The platform is where you spend your time, so it affects how well you execute a plan. Most European CFD brokers offer one or more of the platforms below.
MetaTrader 4 (MT4)
Released by MetaQuotes in 2005, MT4 is still the most widely used retail forex platform. Its strength is the ecosystem: thousands of indicators and Expert Advisors (automated strategies) written in MQL4, plus countless tutorials. Weaknesses: dated interface, limited timeframes, no real depth of market, and MetaQuotes stopped issuing new MT4 licences to brokers in 2018, pushing the industry towards MT5.
MetaTrader 5 (MT5)
MT5 supports more timeframes and order types, an economic calendar, depth of market and multi-threaded strategy testing, and it can handle exchange-traded instruments as well as CFDs. Its MQL5 language is not directly compatible with MQL4, so older robots need rewriting.
cTrader
Developed by Spotware, cTrader has a modern interface, depth of market, advanced order types and automation in C# (cBots). It is popular with traders who want transparent pricing on raw-spread accounts. Fewer brokers offer it than MetaTrader.
TradingView
A charting platform and social network with excellent charts and the Pine Script language. Many brokers now let you trade directly from TradingView charts by connecting your account. Its automation for live trading is more limited than MT or cTrader, though webhooks and alerts are widely used.
Brokers' own platforms
Firms such as IG, CMC Markets, Saxo, XTB and Plus500 build their own web and mobile platforms. They tend to be easier to use, integrate research and risk tools such as guaranteed stops, and cover more markets, but automation options vary and strategies are not portable to another broker.
Multi-asset professional platforms
Interactive Brokers' Trader Workstation, NinjaTrader and similar platforms target active traders of futures, options and shares, with advanced order routing and analytics.
What to check
- Execution: can you set stops and take-profits on the server, not only in your local terminal?
- Mobile: can you manage and close positions easily on your phone?
- Stability: how does it behave during news?
- Automation: if you use Expert Advisors or cBots, do you need a VPS?
- Data: are prices, contract specifications and swap rates clearly shown?
You can filter our broker register by platform to find licensed firms that offer the one you prefer.
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