The iFOREX trading app is an efficient trading application that stacks up well against its competitors include the Meta trader apps used for both MT4 and MT5. There are several pros and a few cons of using each of these applications. Here are a breakdown and a comparison of the iFOREX application relative to Meta Trader.
The iFOREX online trading app browser-based app, that provides assets wherever you can reach the internet. The trading application is sophisticated yet easy to navigate. The trading module allows you to execute trades and quickly switch to charts that allow you to analyze the different assets offered by iFOREX.
iFOREX is a CFD broker which means that all the assets offered are contracts for differences. iFOREX offers a demonstration account that allows you to test drive the platform without risking real capital. You not only can test execution; you can test your strategies in real-time to determine if they have merit.
Meta trader offers a downloadable application. Generally, the application is customized by a broker, and it can be downloaded for free from Meta Trader’s website. This program is downloaded on to your PC or MAC, and can only be used if you have your PC or MACD with you. Downloading a large application on a borrowed computer will require specific computing and WIFI power. This limits the availability of use when you are not with your PC or MAC.
Meta trader has several trading applications, including MT4 and MT5. The MT4 is the original trading application and is focused on trading currency pairs. While you can trade other assets, the system was built with an emphasis on forex. MT5 was built as contracts for difference became popular.
MT5 is not a replacement for MT4, it is just a new version that focuses on contracts for differences. Both MT4 and MT5 provide users with a demonstration account that allows you to test the platform using demonstration funds. The MT4 platform charting platform does not provide for custom time frames.
Education and Customer Service
The iForex trading platform is geared to both the novice and advanced trader. They offer a large education section that includes both articles and videos describing how to trade the markets and manage risk. Their customer service is robust. They provide remote access to technicians who will provide technical support assistance.
The customer service that is offered by Meta Trader is system based. MetaTrader 4’s website has a webpage dedicated to helping topics. This includes everything from getting started, client terminal settings, as well as using their products. Traders who are using Meta Trader products will need to rely on their broker for technical support if something goes wrong.
Both of these applications are geared to novice and expert traders. One of the key benefits of the iFOREX app is a browser-based system, which allows you to use the application wherever there is access to the internet. They both have great key features including charting, technical indicators, and a demonstration account. While MT4 is focused on currency trading, the MT5 by Meta Trader is geared toward CFDs.