Which Trading Platform Is Best For Forex Trading — MT4 Or IQ Option
Note: I have attached some links to this blog post. It is recommended to click those links to know more information related to today’s topic.
When I was new to trading, I didn’t think a lot while picking up a trading platform. But sometimes people get confused between two things. One is brokers, and another one is the trading platform.
From my own experience, I can easily differentiate these two facts. However, it was not so easy for me at that time when I was a novice trader.
One of my friends requested me to write which trading platform is the best option for Forex Trading. He gave me two options. These are:
- IQ Option
- MetaTrader 4
For me, these two platforms are excellent for trade forex. Moreover, you will find minor similarities between these two trading platforms. Furthermore, the significant difference is that IQ Option is a broker, and MetaTrader 4 is a trading platform many brokers offer.
Let’s dig the hole to know more about these.
IQ OPTION:
IQ Option is an online trading broker which offers different trading assets for traders. The broker platform is famous for options trading. However, they offer forex trading on CFDs. You will find this broker is regulated and famous in around 170 countries.
More than 300 trading assets are available on the platform to trade. Traders can execute trades on weekdays along with the weekend. They have a proprietary trading platform to trade Stocks, Forex, Options, and Cryptocurrencies. As I mentioned before, you can trade your forex pairs as CFDs.
Moreover, you can have a clear idea of this broker if you read an authentic review linked above. Before going to the deep of this post, please complete your research on this broker. As a result, you can have a clear idea if you want to start trading with IQ Option. Apart from the review, I have found an article where you will find common questions related to this broker.
Now, have a look at the entire process of the IQ platform.
It is the trading platform offered by IQ Option. You will find an asset list from where you can choose your favorite underlying asset type. The asset will open at the scheduled time. For Forex, the market is open from Monday to Friday.
In this IQ Option platform, you will find technical analysis, trading indicators, charts, sentiment analysis, market news, video tutorials, tournament, trading history, and many more. Each section will help traders until they finish their trade.
Via IQ Option online trading platform, traders can enjoy OTC trading in different trading assets.
As an online platform, you will get a demo account full of the virtual amount. The market analysis section will help you to get updated on daily market news. The video section will guide you about the trading platform and also enrich your trading knowledge.
Advantages of Using IQ Option Platform:
There are a few advantages to performing trade with the IQ Option Broker platform
- The trading platform is accessible and user-friendly. So, any trader can use this platform
- You will find daily trading news from the platform
- Can practice trading via a demo account
- A wide range of trading assets
- Active customer support team to help traders
- You can trade other asset classes apart from forex trading
- You can download the trading app for your particular device
- OTC trading is possible
Meta Trader 4:
Meta Trader 4 or MT4 is the best trading platform only for forex trading. You cannot execute a trade with other trading classes except Forex. The trading platform is the most popular among all traders.
It is only a trading platform where you can choose different brokers to perform your trade. Please see the below picture to learn more about their operation.
The trading platform offers mobile trading, trading signals, automated trading, and so on. The platform is linked with your preferred broker.
On the other hand, to enjoy the auto trading facility, you have to develop a trading robot by using the MQL4 object-oriented programming language. Moreover, you can purchase or rent trading robots and technical indicators from the MT4 market. Note that it is the largest store for forex applications.
The platform will give you access to execute your currency trade within the market time.
A trader will get a list of forex pairs with the bid and ask price. The navigator section is for selecting indicators or trading robots. You will get a considerable amount of hands to analyze the trading market.
From the insert section, use a perfect indicator to explore the market. You will also get a demo account by downloading the platform to your device. Meta Trader web platform is also available to trade currency.
Advantages of Meta Trader 4:
You can not ignore the benefits of the MT4 trading platform.
- The trading platform is flexible and convenient for traders
- You can copy signals and trading
- 700+ trading robots
- 2 100+ technical indicators
- Auto trading facility for trading
- The choice for the brokers
After comparing these two platforms, you can consider that both platforms are wise to trade Forex. However, you will get different benefits from these two platforms. If you only trade Forex, then I will suggest you go for Meta Trader 4. But, if you want to try other trading assets, the IQ Option is the best choice.
Apart from these two, you can try other trading brokers that are also profitable and quite familiar in the trading market. Check the complete broker list to know more.
