, trade execution processes, software packages with servers, and the complex backend systems required to carry out the trade. Due to high competition in the online trading field, forex brokers provide their clients with a choice of several trading platforms.

A foreign exchange trading platform can be a game-changer for your firm. However, the diversity of software available is dizzying, especially for a novice. This article should provide the best forex trading platform choices, their key features, definitions of key terms that should be understood, and some other things newbies to forex trading might want to know about. The best forex trading platform should provide excellent ease of use, diverse technical and trading tools, and a very responsive customer care desk.

2.1.   User Interface and Experience

For most Forex traders, the visual quality of the platform is not important, and it is true that you can find some very naive-looking platforms, even with a yellow background, but with really powerful negotiations. But the experience of using the system depends largely on how it is represented. At least in appearance and in terms of the ease of reading the information, well-designed systems have minimal requirements. Having to look at a screen where you will spend most of your day doing something that is not particularly exciting, it is worthwhile to have a view in a “pretty” GUI with a volume handled.

Due to the fact that your trading activities are mainly based on the visual analysis and the visual comparison of double times, it is essential that the platform you use is easy to use and complete with tools to analyze the currency.

The user interface, or trading screen, of a forex trading platform is very important for traders. It is essential that you pay attention to its appearance, the ease with which you can open and simultaneously visualize multiple charts, the tools available for the analysis of slabs, therefore, instruments, pivot points, and the different statistical studies. This is because it will happen, and it is likely that this already happens to you, to open several graphics simultaneously. If you have a tool that is not completely intuitive and easy to use, it could happen that operations are done that you would have wanted to avoid.

2.2.   Trading Tools and Indicators

In forex analysis, tools are incorporated into forex trading platforms where they make the most of the technical analysis of graphics or market falls. They help you identify the supply and demand levels for trade. Unlike other instrument markets, the forex market trades around the clock. The first step in conducting an analysis of graphics is choosing unique time limits. This implies that traders can use a wide range of graphics (some of which are over 100) to watch price action. Many trading platforms remain unique to these terminals by limiting the number of graphics displayed at a time. It is important that forex trading platforms allow for the display of several graphics to better understand the prevailing market conditions. The choice of time limits available on graphics is also another important factor. The most preferred period should range from daily to a few seconds. However, be careful with trading platforms because some graphics may not accurately reflect the time span they offer.

Forex trading platforms are always designed to provide traders with a variety of tools to help in the trading process. The use of these tools, together with a clear understanding of the technical market as well as general trading concepts, will help maximize earnings. It is important to pay attention to these tools on a trading platform because the long hours you are going to spend in front of the screen require tools that will provide answers to the many questions that arise during trading. Key built-in trading tools on these platforms give the trader the ability to fold papers or write extensive trades on the fly.

2.3.   Security Measures

Recently, at many popular brokers (including Libertex), it is possible to register using the social media networks’ accounts. It is very convenient, and it does not take much time. The company receives the necessary data, and the traders do not need to spend much time filling out long forms with their contact information and confirming this information (via SMS or email). However, not all traders want to give access to their social media network profiles.

The number one priority for a trader should be to care about the security of the data they are providing. Earning money is difficult enough without this concern. According to all available data and the broker’s and tech provider’s claims, the data of all traders registered with Libertex is totally secure. We can confirm that they are all real people, and they all have active accounts in Libertex.

3.Comparison of the Top Forex Trading Platforms

2.1 Traders: MetaTrader 4 (MT4) The main features of the terminal MT4 are the combined graphic building of quotations, a flexible system of pending orders, the use of additional instruments, and the creation of your indicators and signals. This platform is represented by 11 working tools. The platform was designed with a built-in MQL script. The terminal was created for Windows. Among analogs, it shows the most profitable conditions. There are comfortable leverages and low spreads. And the minimum deposit was just 10 dollars. Such bonuses significantly weaken the platform’s limitations, as they allow you to trade with minimal risk or significantly increase the potential profit due to the trading conditions created. Therefore, traders who are starting to master trading should pay attention to this somewhat unusual and specifically created terminal offering the latest actually available instruments and currency pairs to work in this industry.

