What Trading Platform do Traders Choose in 2024? - TU Research

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The world of online trading offers investors a diverse array of platform options to facilitate executing trades across global financial markets. With everything from well-established mainstays like MetaTrader to relative newcomers seeking to disrupt the status quo, choosing the right software to support one's trading strategy can be a challenging prospect.

To bring some clarity to this decision, Traders Union conducted extensive market research surveying over 2,100 professional traders regarding their preferred platforms. This study aimed to uncover which interfaces successful market participants favor based on critical factors like reliability, functionality and user experience. The results provide valuable insight for selecting trading technology well-matched to needs and objectives of the traders. The following report details the findings of this landmark survey evaluating the platforms that empower today's top investors.

Key points from the article

  • The most popular trading platform used was MetaTrader 4 and 5, chosen by 47% of respondents.

  • The next most popular platforms were NinjaTrader (15%), cTrader (10%), and ZuluTrade (8%).

  • The top criteria traders consider when choosing a platform is lack of technical failures (41% of votes), followed by functionality (27%) and user-friendly interface (18%).

  • Traders with the highest returns emphasized software compatibility more than other groups.

Platforms highlights

  • MetaTrader 4/5: Widely used with good performance/features but some reports of issues with swaps/fees calculation.

  • NinjaTrader: Advanced analysis tools, unlimited demo, connects to many brokers but Pro version required and compatibility problems possible.

  • cTrader: Well-suited for fast execution, advanced charts and sharing tools but only works with ECN accounts.

  • ZuluTrade: Certified in multiple regions, access to many brokers and good developer support but has minimum deposit requirement and potential signal/connection delays.

  • MultiCharts: Supports strategy testing/optimization and high customization but not very popular and designed for professionals.

  • eToro: Supports social trading, many asset types and analysis tools but only works with the eToro broker and delays/issues reported.

  • Libertex: Wide asset coverage, demo available and mobile support but tied to specific broker and no advisors/custom indicators.

Glossary

  • Forex is a global financial market for exchanging currencies. The participants of Forex trading include central banks of different countries, companies, top international businesses, commercial banks and private traders.

  • Forex broker is a financial services company performing the function of an intermediary between the buyer and the seller of currency in the Forex market.

  • Trade deposit means the funds deposited by a trader to his/her account with a Forex broker with the purpose of performing trading transactions.

  • Volatility is a term used to describe fluctuations of trading prices within a specified period of time. It is believed that the higher the range of price fluctuations, the higher the volatility.

  • Slippage is the difference between the actual price of the order execution and the price set by the trader when the order is opened.

  • Spread is the difference between the best buy price and the best sell price in currency exchange.

  • Trading strategy is a set of rules and algorithms used for making decisions when trading in the Forex market. The trading strategies are divided into those based on technical or fundamental analyses, and there are also combined trading strategies.

  • Technical analysis is a type of asset evaluation based on the assumption that with similar market conditions the price of the asset will change in the future in the same manner that it had in the past.

  • Fundamental analysis is a type of asset price forecasting based on macro- and microeconomic indicators and their changes. It assumes that as a result of the change of the economic indicators, the price of the asset will change accordingly.

  • CFD Contract For Difference) is an agreement between two parties – the buyer and the seller – on the transfer of difference between the current asset value at the moment of conclusion of the contract (opening position) and its value at the time of the contract expiry (closing position).

  • Trading signals is a method of automating trading in the Forex market. The signals are provided by specialized software, supplying automatic recommendations, based on which a trader can make a decision whether to make a trade or not.

  • Trading platform is software used for Forex trading.

Opinions available in open sources

Having analyzed the opinions on the use of different trading platforms published in the open sources (thinkmarkets.com, fpmarkets.com, publicfinanceinternational.org, contracts-for-difference.com, thefxview.com and others), TU experts came to a conclusion that there is no agreement of opinion on the best trading platform for successful trading. Some traders are convinced that only MT4 and MT5 from MetaQuotes Software Corp. should be used, while others believe that alternative software is more convenient for trading in the Forex market. There are also traders who believe that one should use several platforms in order to be successful.

TU experts have tasked themselves with finding out which opinion of the above opinions is true and what trading platform from among the popular ones is the best.

Read also: TradingView vs. MT4: A Comprehensive Comparison in the TU article.

