If you are a typical forex trader who is completely committed to trading, here are tips for forex trading for mac platform.
If you’re a frequent stock trader, you may want to trade forex from the comfort of your Mac. But most forex brokers support mobile trading, so often, PCs and Macs aren’t covered as often.
That doesn’t mean you can’t trade on your preferred device! You can learn how to use forex trading software on your Apple computer.
Follow the guide below to learn forex trading for Mac platform and get started with your stocks today!
Why is Using a Mac Different for Forex Trading?
Macs differ in many types of functionality from PCs. For example, PDF to word on a Mac system will be different.
In general, forex trading is easier on a PC. This is because the forex trading software, MetaTrader was designed to run on a Windows-based operating system. There are definitely ways to get MetaTrader on your Mac, but there aren’t any official versions for Linuc or Mac OS.
You’ll need to imitate a Windows operating system in order to run MetaTrader. You can do this by downloading either Parallels or Wine, and then run MetaTrader through that. This can be a bit difficult and bugs can occur.
There are some brokers who have an imported MetaTrader version for Macs that exist and you can download. The issue is usually that US traders won’t be able to do this, so US clients who trade on Macs will need a new platform. They can also use MetaTrader for desktop, but that will lose some of the functions of the platform.
As another solution, there are other forex trading apps, like cTrader that are supported by Macs. They are similar to MetaTrader, but might not include all the features.
Learning How to Use a Mac to Trade Forex
There’s still a way for you to trade forex on a Mac, even without the full functions that MetaTrader can offer, which is a dealbreaker for some traders.
Below are the key steps to follow in order to start trading forex on your Mac.
1. Establish Your Forex Trading Needs
Regardless of your operating system, there are certain needs you will have as a trader. Before you find the right forex broker for you, you’ll need to answer some questions.
First, you need to consider the trading requirements you have and make sure they line up with the broker. How much is needed to open an account and do you meet the minimum sizes for individual trades. Then, you must think about how much it will cost you to trade.
For US traders, it’s important to consider the leverage requirements. Leverage is when you buy securities with borrowed money, and this happens often when trading forex. By using a small amount of capital, traders can move large portions with leverage. Look into the margins that are offered.
It’s also important to choose a broker with the right amount of currency pairs. Since trades happen in pairs, brokers will advise on how many pairs to trade, and at least 40 pairs will work.
Lastly, do you need a direct access or market maker forex broker? A direct access broker will allow traders to have access to the market directly. But market maker brokers will funnel the order to a trading desk.
2. Decide on the Right Broker for Your Mac
Once you’ve answered the questions above, you can use that information to inform your decision and choose a brokerage. As mentioned before, you may lose some functionality with the MetaTrader desktop app. So choosing brokers that either support MetaTrader for Mac or have a Mac-friendly trading platform is important.
The first option is Admiral Markets, which is based in the UK and has provided currency to international traders. It also has a native Mac application, so it’s compatible with your needs.
Forex.com is the second option, which doesn’t have a dedicated MetaTrader app for the Mac. But many Mac users are able to use the advanced trading platform and mobile trading. Mac users can also utilize the NinjaTrader through this brokerage.
Another option is Vantage FX, which is based in Australia. This is a direct access broker and will pull quotes from many different ECNs. They’ll also have liquidity providers to shorten spreads, and a MetaTrader app for Macs.
Another option, which is not the last that exists, is TD Ameritrade. This brokerage is actually more powerful than MetaTrader, and will give you fast trade execution. That means you’ll easily be able to go between stocks and currencies.
3. Get the Right Forex Software
The next step is to choose a platform, and most brokers have a platform of their own. This will likely be available to download or able to access from your Internet browser.
The most popular platforms are MetaTrader, NinjaTrader and cTrader. After you’ve chosen a broker, you can go to their website and find the platform you want. It’s important to first confirm that it works on your Mac.
There are also a lot of brokers that offer custom solutions to clients. So if you’re experienced and want to create your own trading program, you can choose a software that will allow this.
4. Get Started Trading
You should now be ready to trade after you downloaded the trading software. You will also need to link your account, and then you can make your first forex trade. The leverage on most major pairs is 50:1 for most forex brokers. But it could be more if you’re outside the US.
Ensure you can fund your trade and cover the account balance. You might be able to get a demo account and use fake money before starting. This could be important if you aren’t used to doing forex trading.
Learning Forex Trading for Mac Platform is Possible
By following the guide above, you can learn forex trading for Mac platforms. Even if it is a bit more complicated to trade on a Mac, you don’t need to buy a new computer to trade currencies.
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