As we stand at the precipice of the technological era, online trading platforms have ascended to become the nerve centers of the financial world.
Providing traders with tools that were previously only available to industry insiders, they have helped democratize the world of finance. They serve a variety of functions, enabling users to place trades, analyze markets, apply automated trading strategies, and much more. While there are numerous such platforms available across the globe, we are focusing our lens on Metatrader 4 (MT4) and Metatrader 5 (MT5), two of the industry leaders.
The MT4 platform, introduced by MetaQuotes Software in 2005, has been a steadfast pillar of the online trading industry. Known for its intuitive interface, robust functionality, and reliability, it has won the trust of traders and brokers worldwide.
MT4 offers a comprehensive charting package, with nine timeframes for each financial instrument, 30 built-in technical indicators, and 24 graphical objects for a nuanced technical analysis. Furthermore, the platform provides algorithmic trading options, enabling traders to deploy and modify automated trading strategies.
Despite its global popularity, MT4 has particularly thrived in Kenya, providing local traders with a reliable and sophisticated toolset. The MT4 platform is renowned as one of the best trading platforms in Kenya, with many traders appreciating its efficiency and accessibility.
The newer sibling to MT4, Metatrader 5, was launched in 2010 as an all-in-one platform for forex, commodities, stocks, futures, and indices trading. Like its predecessor, MT5 has made its mark on the global trading scene with a more extensive feature set and advanced capabilities.
MT5 offers all the benefits of MT4, plus more. It includes 21 timeframes, over 80 technical indicators, market depth, a built-in economic calendar, and more. One of the significant differences between MT4 and MT5 is the latter’s support for exchange trading, reflecting its broader focus on multiple asset classes.
However, in the Kenyan trading ecosystem, MT5 has not surpassed MT4 yet. Although it offers a wider range of features, Kenyan traders often prefer the simplicity and familiarity of the MT4 platform.
SaxoTraderGO is a web-based platform developed by Saxo Bank, specifically designed for modern traders who need quick and reliable access to global financial markets. This platform offers a comprehensive suite of trading and risk management tools, an intuitive interface, and seamless functionality across devices.
SaxoTraderGO is home to an extensive instrument catalog, encompassing over 40,000 trading instruments across various asset classes. It features a robust charting package, integrated news and economic calendar, algorithmic orders, and risk management tools. The platform’s simplicity combined with its powerful features makes it an appealing option for both novice and experienced traders.
In the Kenyan market, SaxoTraderGO has seen a gradual increase in adoption. Its cross-device functionality is a major selling point, allowing Kenyan traders to monitor and manage their trades on the go. While it hasn’t yet matched the popularity of MT4, it’s gaining a reputation as a reliable and user-friendly trading platform in Kenya.
SaxoTraderPRO, on the other hand, is a downloadable, professional-grade platform tailored for advanced traders and institutional clients. Offering a high level of customization, it allows users to personalize their workspace and align it with their specific trading style and needs.
Featuring advanced order types, algorithmic orders, sophisticated charting tools, integrated news feeds, and level 2 market depth, SaxoTraderPRO is a comprehensive tool for serious traders. It also provides direct access to Saxo Bank’s suite of risk management tools and account overview.
In Kenya, SaxoTraderPRO appeals to a more niche segment of professional and high-volume traders. While its advanced features make it a powerful platform, its complexity and system requirements might deter beginner or casual traders. Consequently, while it hasn’t claimed the title of the best trading platform in Kenya, SaxoTraderPRO certainly has its dedicated user base within the local trading community.
These two platforms from Saxo Bank bring unique strengths to the table. While SaxoTraderGO offers a perfect balance between simplicity and power, SaxoTraderPRO provides a highly customizable and advanced trading environment. Their growing popularity in Kenya’s online trading ecosystem further diversifies the range of platforms available to Kenyan traders.
With the rise of mobile technology and an increase in internet penetration, Kenya has seen a surge in its online trading population. As a result, the demand for robust, reliable trading platforms is at an all-time high. Amid this surge, MT4 has emerged as the best trading platform in Kenya.
