Meeting the Demands of Modern Traders
Heading into year-end, the retail industry has continued to solidify around several trading platforms for brokers. However, Apple’s recent banning of MetaTrader 4/5 (MT4/MT5) has shaken up the field, creating new avenues of growth for many alternatives.
Traders have consistently demanded more from trading platforms over the years. The days of dated legacy systems with limited or no updates are over, underscoring the premium for UX and support.
With more traders than ever flocking into the retail sector, the demand for powerful and versatile trading platforms has soared to new heights in 2022.
Searching for the Next Top Trading Platforms for Brokers
By any metric, the move by Apple was seismic and took many by surprise. Such a move only does shed light on a wide range of options that already exist in the retail trading industry.
Many trading technology providers had in recent years embarked on plans to upend the status quo. While the field is far from hegemonic, brokers are better positioned than ever to harness new trading technologies.
The timing for many brokers could not be better as trading volumes continue to see an uptick, fueled in large part by high volatility across forex and CFDs markets. With central banks taking center stage in Q4 2022 and next year, this trend is unlikely to abate anytime soon.
With such trading platforms at a premium, we look at the best current options that exist for brokers heading for 2022 and beyond.
Top Trading Platforms for Brokers in 2022
In the next section, you will learn about the best trading platforms for brokers in 2022. We'll look at these platforms and talk about their features and how well they operate so you can make informed decisions. Whether you're a broker with a lot of experience or just starting out, this comprehensive overview will help you choose the best platform for your trading needs.
cTrader
cTrader stands out as a versatile, user-friendly forex trading platform that was engineered specifically for use by ECN brokers. This tailoring has helped explain its recent rise in popularity and adoption by many of the industry’s leading ECN brokerages.
The platform was specifically designed to help streamline charting capabilities as well as the execution of trades. In this respect, the platform outshines its competition, providing a polished interface that is both clean and friendly to navigate.
This makes cTrader much more preferred compared to legacy options and more cumbersome alternatives. It’s clear cTrader’s designers have prioritized usability, UX and flexibility, as indicated by the multiple ways to customize charts and other utilities.
With a number of APIs, such as Open API, that enable brokers to interact with cTrader for any trader-related operation, like the use of external trading tools, trading analytics, and customized charting solutions, cTrader is the most extensible platform on the market and adheres to the Open Trading Platform™ philosophy.
Other APIs such as Managers, FIX, Reporting, and Webservices, extend the possibilities for further customizations and integrations, based on the needs of brokers and traders.
cTrader’s platform caters towards brokers that offer no-dealing desk, real market trading. As such, cTrader helps address this segment via an offering of specialized features including algos, trading Sessions, proxy connection settings, and advanced pricing & depth of market capabilities.
In a recent survey, 53% of forex brokers preferred using cTrader heading into 2023.
cTrader Features
- Strengths: UX, versatility for traders, tailors to ECN brokers, branded mobile apps, multi-asset platform, hosted on Spotware's infrastructure, integrated with major third-party technology providers
- Weaknesses: None
- Extra features: cTrader Copy, algorithmic trading, number of first-party extensions available, tailored to address brokers' needs
Devexperts DXtrade Platform
DXtrade CFD is designed specifically for retail CFD, FX, crypto, and spread betting brokers. The platform offers strong risk management capabilties already built into the platform along with streamlined dealing and customer managment applications and 24/7 support maintained by Devexperts.
The main draw to DXtrade is its versatility in assets on offer and flexibility in the settings that brokers can use to tinker their approach. This customization is key for brokers as it allows them to build their ideal setup for platform in terms of both front- & back-end and brokerage options.
DXtrade comes in three different variants, DXtrade CFD (a platform for margin and spot FX, CFDs, and spread bets), DXtrade XT (a platform for exchange-traded instruments), and DXtrade Crypto (a platform for pot and margined cryptocurrencies).
As such, DXtrade also allows brokers to differentiate themselves from a wider market. This is due to the fact that all layouts and setups of the platform are determined by the broker themselves.
DXtrade is also well-suited for newer brokers looking to get their brokerage infrastructure off the ground and running fairly quickly. As an out of the box trading platform with a polished UI, DXtrade is very appealing for many brokers.
