Is White Label Forex Trading Software the Best Choice for a Startup Broker?
Success in Forex trading heavily depends on the implements that a startup broker has at their disposal. The primary tool comes in the form of software, which has all the necessary features needed to analyze the market in real time and make trading decisions based upon its findings.
Forex software comes in many different forms, including trading software, news aggregators, social trading platforms, and automated trading software. You can even find trading programs which can trade on their own.
If you are considering starting a career on the Forex market, you will have to decide whether you want to develop your own Forex trading platform, or get started with a White Label provider. Developing your own software gives a broker the opportunity to be completely different from his competitors, however, creating and maintaining it effectively can be very expensive and will require a lot of time and effort.
An easier way to begin is with a White Label trading forex platform solution, which are great for startup brokers because they provide customized features at an affordable price.
In this article, we’ll provide an overview of the two most famous White Label Forex trading softwares on the market, so you can make an educated decision on which to use.
Launched in 2005, MetaTrader 4 (MT4) remains the most popular trading platform amongst Forex traders and brokers. It has a convenient and straightforward interface, combined with advanced trading tools; it’s a great all-round package.
Since it has back testing and market simulation capabilities, MT4 can also be used as a Forex training software and this way proves to be extremely useful to brokers who might not have a wealth of experience in the field.
MT4 also has a large online community, so you can participate in online forums and ask for support whenever you have questions about using the platform. This community has developed hundreds of automated trading programs for MT4, called Expert Advisors, which you can download for free and use in your daily trading operation.
MetaTrader 5 (MT5) is the successor of MT4 and features many upgraded tools in comparison to its predecessor. The new platform includes a greater variety of graphs and timeframes, which are important to users who mostly rely on technical analysis in trading.
MT5 includes a combination of stop and limit orders; this allows for a greater variety of trading strategies for startup brokers. Furthermore, MT5 comes with an improved Strategy Tester and a built-in economic calendar, which will keep you up to date with the ever-changing market and macroeconomic indicators that have a significant impact on exchange rates.
With this information at your disposal, you should now be able to make a smart business decision regarding your trading software. Both MT4 and MT5 have great features that are sure to help a broker launch their own brokerage firm, so it’s ultimately down to personal preference and choosing the platform that best meets your specific needs.
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