The forex market has been dominated by the MataQuotes platforms for years now. Even though MT4 remains the preferred option for the majority of traders and brokers, there are other viable options available in the retail sector. Today we will take a look at what we consider to be the three best alternatives to MetaTrader. We take into consideration both the current development level of the platforms in terms of functionality and usability and also their potential based on anticipated updates.
UTIP Trading Platform
Most traditional traders have not heard of this software, a status quo that is expected to change dramatically over the course of 2016 with UTIP expected to gain global traction and start competing for market share with the industry leaders, namely MT4. What does UTIP give to the average trader, making it a possible leader in the coming years? Simplicity at its best.
UTIP is a Forex and Binary Options trading platform that is available as a web application and as a standalone solution. Unlike many other web-based trading apps, including the recently released MT4 WebTrader, UTIP has integrated a wide selection of the best tools for technical analysis.
The chart above could easily be mistaken for MetaTrader. However, it is the toolbar on the right which shows us the added value that this platform offers. UTIP is expected to attract significant attention from traders and traction on market share in the upcoming year to cement its reputation as one of the friendliest platforms for beginners. A simple, intuitive platform making life easier for beginners is clearly in the best interests of brokerages who we can expect to see increasingly adopt UTIP as an offering on their trading platforms. The simplicity if offers will be the hallmark of acquiring and retaining those clients.
You can learn more about the platform by visiting the developer's site.
cTrader, cAlgo & cMirror
A suite of platforms designed by Spotware is another which could become a major competitor to MT4. Broadly speaking, cTrader tries to excel in every single aspect of what a trader wants and needs. This platform, unlike most other trading apps, comes with integrated capabilities for automated trading. cTrader robots are coded in C#, which is a more common programming language than MQL4. As a result the number of trading tools, charting tools, time frames, indicators and other useful features which can be produced as add-ons by third-party developers is far more extensive than what is offered by MT4. Finally, cTrader Web is more versatile than the web platforms developed by MetaQuotes.
Spotware is continuously developing its software on the agile principle and as a result cTrader is updated nearly every month. The suite also offers various add-ons like cMirror and cBot that provide further value. However, the downside is that this will not appeal to traders who prefer stability and a platform they get used to very intimately, making UTIP the better alternative for this profile of trader.
Even though SIRIX has been around for quite some time, it is still not as widely used as other platforms. However, we have been informed by developers Leverate that a few major updates are coming soon. SIRIX is a browser-based piece of software and has been designed specifically for social trading.
SIRIX is expected to see a higher rate of adoption by brokers as a result of its impending updates. This will likely result in a greater volume of 'guru' traders joining the social trading network. Social is thought in many quarters to be the future with social trading now taking off with more tradition securities brokers such as Motif Investing now offering it. With the popularity of social platforms such as eToro's Open Book on the wane, SIRIX becomes an important platform to watch in 2016.
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