In order to effectively trade in FIX API Forex, certain software should be at the trader's disposal. The image of a trader with a phone in their hand is left far behind. Today there are many trade experts and platforms for automated analysis and performing transactions in the market.
One of the best solutions is MT4 trading platform. However, some traders begin to pay more attention to the new platform that recently appeared on the market, namely the cTrader. In order to determine which trading tools will be more effective, let's define the key advantages and disadvantages of trading platforms.
For more than 20 years, MT4 remains an effective tool for FIX API trading. The platform allows to analyze and make transactions in virtually any market. However, the majority of FIX API Forex brokers use it precisely in this market (Forex) as well as to trade CFD contracts. The key advantage of this trading platform, is that many support programs have been developed for MT4 : trading robots, indicators, panels and alerts. The whole point is that the platform has its own programming language and development environment which simplifies building this software. Moreover, in addition to MQL you can also code in FIX API C#, FIX API python and FIX API Java for this platform.
With regard to cTrader, this platform is intended purely to trade CFD contracts. The main function of cTrader is its ability to perform integrated in-depth analysis of the market by reading current market bids. This allows to determine the number of transactions, their volume, and prices. Detailed analysis helps to learn more deeply the current market state of an instument. It should also be noted that the platform is designed for manual trading because there is no possibility to connect robots directly to the terminal, which should be done through additional software cAlgo.
The analysis above clearly shows that MT4 is more flexible in use and integration with embedded software, which makes it the undisputed leader in its segment.