Trading Platforms Closer Look at Forex Trading Platforms
Today there is an abundant variety of forex trading platforms to choose from. Each platform is unique and each difference can play major role in your trading career. How to choose trading platform to fit your needs? Which platforms will ensure an easier transition to currency trader?
When searching for forex platform, it is important to realize that another major element is forex broker itself. Online forex brokers offer traders tools and services in order to ensure a successful trading via their platforms. All platforms share certain amount of similar features and trading tools, however some brokers go over the basic and provide much more powerful software options.
The important, basic features are:
1. Speed and quality – no delay and minimum amount of unexpected error messages.
2. Availability of all sorts of indicators.
3. Simultaneous use of multiple time-frame charts.
4. Free demo accounts for practice. Some brokers limit the use of practice account with the available amount of virtual money, others – with the time limitation (for example, 1 month only). There are couple of brokers that do offer unlimited demo accounts.
5. Historical data.
6. One-click orders, fast execution, stop/loss and other risk management options. Forex trading is fast and volatile business. There is no time for error, double clicks or delays!
7. Price feeds and latest fundamental, technical news. Some brokers send daily analysis via email. Some even offer sms alerts. It is important to have price feeds to be able to track the latest market prices.
8. Customer support – let’s not forget something crucial. Forex broker should provide professional and fast solutions to any technical issues related to the platform.
Apart from the basic features, every platform has special, unique add-ons and features. For example, some brokers may offer:
1. All kind of sneak-peek tools which show what other traders are trading.
2. Live chats with other traders or even forex mentors.
3. Free or paid trading courses and webinars.
4. Online or download platform – which one is better should be entirely your decision based on your needs and available time to trade. The advantage of online platform is that you can access your account via broker’s site from any computer with an internet connection. With a download version you are limited, however this is also debatable. After all, you can download the software and install it somewhere else.
On the other hand, it might be unsafe to store that kind of information on a computer which isn’t entirely yours. Today, internet-based platforms tend to provide secure highly encrypted transmissions. Your own computer, in comparison, is vulnerable not only to viruses and Trojans, but also hackers and other alternative security breaches.
Overall, when choosing forex broker and the trading platform, make sure to take it for a ride before you decide to stick to it by investing thousands in your trading account. Deposit small amounts and see whether you can get everything you need out of the platform.