Theoretical part of the research

Trading platform is software used for trading in the Forex market. The key criteria of the trading platform, according to the opinions available in the open sources, include the following:

  • No failures

    A trading platform should not experience technical failures, including when a large number of orders is being processed. These failures occur from time to time, when web platforms are used. Also, there should not be delays in processing trading orders, as the delays may lead to a loss of a part of profit or even cause a loss.

  • Functionality

    Trading platforms with good functionality have a wide selection of instruments for technical analysis. Also, a possibility to use third party indicators is considered an undisputable advantage. Also availability of a large number of timeframes is just as important. The trading platform must provide an opportunity of simultaneous work with several financial instruments. A trader should not experience any difficulties when setting Stop-Loss or deferred orders. A possibility to use expert advisors or a built-in strategy tester is considered an important benefit. A possibility of Market Depth monitoring is considered an additional benefit of a trading platform as well. Also, many traders believe that access to analytics, news, market research directly from the platform also bears significance.

  • User-friendly interface

    Trading should be convenient for the traders, which is why a good trading platform should feature an option of visual customization of the interface, charts, indicators. Also controls should be easy to use and conveniently placed.

  • Compatibility with the most popular operating systems

    One of the important criteria for choosing a trading platform is its compatibility. If necessary, a trader should be able to install the platform to their mobile device operating on Android or iOS, PC (Windows и MacOS), and also to perform trades in the web interface. Technical support of the platform from the developer is just as important (software updates, fixing compatibility errors).

NinjaTrader

NinjaTrader is your universal platform, as you can easily connect a trading account of practically any Forex broker to the software. In terms of the features, there is a possibility of cluster chart analysis, which allows traders to obtain accurate data on the market sentiment.

👍 Pros:

  • Good software functionality (multiple indicators, analysis of cluster charter, possibility to build in third-party integrated indicators, auto-strategies, signal providing systems, etc.);

  • Excellent customer support from the developer (NinjaTrader LLC);

  • Unlimited trial period on the demo account;

  • Strategy tester available on the platform;

  • Two independent version of the trading platform (Lite and Pro);

  • A possibility of connecting a trading account from a large number of Forex brokers to the trading platform.

👎 Cons:

  • Software may experience failures when reading a large volume of data;

  • Delay in updating the charts is possible;

  • The list of financial instruments Forex brokers offer for this platform is often limited;

  • Extended version (Pro) is paid, which is not suitable for traders with small deposits;

  • Free version (Lite) does not allow the use of trading robots and installation of third-party indicator systems;

  • There are sometimes conflicts with firewalls and anti-virus software.

ZuluTrade

ZuluTrade was created in 2007. This platform uses the signals of professional traders of the Forex market to automatically manage the accounts of novice traders or passive investors. Also, ZuluTrade offers a possibility to broadcast signals to the platforms of the brokers interested in receiving trading signals.

👍 Pros:

  • The platform is certified in the EU, U.S., Japan;

  • Access to a large number of brokers;

  • Excellent support from the developers;

  • ZuluTrade is free;

  • Demo account is available;

  • Possibility of extended analysis of trading signal providers and their investors.

👎 Cons:

  • Minimum deposit for trading on this platform is $500;

  • Signals may be delayed and the connection with the platform sometimes breaks;

  • The platform is designed specifically for automated trading, which is why it is not suitable for all Forex traders.

MetaTrader 4 and 5

The platform developed by MetaQuotes Software Corp. enjoys great popularity among traders all across the world and it is the most widely used platform for Forex trading. The platform offers many additional services, such as trading robots market, trading strategy developer exchange, copy trading service and lease of VPS (virtual private server). If you want to know what Metatrader Backtest is, read the Trader Union article

Find out why MetaTrader 4 and 5 were temporarily blocked in app stores and how MetaQuotes solved these problems in the TU article.

👍 Pros:

  • High performance;

  • Wide possibilities of interface customization;

  • A possibility of connecting third-party indicators, advisors, etc.;

  • A possibility of using trading signals for automated trading

  • Built-in editor of expert advisors;

  • A possibility of viewing market depth window;

  • Support of all popular operating systems and devices;

  • xcellent customer support;

  • Huge number of supported financial instruments and account types;

  • Easy connection to the trading account of the vast majority of Forex brokers;

  • Huge number of built-in additional services.

👎 Cons:

  • There are certain issues with accrual/charging of swaps.

cTrader

cTrader platform is designed for working with ECN accounts, combining top instruments and features that can meet the needs of the beginners and professional traders of the Forex market. STP technology is used on the platform for processing orders, which guarantees quick order execution at market prices.

