Retail Forex and CFD traders benefit from advanced online infrastructure that allows them to access a wide range of markets with a few clicks – something old-school traders could only have dreamed of when much of their work was done over the phone.
An online trading platform serves as the main gateway to global markets, connecting retail traders to market makers and liquidity providers around the world.
Retail traders will often encounter the terms “trading platform” and “trading terminal.” The two are often used interchangeably, but there are subtle differences to be aware of.
You can think of a trading platform as the software or broader technology environment that gives you access to financial markets. Meanwhile, the terminal is more specific, representing the interface through which you analyze markets and price action, place orders, manage positions, and use different tools to customize your trading experience.
In Forex, the terminal is usually the client software a trader logs into, while the platform is the wider environment behind it: accounts, pricing and execution. That distinction matters as the market shifts. Finance Magnates reports that MT5’s share of combined MetaTrader volume reached 62% by Q3 2025, and its Q1 2026 quarterly report puts the figure at 65%.
Interestingly, MT5, or MetaTrader 5, can be described as both. The MT5 application acts as a trading terminal, while the broader MetaTrader 5 technology ecosystem is often described as a trading platform.
What Is a Trading Terminal?
A trading terminal is the interface or the trader-facing software where you analyze markets and manage positions.
Here you can monitor real-time price quotes, switch between different chart modes, apply technical indicators, draw support and resistance lines, and check your trading history.
As a rule, the terminal can be regarded as the trader-facing interface of the broader trading environment, which can be accessed through a platform account. For example, you can have your MT5 desktop terminal open on your computer while having logged in through the MT5 trading platform application.
You can access a terminal through a desktop computer app or through a browser or mobile device.
MT5 and MT4 offer desktop, web, and mobile interfaces through which you can interact with your brokerage account. For example, you can register with Moneta Markets, a regulated international CFD broker, and connect to the MT5 trading terminal using your broker credentials.
What Is a Trading Platform?
It would be no mistake to call MT5 and MT5 trading platforms, but the term also refers to the broader software environment that allows you to access financial markets online.
Depending on how you use the term, the platform consists of the terminal as well as connectivity to brokerage accounts, order processing, execution, and other trading services.
Therefore, when you use the term “platform,” you may be referring to connectivity, accounts, and execution infrastructure, which is sort of the behind-the-scenes environment that facilitates Forex and CFD trading.
That being said, MT5, MT4, and cTrader are still considered popular trading platforms for market analysis while connecting traders with brokers. This is because, in everyday usage, a trading platform also refers to the application itself, which is why the two terms are often used interchangeably in Forex.
How Do They Differ?
As just mentioned, ‘trading terminal’ and ‘trading platform’ often overlap in meaning, but here are some subtle differences:
| Trading Platform | Trading Terminal | |
| Scope | Broader software or technology environment for accessing Forex and other financial markets | The interface used to interact with the platform |
| Role | Offers market access and supports accounts, connectivity, and execution | Allows traders to analyze price action and place orders |
| Consists of | Trading interfaces, account connectivity, market data, and execution infrastructure | Charts, quotes, indicators, order tickets, positions, and trading tools |
| Market data | Receives and distributes pricing and other market data | Displays prices, charts and other market information to the trader |
| Examples | MetaTrader 5 ecosystem, cTrader ecosystem, proprietary broker platforms | MT5 desktop client, MT5 WebTerminal, broker-specific trading clients |
MT5 Dominates Trading Platform Ecosystem
Forex is by far the largest and most liquid financial market. The latest report from the Bank for International Settlements (BIS) found that daily turnover in over-the-counter (OTC) Forex markets reached $9.6 trillion in April 2025, up 28% from $7.5 trillion three years earlier.
Retail-driven activity accounts for a significant portion of this market. Of the nearly $10 trillion changing hands every day, the BIS classified about $242 billion per day as retail-driven transactions, including activity involving retail margin brokers, electronic retail trading platforms, and private individuals. This represents about 2.5% of the total turnover.
According to Track360, MT5 is the most widely deployed retail trading platform. It has become the default for new broker launches, as MetaQuotes ceased to issue new MetaTrader 4 licences in 2022. Still, MT4 remains a popular option thanks to legacy client bases and Expert Advisor libraries.
FM Intelligence data covering Q4 2024 through Q1 2026 shows that the shift from MT4 to MT5 is happening at different speeds across six regions, with North America the only region where MT4 still has greater web visibility than MT5.
