Types and Features of Trading Platforms

Platforms are divided into three main groups:

1. Client Platforms.
2. Web Traders.
3. Mobile Platforms.

For constant total control, many of the traders use all the listed types of solutions for their trading account.

Depending on the type, platforms have differences in functionality and specificity of the application. Since trading on the exchange implies maximum concentration and requires a thorough approach to decision-making, a trader needs to equip a full-fledged workstation. The web versions of trading platforms have much less functionality and imply more intermediate control and adjustments in the trading process, compared to the mobile versions of the platforms.

The features of trading platforms mainly include executing different transactions and the assistance of additional tools and charts that make the whole trading process easier. Inside these platforms, you will not be able to claim bonuses – this should be done in advance. So, in simple words, any bonus that will give you additional funds for trading, like the bonus XM broker offers for instance, needs to be obtained on the website immediately.

MetaTrader 4

MetaTrader 4 trading platform is designed for trading Forex and futures. With this platform, traders can analyze financial markets, perform complex trading operations, launch trading robots (experts) and copy transactions of other traders. It was developed by MetaQuotes Software Corp in 2005.

MT4 is the most widespread and functionally developed custom platform, that is, it has the widest range of proprietary indicators, advisors and robots. To describe the tools used for MT4, you need to write a series of articles or even a whole book. All this speaks of the incredible popularity of this platform. There is no doubt that this type of terminal requires the greatest attention in the review and extensive structural analysis of its characteristics and capabilities.

MetaTrader 5

MetaTrader 5 is a multi-asset platform that allows you to trade Forex, stocks and futures. It offers excellent tools for complex price analysis, using algorithmic trading applications (trading robots, advisor) and copying trading. The first official

MetaTrader 5 is the next generation of MetaTrader 4 from the same MetaQuotes company. Nevertheless, in this case, we are provided with a slightly different product – with its own programming language MQL5, as a result of which we will not be able to use the custom heritage from the previous version that has been developed over the years, namely MT4 what became, in our opinion, the fundamental factor in why the majority of traders did not switch to the new version of MetaTrader.

In addition, initially, the developers focused on improvements, and obvious shortcomings were left without due attention after the first release and even subsequent updates to MT5. Support for both versions of MetaTrader continues in full. As a result, traders have access to two versions of a feature-rich and highly customizable trading platform that share most of the basic functionality in common.

cTrader

cTrader is a trademark of the platform issued by the Cypriot company Spotware Systems. The platform has five synchronized versions. The state-of-the-art platform system provides many types of alerts, tickets describing the trader’s actions, a map with the analysis of past transactions, over 70 indicators and a market overview with second-level prices.

Today cTrader is the flagship platform of the developer Spotware Systems, which combines 5 types of Forex trading applications. Among which are implemented versions for PC (desktop versions), web-terminal versions and mobile versions of the product.

The platform is known for being specially designed for use with ECN brokers. cTrader has become the platform of choice for several other leading ECN brokers.

The developers and designers have gone to great lengths to make the platform completely intuitive to use. MetaTrader, in comparison with this platform, is much more difficult to understand and, as a result, in terms of functionality, it is also much more complicated.

Key Points

Forex trading platforms evolve with the market. Trading volumes are growing every day and the emergence of new opportunities and tools is a natural reaction to the demands of a dynamically developing market. Today, almost anyone can try themselves in the role of a trader and choose the most suitable trading scheme for themselves. If the goal is to understand the intricacies of trading and gain a truly significant background in the field of trading, then you most likely cannot do without MetaTrader platforms. If such a goal is not pursued, and you want to try trading for the sake of interest with the possibility of successful investments, there are other platforms like cTrader. In one case or another, trial and error is indispensable in any market, and even more so in the foreign exchange market.

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The Good, the Bad, and the Ugly

Let’s begin with the benefits. It’s an amazing thing to want to start a business, and all you need is some can-do attitude and a few resources. If you are worried about your academic performance, find a college homework helper for your assignments, and you’ll be set. Get down to making your business plan because there is no better time to start than now.

Things get tough when it comes to finding financing and getting your proper licenses and other legal stuff in order. So, should you undertake a venture? Below, we have the pros and cons of building a business in college, helping you decide whether this year is your year.

Disadvantage: No Money Guaranteed

It’s a common fact that students are broke. Take all of the university debt and mix that with a full year of internships (unpaid), and you’ve got yourself a financial bind. While you can study and develop a business, one of the most considerable disadvantages is that you have zero guarantees for getting profit. Opting for a nine-to-five job comes with guaranteed income plus benefits in most cases. However, when it comes to becoming an entrepreneur, you’re on your own until your business starts generating revenue.

Advantage: Readiness to Take Risks

Because college students are used to being broke, it is easier for them to take risks. So, use your brave spirit and get to breaking ground on your business. In university, the average age of learners is somewhere in the 20s, which means that most students feel invincible. Things like starting a family and buying a house seem far away, and it is easy to change your direction in life. So, take advantage of your boldness at this age and see what you’re capable of.

Disadvantage: It Gets Lonely

When you are putting a lot of effort into becoming an entrepreneur, your social life can go down the drain. That’s because all of your extra time will be dedicated to getting your business idea off the ground.

To tackle this issue, try and connect with other aspiring individuals interested in the business field. You can share experiences once in a while or even create something together. When you first begin working on your idea, especially if you don’t have support yet, it might be lonely. Thus, finding a like-minded person might help overcome such feelings.

Advantage: Universities Are Filled With Useful Resources

When you walk the halls of your university, you’re taking the same footsteps as some of the greatest minds in history. Plus, you have many useful resources for students just like you to turn business dreams into reality. You can schedule a meeting with an advisor or mentor, presenting your ideas and asking whether or not they have any suggestions about how you should go about it. There are many people out there willing to help; you might just have to improve your networking skills to engage them.

Disadvantage: Finding Finance Is Difficult

A crucial part of starting a business is securing the funds to do so. However, finding funds is challenging. Investors are only willing to give their money to things that they can count on. Besides, they often opt for strong and stable businesses instead of startups.

But don’t let the difficulties get you down. Remember that most of the savviest of businesspeople were once broke and doing the same thing, so you’re sure to run into compassion. Plus, if your business idea is perfect, you’ll get far more people interested than you might think. Work on your business pitch and get your foot in the door using contacts from your classmates, friends, and even family.

Advantage: You’ll Learn Fast

Lastly, one of the top benefits you’ll get out of starting a business in college is the learning experience. Even if you fail, you’ll have gone through many phases and know what it takes to do it again. They say that we learn the most through failure, and that’s always true. If things don’t work out as you planned, you still have your whole life ahead of you to pick up the pieces and try again.

Besides, just think of it: you’re sharp, energetic, and full of great ideas that you can share with others around you. You’ll inspire more peers to get out there and start the next big thing. You may even create a business that will become more successful and profitable than you ever imagined. The one who does not make mistakes never accomplishes anything. So, go for it!

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Takeaway

While there are disadvantages to building a business now, nothing is better than taking a risk and learning from your small failures. Remember: you’ll have to fall a few times to gain strength and remain competitive in the world of business. So, college years could be your perfect time to toughen up.

Keep in mind that, as a student, you’ll want to stay organized and make as many connections as possible. Try apps for productivity and mingle as much as you can. We can’t tell you how many times students have been hired just because of their exceptional ability to network.

So, don’t let your lack of experience or busy schedule stand in the way of fulfilling your dreams. Get your business ideas down on paper and take the steps toward running and promoting them. The sooner you start, the sooner you’ll reach success and become financially independent.

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