This forex trading position is brought to you by Compare Forex Brokers.
“Forex trading” refers to the transactions of national currencies in the forex market, aka forex or FX. However, most forex trading platforms for average investors were designed for Windows computers. So what are Mac users who want to get into forex trading supposed to do? We describe a few options below.
The foreign exchange market
Changing from one currency to another is crucial for trading of all kinds, all over the world. Thus, a huge market of liquid assets has developed around currencies, taking advantage of exchange rates that fluctuate due to various factors. A mind-boggling $ 6.6 trillion in daily revenue (.pdf) on the foreign exchange market.
Forex trading was once the domain of large institutional investors, such as multinational corporations and hedge funds. But the Internet has changed things. A retail market for individual investors has emerged, so now you can trade directly from your computer or mobile device. And because the forex market does not have a centralized location, you can trade at any time.
Investors trade in the forex market for a variety of reasons. They can do this to hedge against currency and international interest rate risks, to speculate on geopolitical events, and to diversify their investment portfolios.
And now, it’s easy for virtually anyone to get involved and make money. But Mac users have a few more hurdles to overcome.
Forex Mac apps for trading
âNot all forex trading platforms have Mac compatible software,â said Justin Grossbard of Compare Forex Brokers. “[Our] The team reviews the best forex brokers and platforms with trading solutions for Mac traders. “
So, if you are a Mac user, you need to be careful with which trading platform you choose. Fortunately, some Mac forex applications exist.
With a few tweaks, you can use your Mac rather than having to invest in a new computer just for business.
Limitations of MetaTrader
One problem is that the most popular forex trading software, MetaTrader from MetaQuotes Software, is designed for the Windows operating system. You can get it for Mac, but its functionality is limited in some ways. Both MetaTrader 4 and MetaTrader 5 are widely used. A direct Downloading MetaQuotes from MetaTrader 5 for Mac is available.
To use the Windows version of MetaTrader on a Mac, the first thing to do is download and install Parallels Desktop or PlayOnMac (which is based on open-source Wine compatibility layer) to emulate Windows on your Mac and run MetaTrader 4 or 5.
Imitation is not perfect, however, and bugs can occur. Not all features may be available. Automated trading may be limited. And the popular Expert Advisors feature may not work.
For some forex traders, these limitations can be critical.
MetaTrader apps for Mac
Fortunately, many forex brokers have their own native MetaTrader software for Mac which is a big help. However, access from some regions, such as the United States, may be blocked or limited, and you may still not have full functionality.
If you choose a broker that offers a MetaTrader for Mac program, you should do some research on the broker to determine if accessing the program is worth it.
Here are some questions to ask yourself: How much money do you need to open an account? What are the fees and commissions on transactions? What are the limits on the types of transactions you can execute?
You will need to learn a bit more about forex trading methods, of course.
In addition to the MetaTrader software clients of Mac-led brokers, two popular alternatives for Mac users are cTrader and NinjaTrader.
The Compare Forex Brokers website lists various forex platforms and the Mac software they support. The site presents the criteria of its experts to choose the forex platform most suited to your needs. (Some platforms also offer iOS and Android apps for mobile trading.)
In addition to detailed descriptions of the positive and negative attributes that each forex platform brings to the table, prominent link buttons direct you to each platform’s website. This way, you can have a more direct overview of the Mac software they support.
Forex educational material
The Compare Forex Brokers site also offers many educational materials for investors who wish to get into forex trading. You can learn a lot from a section of the site specifically intended for beginners, for example.
In addition, a vast forex trading guide helps define all of the terms and practices involved in active foreign currency trading.
Finally, a broker reviews section gives you even more platform information which can help you with best forex Mac apps. Brokers are split between ECN Foreign Brokers, Commission Free Brokers and Newbie Brokers.