Forex Trading Platform – How to Select the Best Forex Trading Platform
“It is essential to choose a best forex trading platform to increase your gains from the forex markets.”
As forex trading becomes more and more popular today. In the time being, there are more and more forex brokers getting into the industry to service the demand, and thus leading to a proliferation of forex trading platforms in the market today.
As the trading platform is the backbone of the forex trading activities of any forex broker, also it is one of the most important factors to consider when you wish to start a trading account with a broker.
How can you ensure you are selecting a trading platform that can best meet your needs, with bearing in mind that an unsuitable trading platform can be disastrous to the way you trade and in fact to the eventual trading outcome; whether you are profitable or losing money in the trades?
I regardless of whether you are just beginning to trade and are looking around for a suitable forex trading platform or whether you are already trading forex, but would like to review the suitability of the trading platform. Here are some points to select the best forex trading platform.
Best forex trading platform
Is the forex trading platform a high-edge system that employs the established but highly sophisticated technologies in order to provide you the real time and up-to-date quotes? It is very important to determine, as a real time streaming quote platform will allow you to check your account and positions in real time and more importantly 24 hours a day. With real-time information via the trading platform, as a trader you can be in full control of your funds whenever you wish.
Some brokers also slow the execution of the orders. It is really a big issue as this will impact negatively on your trades because the rate of the currency pair would change during this period of time, resulting you to enter the market at a different rate than the rate you wanted.
Easy to Use software
No software download needed. Look for a platform that enables users to start deals immediately without the need to download proprietary software or to spend weeks to learn how to use an unwieldy possibly outdated system. In fact, you should not have to install any software on your own computer and you should be able to log in from any computer that has an internet connection. However, there are also desktop solutions or trading platforms are available, but unless they allow you real time information and the ability to be in control of your trades, they are not desirable.
Some preferred trading platforms have a freeze and trade system involving a “freeze-the-rate you see” for buying and selling for a few seconds of trades, irrespective of rates movement. It means that the rate you see and freeze is the rate you get and there is no lag that can cause you to lose out due to fluctuations and lapse of even a few seconds.
Easy Money Deposits
Are there easy mechanisms for payment of money deposits into your account and are these immediately reflected in your trading account? In fact, some preferred trading platforms allow you the possibility to make money deposits for margins and pay premiums using credit or debit cards, so that you are not hindered from making physical deposits or have to attend to make deposits at your local bank. And this is a real time saver and allows you to trade immediately without delay after a deposit or payment has been made.
Unlike futures and stocks, Currencies are not traded through a central exchange. So, the spread can be different depending on the forex trading platform.
Some brokers adopt a variable spread that might appear to be nice and small when the market is quiet. But when things get busy they can widen the spread which means the market must move more in your favor before you start to make a profit from the financial market. This makes it harder for you to be in profits. So always check this out before selecting such a trading platform and broker. You need to know that, fixed spreads built into the trading platform is good for you especially if you are using stop loss in your trading strategy because if the broker changes the spread according to prevailing market conditions of assets, you may find your trades hitting their stop levels where they should not!
The forex market is a 24 hours market and your broker should provide 24 hours support for the use of their trading platform. Do ask questions about their support because some brokers may not give equal support to retail clients as compared to institutional clients. You need to ask about their customer support team, are they professionals? Do they support in different languages? Do they have services to teach their clients about profitable trading? If all the answers are positive, then you can believe that, their support system is good.
As you go over this checklist of criteria, please always bear in mind the broker and the forex trading platform should assist you to eliminate or reduce risk of trading while allowing you to maintain control over your funds in real time. So, spend time to check your trading platform to be used, and you will not regret it later.