Difference between trading platform and brokers

Hi Experts,

I want to open a Demo account and when I try to search for a suitable broker as the suggestion provided in babypips, I find that almost all the brokers list their best qualities. Among them is the trading platform that they provide. Now I am not able to understand what is the difference between a trading platform and a broker because for example almost all the brokers list MT4 as one of the trading platforms and it looks that you can actually open an account at the MT4’s website also? So what is MT4 account that is different from a broker’s account?

If I open an account at MT4 then why do I need to open an account with any broker? can not I just practice in a demo account and later start trading on MT4 itself?

Regards

hi rsaxena

The broker is just the middle man between you and the market. There are many brokers, as you may have realised. If you ask opinion on brokers on a forum such as this you will get a very varied answer.

There are several trading platforms. MT4 is one of them. I am familiar with MT4 and not so much the others. I am familiar with MT4 because I have used it for 5 years, I write my own Expert Advisors which work on MT4. Im not sure about the general opinion but I like MT4, it does what I need it to do.

All brokers will supply you with a trading platform. If you download MT4 from a broker, when you install that MT4, it will usually be pre-set with the brokers server details etc, so that saves you from inputting them manually.
I am not sure about the opening of an account at MT4 website. Unless it is just the normal sign up account.

Otherwise, when it comes to opening a live account, be careful that you open an account directly with a broker. If you open through a promotion or third party, you risk getting greater spreads, of which the promoter (or third party who introduced you to the broker) gets a slice of. I fell into that trap when I started out :frowning: .

The broker you choose may depend on which country you live in. I live in the Uk, and the brokers here are quite heavily regulated in favour of the customer (me) which is a bonus.

so it means that every broker is connected to some kind of trading platform like MT4. Is it just a kind of software? and you also said that if we download it from the broker’s site then it is already filled with its information or else we have to provide it ourself in the trading platform if downloaded exclusively, please correct me if I am wrong.
And, yes I think you are right, the account to open, that I found on MT4 site is a demo account only, I am not sure if they have any real trading accounts. They are not brokers, right?
I think to start with i will also go with MT4 because that seems to be most popular out there…so it seems there would be a lot of helful information available about it in google…
Thanks.

All things simple … :slight_smile:

MT4 = Meta Trader 4 is a software for trading in the Forex markets

To be able to use MT4 you have to open a Demo or Real trading account with any Broker.

[B]Why Broker?[/B]
Because you cannot trade without a broker unless you are a Big Bank like the HSBC or CitiBank

yeah, you’ve got it.

MT4 is a good place to start. I have been trading 5 years and still use it.