Forex trading software refers to a platform that enables people to see and analyze forex pairs, execute trades, and even develop algorithms. The platform is usually provided for free by a forex broker.
Most forex brokers provide trading software from leading companies like MetaQuotes, which then customizes the platform for them. In addition to their bought software, other companies have built their custom-made trading software.
The most popular forex charting tool is known as the MetaTrader. It is built and maintained by MetaQuotes and is usually offered for free to traders. Users can also download the MT4 and MT5 desktop and mobile applications from the company’s websites.
In addition to MT4 and MT5, other trading software offered by companies is cTrader, TradingView, and Ninja Trader. In this article, we will look at the MetaTrader and compare it with Ninjatrader. We will then recommend the better option for you to use.
What is MetaTrader?
MetaTrader is free software that is provided by most forex and contracts for difference (CFD) brokers. MetaQuotes offers two types of MetaTrader. The MT4 is the most basic platform and is offered by most platforms. MetaTrader 5 has more features and is often offered to more advanced traders and investors.
The MT4 and MT5 platforms have many features that are useful to traders of all levels. For example, it comes with inbuilt technical indicators like Moving Averages, Relative Strength Index (RSI), and the Moving Average Convergence and Divergence (MACD).
In addition, it has a strategy tester that enables traders to build and test their expert options or trading robots. Upon signing up for the basic MetaTrader platform, it will lead you to a place where you can create a demo account.
What is NinjaTrader?
NinjaTrader is a trading software that is relatively similar to MetaTrader. The software is offered by NinjaTrader Group, an American company that has been around for almost 20 years.
NinjaTrader and MetaTrader offer the same services, although the former has an option that focuses on the futures market.
It has many features that users love. For example, it has hundreds of technical indicators that people can use to conduct technical analysis. It also has a platform where people can build and backtest their robots. The charting technology is also a bit more advanced than that of the MetaTrader.
Most people can use the NinjaTrader platform for free. However, to get advanced data and more services, the company sells them for between $720 and $1,099 per year.
Advantages of MetaTrader over NinjaTrader
While MetaTrader and NinjaTrader are two popular forex trading tools, MetaTrader is a better option for several reasons.
First, a free account gives you all features that are available in the live account. As such, if you are a new trader, the free account can give you everything that you will find in a real account. In NinjaTrader, the platform’s free account is not ideal since it does not offer you all tools. To use a comprehensive demo account, you will need to first connect it with a broker.
Second, the mobile versions of MetaTrader are better by far than that of NinjaTrader. Indeed, a closer look at the mobile version of the platform shows that it has a close resemblance to its website. As such, it is a bit difficult to trade with NinjaTrader on mobile.
Third, MetaTrader is offered by many online brokers. Indeed, it is hard to find a broker that does not offer MetaTrader. On the other hand, only a handful of companies offer the app. They are FXCM, Interactive Brokers, CQS, and Forex.com.
Further, MetaTrader offers data for free. With NinjaTrader, you can only access streaming data after making a payment.
Advantages of NinjaTrader over MetaTrader
In my experience, I found that MetaTrader is a better trading platform than NinjaTrader. But there are some areas where NinjaTrader offers better features.
First, the platform offers superior chart customization features. For example, the charts are more user-friendly. It is also possible to open multiple charts with different timeframes at the same time.
Second, the platform makes it easier for people to trade because it comes pre-loaded with hundreds of chart options and indicators.
Third, it provides more order types. The most important one is known as order-cancels-order (OCO), which helps you to manage multiple orders at the same time.
Trading automation with MetaTrader and NinjaTrader
A good free forex tool should come loaded with features to help you build with robots, which are also known as expert advisors. MetaTrader and NinjaTrader offer these tools for free.
With MetaTrader, you can code the robot from scratch or use some of the many available templates. NinjaTrader, on the other hand, offers a point-and-click strategy platform that enables traders without any experience in the market to build their own customized platforms.
The platform also has a tool that allows you to link strategies to indicators for automated order implementation. Therefore, while these forex trading tools have algorithmic trading tools, I feel that NinjaTrader is better.
Backtesting with MetaTrader and NinjaTrader
Backtesting is the process of testing your expert advisor to see how it would perform in the live market. It is a mandatory process after you build your robot or buy one that has already been built. MetaTrader and NinjaTrader both offer a free platform for you to test the robots.
MetaTrader and NinjaTrader cost
For an ordinary forex trader, MetaTrader and NinjaTrader are free forex trading tools since they are offered by brokers. Still, MetaTrader is more versatile since you can download and use it in a demo account without linking to a broker. NinjaTrader, on the other hand, offers a free demo, but you must link it to a broker. Also, it has more expensive options that cost up to $1,090 per year.
Summary
MetaTrader and NinjaTrader are good forex trading tools for beginners and experienced traders. But, in our experience, we have found that the MetaTrader 4 and 5 are the best FX charting tools than their competitors.