👍 Pros:

  • Supports a large range of trading instruments;

  • Supports an unlimited number of charts and allows to set up different modes, templates and patterns in them;

  • Possibility to develop third-party scripts;

  • User-friendly interface with an option of customization;

  • ChartShots and ChartCasts features for exchanging experience and ideas with other traders;

  • Possibility of viewing market depth window;

  • Practically instant order execution.

👎 Cons:

  • It is possible to work only with ECN accounts.

MultiCharts

MultiCharts is a modern platform designed for experienced users. Despite that it emerged on the market comparatively recently, the platform already has become one of the most popular ones among professional traders, primarily thanks to the extended functionality. Advanced charts and work with them is the signature feature of the platform.

👍 Pros:

  • Supports development, testing and optimization of trading strategies;

  • Large number of settings and a possibility to expand functionality;

  • A possibility to make any changes to the charts in just a few clicks;

  • A possibility to receive charts from a multitude of providers and work with them simultaneously;

  • Support of Forex EA;

  • Support of automated trading in two modes (synchronous and asynchronous).

👎 Cons:

  • the platform is not very popular in the market;

  • software is designed for professional traders and is not recommended to beginners.

eToro

eToro is a proprietary trading platform that provides an opportunity to invest not only in currency pairs, but also in stocks, cryptocurrencies, CFDs. The key feature of the platform is CopyTrader, an advanced copy trading system.

👍 Pros:

  • supports a large range of trading instruments, including stock CFDs, cryptocurrencies, indices, ETFs, etc.;

  • supports advanced copy trading system CopyTrader;

  • supports analytics, news, market reviews;

  • supports a large number of technical analysis indicators.

👎 Cons:

  • you can with only one broker – eToro;

  • delays in order execution;

  • technical failures during order setting;

  • orders are processed based on STP.

Libertex

Libertex is a proprietary platform of Forex Club. This trading platform was named 2014 Best Forex Trading Platform at Forex-Expo, an international exhibition of innovative technologies in the online trading industry.

👍 Pros:

  • supports a large range of trading instruments, including stock CFDs, cryptocurrencies, indices, ETFs, etc.;

  • a possibility to trade any available trading instruments from one account;

  • trading process is extremely simplified, which is why novice traders won’t experience any difficulties using it;

  • convenient risk management service;

  • support of investing funds into management by other traders;

  • support of all major operating systems.

👎 Cons:

  • you can work only with Forex Club and its sub-brokers;

  • it is not possible to use advisors and third-party indicators.

Note:

TU experts recommend using a demo account to familiarize yourself with the functionality, stability and interface of the trading platform before making a choice.

Results of the research by TU Research Department (*)

To answer the question: What trading platform do successful traders consider the best?”, the team of TU analysts surveyed 2,100 traders – members of the TU community. The survey was conducted using the CAWI (Computer Assisted Web Interviewing) method. The non-sampling error of the survey with a confidence level of 95% is no more than 2.5%.

Successful traders from different countries were offered to fill out a structured questionnaire sent to them via email. All respondents have shown profitable trading for at least one year.

5.1. Surveyed traders by gender:

76% men;

24% women.

Picture 5.1. Respondents by gender, %

5.2. There are the following age groups in the sample:

44% of the respondents are aged 18-30;

35% — aged 30-45;

16% — aged 45-60;

5% of the respondents are older than 60.

Picture 5.2. Respondents by age, %

5.3. In terms of their trading experience, the composition of the respondents was as follows:

4% of the respondents have been trading on Forex for over 10 years;

23% — more than 5 years;

42% — from 3 to 5 years;

31% — from 1 to 3 years.

Picture 5.3. Respondents by Forex trading experience, %

5.4. In terms of the average monthly deposit growth for the last twelve months the results of the surveyed traders are as follows:

3% of traders — up to 15%;

18% of traders — up to 10%;

28% of traders — up to 5%;

31% of traders — up to 3%;

20% of traders — up to 1%.

Picture 5.4. Average monthly return rate of successful traders, %

5.5. The responses of the respondents regarding their trading strategies were as follows:

48% use long-term strategies;

52% — short-term strategies.