The choice of every trader, considering the practical advantage, starts with a trading platform. The simplicity of the interface, ease of installation, and broad functionality can be offered only by an authoritative company that has shown its expertise over the years. The first thing to choose is the terminal interface that is convenient for further work. It’s quite good if the program is in a native, user-friendly language. Besides, it’s necessary to delve into the functionality of the systems offered; the system interface language also significantly simplifies the process of studying trading nuances, especially for a novice. Moreover, the trading terminal should have a demo account feature that allows you to practice on a virtual deposit without losing your money. Preference should be given to those companies that do not hinder the opening of several demo accounts.

3.1.   MetaTrader 4 (MT4)

The downside of many retail trading platforms is the lack of direct access to the currency markets without the help of a broker. This is because the foreign exchange market is less transparent than the stock or bond markets. Therefore, retail brokers must act as intermediaries between the trader and the real market. As middlemen, retail traders will find a market that is open 24 hours a day, five days a week. Because there are so many currency pairs to trade, the platform has to be easy to configure. And although there are many currency broker tools that work on MT4, there are also some things to consider.

The trading platform developed by MetaQuotes Software Corporation was created specifically for forex trading, and it is called the MetaTrader platform. There are different versions of the platform available, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), among others. It is the most popular retail trading platform, and most of the brokers provide it to their clients. MetaTrader 4 has a very user-friendly interface that allows traders to open and close trades with a click of the mouse. MT4 has a user interface that is easy to understand and navigate. The platform also provides fee reports and current orders to aid traders in making trading decisions. In addition to that, the powerful charting package that is available within the software is packed full of technical indicators, oscillators, and line studies, which make for an impressive level of analysis.

3.2.   MetaTrader 5 (MT5)

The multilingual interface of the MetaTrader 5 (MT5) trading platform is translated into Chinese, French, German, Italian, Japanese, Portuguese, Russian, Spanish, and many more. The most important feature of the MetaTrader 5 trading platform is the automation of trading strategies, which is essential for success in the Forex currency market. With MetaTrader 5 (MT5), you can transfer all of your trading strategies from any other trading platform to MetaTrader 5 for free. Additionally, MetaTrader 5 (MT5) allows you to use advisors and analyzers to the maximum, move from currency trading to operations with shares and other securities, and even consider launching a career as an independent online trader. The MetaTrader 5 multilingual platform has attracted the interest of traders in the

Asian region, as MetaTrader 5 (MT5) is now much better suited for trading on stock markets.

The fact that a server ensures round-the-clock support and that the platform has been adapted to work in completely different script languages only further underlines the merits of MetaTrader 5 (MT5).

As the world’s most powerful and diverse trading platform, MetaTrader 5 offers advanced trading functions and state-of-the-art tools for technical analysis. On the platform, both technical and fundamental analysis functions have been expanded considerably. The PineScript tab presents the opportunity to program in the MQL5 language, which has earned developers great love with the launch of trading robots. The platform implements an expanded analysis service for currency accounts (including HFT algorithms) as well as coverage of the instrument market, including the Python libraries Scipy and Numpy. Additionally, analogs of the terminal’s capabilities include online charting and stock screens. Trading rates are also provided, as are ranging and comparison tools, a currency converter, a bond calculator, and a fully functional news terminal. The capabilities of the server are also impressive: up to 21 charts can be opened on one terminal, which is very important specifically for HFT trading since you need to constantly have an up-to-date picture that would ensure optimal conditions for high-frequency trading.

