Comprehensive guide to trading Forex using WebTrader platform
There are numerous types of Forex trading platforms available in the market. Today, you can trade Forex using your PC, smartphone, as well as your tablet. There also are many Forex brokers that offer traders access to trading platforms directly through the browser, without the need for downloading any additional applications.
Web trading has become very popular in recent years. In fact, there are several different types of Web Traders available in the market. Some of these web-based Forex platforms offer traders the ability to do everything that they would do with downloadable trading platforms, while other focus on charting and analyzing.
On the other hand, there also are other platforms that offer traders the ability to connect with other traders to exchange ideas, see how they are trading, and stay connected with the market better.
WebTrader platforms make Forex trading a lot easier and are accessible in just a few clicks. So, follow our guide and find the best browser-based Forex trading platform today!
Browser-based platforms for trading
When you are looking for the best Forex WebTrader, it is very important to think about what you are looking for in the web trader first. As we have already said, browser-based Forex programs can be subdivided into two types: trading platforms and charting solutions.
To make Forex trading more accessible, there are numerous Forex brokers who offer traders browser-based versions of already very popular Forex trading platforms. These platforms can be used directly from the browser and do not require to be downloaded. This makes using them a lot more comfortable and convenient for many traders.
Contrary to popular belief that these platforms might not be as useful for analysis as downloadable versions, there are a lot of Forex web traders that offer you the ability to analyze the market directly on your browser, do charting, and open and close positions.
Examples of most popular web traders
Among the most popular web traders, you can find versions of trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. All three of these web-based trading platforms work almost the same as their downloadable versions.
For example, WebTrader MT4 is one of the most popular web-based trading platforms in the market, offering traders access to numerous currency pairs. In addition to regular trading, MetaTrader 4 web traders can also be used for charting and analyzing the market.
The platform also offers traders access to dozens of Forex trading technical indicators which make Forex trading a lot easier for beginners as well as experienced Forex traders. You can also add additional indicators to your platform.
The same goes for MetaTrader 5 as well as cTrader. There are versions of these trading platforms created for WebTrading. The WebTrader MT5 is very similar to the MT4 WebTrader with the design, however, it offers some additional features. For example, MT5 WebTrader can be used to trade numerous assets, such as stocks, commodities, and many others.
cTrader’s Web version is also very popular among traders. The design of the cTrader is modern and very easy to use. You can access the browser-based versions from the website of the Forex broker you are using.
How to use WebTrader?
In most cases, you will be able to use the same credentials to log in to your account on WebTrader as you would on your regular account. In most cases, you should not be required to create a new WebTrader account.
A great thing about this is that even if you are away from your computer and you are using someone else’s PC, you can simply go to the website of the broker you are using, open the web trader, log in and start opening and closing positions without the need to download any additional applications.
Browser-based platforms for charting
As we have already noted, there are some Forex web-based platforms that are specifically created for charting and market analysis. These platforms do not allow you to trade Forex, however, they give you the ability to analyze the market and make better decisions regarding your positions in Forex trading.
Most of these platforms offer traders the ability to analyze the market using technical as well as fundamental analysis. By using the information that you can get from technical analysis, you will be able to check if you were making the right decisions in the market before using regular WebTrader Forex trading.
Fundamental analysis is very important for traders as it gives them the ability to always be able to stay connected to the ongoing events in the market. Thanks to fundamental analysis, you will be able to use the announcements as well as changes in policies around the world to plan your positions.
Most of these platforms offer traders a Forex trading calendar, which lists the most important upcoming events in the market. This can help traders make decisions more confidently while trading Forex.
As for the technical indicators, they can be another great addition for traders who want to double-check how correct their decisions are. Technical indicators are using the historical price data to predict the possible direction the market could take.
By using very complex formulas, these indicators offer traders very important information. There are numerous types of technical indicators available in the market. While some of them offer traders very general information about the whole market trends, others give you information about more specific market conditions.
Examples of web-based charting platforms
One of the best web-based charting platforms around the world is TradingView. It is among the most popular charting solutions when it comes to Forex trading, however, it offers much more than just charting and market analysis.
TradingView acts as a type of social media platform and is able to connect Forex traders with others around the world. Thanks to this platform, you will be able to post any questions that you might have on your personal page and wait for others to see them.
But, this is not all. TradingView can also be used by traders to exchange ideas, see how others are trading, and simply grow as traders. You can use this platform for free, but there also is a paid version of it available in the market, which offers traders additional high-class services.
What many people are doing is that they are using platforms such as TradingView for market analysis and charting and once they have their plan ready, they move on to using regular trading platforms to open and close positions. TradingView is a prime example of the fact that a web-based platform can be very good for technical analysis.
Should you use a WebTrader?
In recent years, web trading has become very popular among traders. That said, it certainly is not for everyone. If you are used to using regularly downloadable Forex trading platforms, there is no reason to switch to a web-based platform only because it is possible.
However, if you are a type of trader who is constantly on the go and you are using different types of computers, using a web trader can be a very smart idea.