Picture 5.5. The ratio of use of long-term and short-term trading strategies, %

5.6. The responses of the respondents to the question “What is the best trading platform?” were as follows:

15% respondents stated they used NinjaTrader;

8% use ZuluTrade;

47% use MetaTrader 4 and 5;

10% responded they trade on cTrader;

2% use MultiCharts;

6% of the surveyed traders prefer to use eToro;

5% use Libertex;

7% of respondents said they used a different trading platform.

Trading platform Votes %

NinjaTrader

315

15%

ZuluTrade

168

8%

MetaTrader 4 и 5

987

47%

cTrader

210

10%

MultiCharts

42

2%

eToro

126

6%

Libertex

105

5%

Other

147

7%

Total

2100

100%

Table 5.1. Distribution of traders’ answers on their use of different trading platforms

Picture 5.6. Distribution of the answers of respondents to the question about the use of different trading platforms, %

5.7. The respondents were also asked about what they primarily focus on when considering a trading platform (they could select several options, but no more than two).

The result is as follows:

1,510 (41%) votes were given in favor of no technical failures;

995 (27%) votes of the traders were given for wide functionality of the trading platform;

663 (18%) times the respondents answered that they primarily looked into whether the trading software had a user-friendly interface.

516 (14%) times that they believed that software compatibility was the primary criterion for choosing a trading platform.

Trading platform criterion Votes %

No technical failures

1510

41%

Functionality

995

27%

User-friendly interface

663

18%

Software compatibility

516

14%

Total

3684

100%

Table 5.2. Distribution of traders’ answers on key criteria for choosing a trading platform

Picture 5.7. Distribution of traders’ answers on key criteria for choosing a trading platform, %

(*) Survey criteria:

  • Survey audience: Forex traders of the TU community aged 18 and older.

  • The sample is representative in terms of age, gender and Forex trading experience.

  • Sample number: 2,100 respondents.

  • Survey method: CAWI (Computer Assisted Web Interviewing).

  • Non-sampling error of the study with a confidence level 0.95: no more than 2.5%.

  • Period of survey: August 26-28, 2023.

Findings

Based on the results of the research, TU analysts have reached the following conclusions:

  • 1

    The majority of the traders surveyed by Traders Union experts choose MetaTrader 4 and 5 as their trading platform (47% of the surveyed).

  • 2

    The majority of the surveyed traders believe that absence of technical failures is the most important criteria for choosing a trading platform.

  • 3

    Experienced traders more often than their less experienced colleagues take into account functionality of the platform when choosing a trading platform.

  • 4

    Traders, who prefer short-term trading strategies, choose MetaTrader 4 and 5 more often than the traders who use long-term strategies.

  • 5

    Traders with the highest average monthly return rate over the past 12 months take into consideration software compatibility when choosing a trading platform more often than all other groups of respondents.

PDF version of the TU research

For more detailed information on trading CFDs of different types, download the full version of the research conducted by our team.

Download PDF version

Expert Opinion

Selecting the appropriate technology to facilitate your strategies is absolutely paramount. While flashy new platforms with lavish promises may turn heads, proven performance over extended periods should be the ultimate deciding factor.

This research shines valuable light on the interfaces actually relied upon by those achieving long-term success. One should not be surprised that MetaTrader continues dominating, as its rock-solid reliability has weathered every storm since inception. When billions are at stake, traders simply can't afford unnecessary technological roadblocks.

NinjaTrader and cTrader have rightfully earned respectable shares too. Both offer advanced functionality that power users demand. As markets evolve, having alternative high-performing options is valuable.

As for criteria, focusing on reliability over all else is absolutely key. No matter how good a platform looks on paper, if it goes down just as a major news event hits, you may miss out big.

Overall, this study emphasizes that those achieving real gains have logical selection criteria rather than impractical whims. Sticking with market-tested leaders like MetaTrader while carefully assessing a platform's true capabilities is a proven approach. As markets evolve, so too must one's tools - but radical changes should only follow extraordinarily compelling evidence, not flashy marketing. This research provides precisely the type of empirical evidence traders need to make wise infrastructure decisions.


Antony Robertson

Traders Union’s analyst trader

Background info.

TU research is a result of many days of hard work by our experts, who collected, processed and analyzed a huge amount of information and opinions on choosing the best trading platform. Our data are largely based on the success stories of real traders, who work with TU, which supports objectivity and impartiality of our research.

Our research is of a charitable nature and was created at the expense of Traders Union with the objective of increasing financial literacy of Internet users and increasing the percentage of successful transactions among traders. If you enjoyed our research and found it useful, please share it with others.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.