DXtrade Features
- Strengths: Mobile app ownership, multiple asset classes supported, opportunity for brokers to buy out the source code
- Weaknesses: None
- Extra features: Out-of-the-box solution
UTIP Trading Platform
UTIP’s trading platform functions as a ready-made module that features a built-in system with advanced security protocols against unauthorized access, an ultra-modern trading terminal, and much more. Users will immediately recognize UTIP platform’s high-quality data feed and access to its Trader’s Room portal.
The platform is well-known for its ease of use, boasting a one-click transfer between the Terminal and Trader's Room. Users can transition between the Web Terminal to the Trader's Room and back without additional authorization or barriers.
The platform integrates its own UTIP CRM, which forms a technological, convenient ecosystem for the broker company. In doing so, the platform does not have a conventional mobile application, but a mobile application with which brokers can comprehensively promote your brand.
In terms of UX, UTIP platform ranks among the best with a smooth interface that caters to all types of traders. The flexible nature of UTIP platform allows brokers to develop their own Trader’s Room, affiliate’s room for partners and lead generators.
These utilities are very easy to implement, helping upload real-time quotes, and trading statistics directly to any website, along with compatibility with any CRM system. This is a definite draw of the platform, given it's so easy for any brokerage to calibrate to their respective needs.
In terms of the depth of UTIP’s offering, its platform UTIP uses reference servers for a continuous stream of quotes to guarantee a stable archive of quotes without gaps in history. Getting started is also simplified as UTIP platform’s web terminal does not require any encumbering downloads or setups.
UTIP platform is available as Web Trader, PC Trader, Mac Trader, or on any mobile device. Getting started with UTIP platform is also simplified and fast, with top up transfers possible via VISA/Mastercard, Bank Transfers, and E-wallets.
UTIP Platform Features
- Strengths: Smooth interface, easy transition between modules
- Weaknesses: none
- Extra features: UTIP CRM, reference servers
MetaQuotes
MetaQuotes is a designer of trading platforms for brokers, operating both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms function as an all-in-one trading platform that enables the trading of forex, futures, and stocks.
Originally released in 2005, MT4 continues to operate as one of the industry’s most preferred platforms, and certainly is the most established to date.
Since its inception, MT4’s proliferation has been due in large part to its ability for end users to write their own trading scripts and robots that could automate trading. More recently MetaTrader5 (MT5) has supplanted MT4 as the preferred option by brokers.
Overall, MT5 is widely considered to be one of the most trusted applications by brokers due to its capabilities that support algorithmic trading applications, such as Expert Advisors, Trading Robots, and Copy Trading.
As a multi-asset platform, MetaTrader supports hedge trading which is widely employed by investors trading the foreign exchange market. What separates MT5 from several other trading platforms is the depth of optionality and capabilities that the solution is capable of providing traders.
MT5 supports several thousand indicators free of charge through their Code Base, all of which can be integrated into the framework of MT5. Brokers looking for trading platforms can hardly go wrong with MT4 or MT5.
MT4, MT5 Features
- Strengths: Industry standard, flexible and simplified UX
- Weaknesses: Aged interface that can be clunky for users, banned from Apple Store
- Extra features: Advanced signals, new build updates
TradingView
TradingView stakes its claim as one of the most versatile trading platforms available across a wide range of asset classes. Its market-leading charting makes it a favorite for millions of traders worldwide, particularly among equities traders.
The platform’s popularity extends beyond stock analysis though as its also widely used with forex. As one of the more well-rounded platform options available on the market today, TradingView performs several operations smoothly and seamlessly.
Like other options, it is free to use in its most basic sense, with scalable options available via paid plans. To fully unlock TradingView’s potential you will need a paid plan, however, as this enables the use of several different utilities.
This includes multiple timeframes, data exports, advanced chart types and charts, custom time intervals, real-time market data, and much more. TradingView is also easy to use, as it functions as a browser-based version on seemingly any device.
One of the reasons why TradingView is so popular amongst stocks, in particular, is its native multi-monitor support. While this is usually less relevant for forex traders, this support can be useful as well.
The desktop platform TradingView supports allows traders to create multiple tabs that can contain a multitude of charts across each individual monitor. On the brokerage side, TradingView is compatible with several different platforms as well. Users can connect their TradingView platform with the brokerage trading platform to trade directly from within TradingView.
TradingView Features
- Strengths: Native multi-monitor support, Advanced Charting
- Weaknesses: Requires paid plan to unlock the full potential
- Extra features: Tiered paid plans