3.2. MetaTrader 5 (MT5)

3.3.cTrader

As with some other platforms already mentioned, cTrader could try more microservices, applications, and terminals on third-party market platforms (like the MetaTrader market) compared to those already developed. We understand that cTrader has been promoting the idea that creating the markets is up to the broker, and we understand and support that idea. The cTrader market boasts a large amount of accurate and sophisticated indicators, but it looks a bit unprofessional and does not deliver the highest amount of high-quality elements as in MetaTrader Marketplace. Of course, it’s a young platform, so it will, in time, have a larger selection of add-ons available. But naming a group of developers and giving them more incentives to do so, we believe, is the best direction. The platform also offers a significant range of settings and elements that it could use a bit more of. Without these, it is difficult to see how the platform could improve further. Overall, a good platform.

cTrader actually provides the largest selection of assets across five different asset classes compared to its competition. Especially considering that this trading software provides commodities, stocks, and cryptocurrencies, which have in recent years become quite a large pool of clients, this can be a game-changer. Instruments are also higher in quality considering that the options are a bit “cleaned up” in the case of stocks. There are almost 100 companies listed, and the cryptocurrency list is not one of the most popular ones, but the platform does cover the main cryptocurrency pairs. So, despite having the same number of options as other top computer software and even mobile software, cTrader also offers a larger pool of assets that can be traded.

3.4.NinjaTrader

Traders can use NinjaTrader’s advanced trade management tools to keep risk and reward high. It offers a high-frequency and historical volume analysis tool. With its SuperDOM ladder-style interface, traders can see all market activity at a glance. This real-time and dynamic DOM display helps traders know their true position in the market while maintaining firm price discipline. After order placement, the platform tracks the current P&L and estimated P&L and allows multiple stops and targets per position.

NinjaTrader offers dynamic and user-friendly charting. Customization of the charts allows traders to monitor market activity on over 14 different chart types. Traders have access to over 100 pre-built, customizable technical indicators or can create their own custom tools. Advanced charting tools include Fibonacci tools and Gann fans, retracement and extension indicators, and Elliott wave indicators. For an indication of market dynamics, traders can also view order flow.

NinjaTrader offers cutting-edge trading tools that allow easy viewing of market activity. Many of the most popular futures trading markets are evaluated to determine the overall percentage of buyers versus sellers, along with total volume. And for a more detailed trader perspective, volume is broken down into market-buy orders versus market-sell orders.

NinjaTrader is a feature-rich and easy-to-use trading platform. It is popular for enabling sophisticated trading features for traders of futures, stocks, and foreign currencies. Traders have different trading goals and can optimize NinjaTrader’s features by selecting either the free entry-level version or the more advanced subscription service.

3.5.   Thinkorswim

Among the advantages are quick technology and the ability to trade a wide range of investment products. 60 types of indicators and charts include about 400 studies in the field of statistics and 10 different periods of time. advanced scanner for technical analysis, in which you can create your own strategy settings. customized tools with 300 different settings to determine the trading strategies that are most appropriate for analyzing the currency potential. regular updates to improve the program house, but without commission increases. customer-friendly customer service team with access to help during trading hours. quality of the educational center, such as webinars, online courses, and other resources.

Thinkorswim is a brokerage trading platform with an advanced interface and is owned by TD Ameritrade. It was originally developed as one of the best options trading platforms, which allowed complex options trading strategies. The company later expanded into the brokerage business and developed a new trading platform. On the trading platform, a special focus is placed on technical analysis tools.

4.    Conclusion

Regardless of whether a trader prefers trading on the foreign exchange itself, using demo accounts before providing a deposit and experiencing both the trades and the trading situations should be of high importance. Before committing a deposit and starting to trade, it is important to understand how the trading platform you are interested in functions and operates. Additionally, the customer support service must be licensed; it is better if it is available 24 hours a day, seven days a week, to resolve any issues. FXTM Invest and IV Brokers are excellent options; the second is regulated by CySec and MiFid, allowing the trader to use Metatrader 4. There are no minimum deposit thresholds, and live chat and assistance are both available 24 hours a day. The FXTM Invest account is also available at random. Additionally, they qualify for an account with a good deposit and leveraged bonuses. Traders and institutions alike usually agree on the choices. Overall, we believe that traders have specified principles in mind when selecting a trading platform. Such rules control the choice of trading features.

