Traders can choose from a variety of electronic trading platforms to make their trades as simple as possible. When there are so many to pick from, it’s critical to understand how each platform operates, as well as its tools, interface, and other features, in order to choose the ideal one (or ones) for your needs.
In this post, we’ll look at two popular trading platforms, MetaTrader4 and OctaFX, and compare them to help you understand how they work, what features they have, and what tools they provide to their users.
But, before we get into the main topic of the matter, let’s explain what an electrical trading platform is. An electrical trading platform is a piece of computer software or a program that enables traders to make orders for financial assets such as stocks, currencies, cryptocurrencies, commodities, and derivatives through a network with the help of a financial intermediary.
As a result, MetaTrader4 and OctaFX are two platforms that allow traders and investors to monitor their trades and accounts, place transactions, cancel trades, and perform other relevant tasks via financial intermediaries. Certain features and tools are integrated into both of these platforms, making them distinct in their own right.
First of all, MetaTrader 4 is a 2005 online trading platform built by MetaQuotes Software. MT4 is mostly used for forex trading, financial market analysis, and obtaining expert advisors. It can also be used to trade a variety of other assets, such as cryptocurrency, equities, and commodities. To improve the users’ forex trading experience, it is integrated with Trading signals and the market.
OctaFX, on the other hand, is a Forex ECN broker based in St. Vincent and the Grenadines that offers CFD trading on Forex, Indices, Metals, and Cryptocurrencies on their own trading platform, OctaFX Trading App, as well as other platforms such as MetaTrader too.
It’s clear that these two pieces of software have distinct features that set them apart from one another. Nonetheless, MetaTrader 4 is well-known and frequently utilized around the world due to the features that set it apart from the competition among others.
However, the following are some of the distinctions between MetaTrader 4 and OctaFX trading platforms, as well as how the former excels.
Trust and Longevity
MetaTrader has been available since 2005, and it is used by hundreds of thousands of people all over the world to make their trades across numerous markets. Since its inception, this platform has earned the trust of its users. This, however, has resulted in a steady increase in the number of users, with new people trying it out on a regular basis. Because of the confidence that it has developed with its customers, most new traders and investors choose MT4 first before evaluating other trading platforms. Furthermore, one of the most important advantages of MT4 is its dependability, as evidenced by the fact that no one has ever complained about its dependability.
As previously stated, it has already been put to the test by hundreds of thousands of traders over many years, and it has now proven to be a dependable option for traders who realize that a small amount of downtime can result in a large amount of profit.
OctaFX, on the other hand, can also be trusted to some level because it has been there for over a decade. Unlike MT4, most people are wary of this platform, which is likely due to its newness in the market. The OctaFX trading App is secure for trading, but most traders seek out a well-established platform in which they can put their trust.
MetaTrader 4 works on a variety of devices, including Windows, Android, and iOS. Anyone might now trade from numerous devices at the same time as a result of this. This means that consumers can access the platform from numerous devices.
The OctaFX trading app does not have a Windows version at this time. Trading on a PC is the best trading experience ever because it allows users to quickly discover all tools and information they require. The OctaFX trading app can only be used on a mobile phone as a result of this. It’s only accessible through Google Play and Apple App Stores. OctaFX even recommends MetaTrader4 for PC users in one of its tips.
Number of Trading Tools and Charts
Because charts are a necessary instrument for performing technical analysis in financial market analysis, MetaTrader 4 allows users to open up to ninety-nine charts in the terminal at the same time. It contains a function that allows you to quickly switch between the various perspectives and the location of the charts. Furthermore, MT4 provides a diverse set of tools and instruments, including over 2,100 technical indicators and 1,700 trading robots. This allows traders to use whatever trading strategy they desire.
MetaTrader does not have a competitor in terms of tools, indicators, or functionalities among other trading software, including OctaFX.
Users with Forex trading experience can use the MetaTrader 4 platform’s Demo account, which includes all of the platform’s trading features. Demo trading allows you to trade in real-time while learning how to evaluate markets with technical indicators without risking your own money.
OctaFX also offers a demo account, but only after completing the entire signup process. This implies you must finish the entire registration process for a real trading account before being granted access to the demo account.
Number of Assets
MetaTrader, as the most popular forex trading platform, provides traders with a greater range of assets to choose from and trade.
OctaFX offers a limited amount of assets to trade and a limited number of investment options for customers to create income. For skilled traders and investors, it could be a difficulty because it would confine their trading skills to a few specialized assets. Aside from that, particular nations have limited deposit and withdrawal possibilities.
MetaTrader4 (MT4) has certain distinct features that set it apart from other trading platforms, which is why many people choose it when it comes to choosing a trading platform for FX trading in particular. There are various elements that determine the differences between MT4 and OctaFX, and some of them have been explained here for proper comparison so that you can pick the best one.