Since the mid-1990s, when online financial markets were first made available to the general public, a steadily growing number of people have been using trading platforms to either supply or augment their income. In 2024, if you're an online trader, chances are that you treat it as an occupation like any other, requiring your full attention, including hours of analysis and strategizing each day.
However, much as a builder is limited by the capabilities of their tools or a golfer by their collection of clubs, a trader is likewise dependent on the trading platform they use. That being the case, the decision of which trading platform you pick to implement and inform your day-to-day business is an important one, as it can make the difference between successful trades and missed opportunities.
To that end, not only have we taken the time to conduct a detailed inspection and review of some of the most popular online trading platforms available, but we have also solicited the advice of Matt Choi, founder of the online trading and training firm Certus Trading Inc., for his experienced opinion about each of them.
"In 2024, several trading platforms stand out for their innovative features and user-friendly interfaces," says Choi, who in addition to running Certus Trading is also a Chartered Market Technician. "Choosing the right trading platform for you involves considering the quirks and features of each one, and then figuring out which best caters to your trading needs. These days, the best platforms offer up-to-the-second real-time data, advanced charting tools, and a wealth of automation options. When I thought about which ones to critique, five leaped immediately to mind."
MetaTrader 4 (MT4)
MetaTrader 4 is one of the preferred choices among traders because of its powerful charting tools and automation features. It offers a vast library of technical indicators and customizable charts, making it adaptable for traders of all levels.
Pros:
- Excellent charting tools and technical indicators.
- Customizable to fit various trading strategies.
- Strong automation features.
Cons:
- Can be complex for beginners.
- Older interface compared to some newer platforms.
"MetaTrader 4 is popular for a good reason," says Matt Choi. "It's got some of the best charting tools out there, and you can really tweak it to suit your trading style. If you're into fine-tuning your trades and using technical indicators, MT4 is definitely worth checking out. It's like having a Swiss Army knife for trading"”you can adapt it to fit your needs."
TradingView
TradingView is known for its advanced charting and social trading features. Its interactive charts and real-time data are great for analyzing market trends and connecting with other traders.
Pros:
- Advanced charting and real-time data.
- Social trading features for sharing and learning.
- Strong community and educational resources.
Cons:
- Some advanced features may require a paid subscription.
- Social features might be distracting for some users.
"TradingView is awesome if you love analyzing charts and talking with other traders," Choi notes. "The real-time data and interactive charts are top-notch, and social trading lets you see what others are doing. It's not just a tool; it's a community. If you like blending technical analysis with socializing, TradingView is a great choice."
Thinkorswim
Thinkorswim offers a wide range of tools for trading different asset classes, such as stocks, options, and futures. It combines genuinely advanced charting with a host of other educational resources, as well as a section dedicated to expert analysis.
Pros:
- Comprehensive tools for multiple asset classes.
- Robust charting and real-time data.
- Excellent educational resources and support.
Cons:
- Can be overwhelming due to the number of features.
- Might be too complex for casual traders.
"Thinkorswim has a lot going for it, especially if you're trading across multiple markets," Choi says. "It's packed with features, from detailed charts to a wealth of other educational resources. If you're serious about trading and want a platform with all the bells and whistles, Thinkorswim is definitely worth a look."
Interactive Brokers
Interactive Brokers offers a range of trading solutions, including high-frequency and algorithmic trading tools. It's known for its low-cost structure and cutting-edge features.
Pros:
- Low-cost trading with advanced tools.
- Good for high-frequency and algorithmic trading.
- Suitable for both professional and retail traders.
Cons:
- More complex, which may not suit all users.
- Customer support can be hit or miss.
"Interactive Brokers is great for those who like to make more moves than average or use algorithms," Choi explains. "It's cost-effective and has a lot of state-of-the-art features. It might be a bit complicated, but if you're ready to level up to some more sophisticated strategies, this platform could be a game-changer for you."
eToro
eToro stands out with its social trading features, allowing users to follow and copy the trades of successful investors. It's a good choice for beginners or novices who want to see how veteran traders negotiate the markets.
Pros:
- Social trading features for following and copying trades.
- Easy to use, with a focus on community learning.
- Suitable for beginners looking for simplicity and support.
Cons:
- Social features might not be useful for advanced traders.
- Fees can be higher compared to other platforms.
"eToro's claim to fame is that it combines social trading with investment," Choi says. "You can follow and copy experienced traders, which is great if you're new or just simply want to have a look at what others are doing. It's simple to use and has a strong community feel, making it a solid pick for anyone who values a dimension of social interaction in their trading experience."
In the end, choosing the right trading platform is a personal decision. Each trader has unique needs and preferences, so it's important to select a platform that fits your trading style and goals."Every trader is different, and what works for one person might not work for another," says Matt Choi. "What we recommend at Certus Trading is to explore the options for yourself and find the platform that best aligns with your needs and helps you get the most out of your trading experience."
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