When it comes to the trading platforms accessible for currency trading, traders are confronted with many options. When choosing the best Forex trading platform for your trading needs, it is critical to take a number of factors into account. By providing a comprehensive analysis, we hope to assist those traders in searching for the most suitable trading platform that fulfills their needs. The trading platform is the trader’s most critical tool. It is where the actual trading takes place, as the majority of the trader’s decisions are made inside the trading platform. Using a trading platform that a trader is familiar with and has used before is typically a good idea. This includes trading platforms offered by brokerage companies as well as third-party trading software that accepts a variety of brokers.

4.1.   Summary of Findings

Results from web crawling, the Analytical Hierarchical Process (AHP), and the Analytical Network Process (ANP) provide evidence for the iPhone being a suitable gateway to the forex trading world, especially for new traders who do not need a sophisticated and powerful platform to start their trades. TableRow and Ètoro platforms are attractive alternatives, offering multiple functionalities related to social trading and networking, which are currently the most significant industry developments. Optimistic bounty hunting capabilities for followers and followers for bounty hunters and integration into third-party investment toolboxes place StumbleUpon forex and Ètoro in the forex brokerage market, ahead of competitors in the rollout process of social forex commerce as a completed and integrated value-added forex platform. The present study also provides insights to traders by allowing them to pay particular attention to financial educational developments, which are currently the most significant trends and facilitate the initiation of forex commerce, Forex Hoc updates, training, courses, workshops, seminars, and schools. Tradable algorithms and games simulating historical data are increasing their popularity with traders, while price alerts, communication technologies, forums, and webinars have become standard industry practices.

The focus and objective of this paper were to undertake a comparative study of the existing forex trading platforms and thus highlight the key functionalities that would be crucial for a potential investor. Besides the standard services of executing trades and providing information to the investor about prices and trends, it was found that most of the reviewed forex platforms offered additional tutorials, social networking features, game-like simulations, and integration with existing trading software. The actual offerings, however, vary significantly from platform to platform, and this in itself illustrates the need for such a study, which would guide the potential investor to the best-suited platform that fulfills his trading and educational needs.

4.2.   Final Thoughts and Recommendations

Overall, the relationship the clients have with their intermediaries should be considered a long-term relationship that is more than mere supply and demand. The idea is not to exclude governmental regulation and securities law from the regulation of these activities. Instead, it is to suggest that the regulation of forex and other types of financial services can and should be designed to protect the investing public in a way that is fundamentally different from the point of view of consumer protection. However, this would not support a complete lack of regulation. After all, the ethical compass of the broker determines whether or not the company is directed to its beneficial owners. If the leadership of the company is aware of this ethical compass, then its goals will be to provide quality products and services and, in a natural way, take into consideration the welfare and views of the beneficial owners of the business. A company must, in the absence of any one beneficial owner, have adequate systems in place for identifying all conflicts of interest and ensuring they are managed in a fair and reasonable way.

We must stress that the criticism we have focused on above does not mean that the online trading industry is necessarily flawed. Our goal, rather, has been to develop the idea that the set of institutional incentives faced by industry participants raises potential problems that could easily lead to individual traders not receiving the type of services they believe they may be getting when they trade forex in a retail account. The current system, together with the apparent rampant scams and commodities, both present central problems that we need to seriously address. Despite the salient problems we have developed, there are obviously considerable strengths to the current system, and much of what the industry currently offers could be preserved in revised form. Nonetheless, it is worth noting that the market did not appear to be welfare-enhancing during the 1990s, when it was regulated effectively. The increased demand in the current decade for short-dated commodity-based financial instruments is not a prima facie reason for better regulation. Finally, the continued presentation of scams does not negate the notion that CFTC-regulated retail forex firms are beyond criticism.