When it comes to executing trades, everything revolves around the trading platform.
One of the biggest decisions a potential forex trader would have to make at some point in trading is choosing a particular platform for his/her FX trading venture. When it comes to executing trades, everything revolves around the trading platform which is considered to be the central hub of activities.
Apart from making trades, a trading platform is also useful for evaluating market data, managing trading accounts, and a lot more. With the plethora of options in the FX market, choosing the right trading platform to suit your preferences and trading peculiarities can be quite an overwhelming task but the guide below will be of immense help for newbies.
One factor that has the power to make or break a broker’s trading experience is user interface and user-friendliness. When you go with a platform that has seamless navigation, and an intuitive and clean interface, accessing essential features and executing trades becomes quite easy which saves time and keeps trading frustration at bay.
This kind of platform boasts clear segments and easy-to-utilise functions that are useful in trading. Being at liberty to easily access relevant information, place trade orders without much effort, and carry out operations without glitches or disruptions is essential for client/trader satisfaction.
For a trading platform to be considered good, it must have a customizable layout permitting easy navigation from one section to another. This kind of platform can be leveraged to customize a trader’s tools, charts, and dashboard.
Another factor to consider here is mobility compatibility. The best platforms to choose are the ones that can be easily accessed on mobile devices because of their ability to provide the flexibility necessary to trade FX on the go. More so, almost every online application is becoming compatible with mobile devices nowadays.
Potential FX traders looking to land the best trading platforms on the internet can check out, HFM with its superb trading conditions including CFDs on forex, bonds, commodities, shares, metals, energies, and more. The platform has 1:400 leverage with ultra-fast execution. Deposits and withdrawals can be consummated very fast and there are swap-free accounts.
Your choice trading platform must give you access to great technical analysis tools which is considered crucial for informed trading decision-making.
The best platforms to choose are the ones offering an all-inclusive collection of technical market indicators, real-time data, charting tools, and several other essential features clients require to evaluate market trends and arrive at tactical trading decisions.
Again the availability of a large selection of trading tools is accounted among the features that make a trading platform great. They not only ensure seamless execution of trading projects, but they also boost the investor’s trading experience.
The tools to look out for include economic calendars, real-time market data, technical analysis tools, news feeds, risk management features, and more.
A potential FX trader should first explore tools available on a platform and decide whether they support his trading strategy. A trader whose strength is in economic news should go for those platforms offering comprehensive economic news and calendars.
Any online transaction has the propensity to become risky, thus, the best platforms to consider are the ones that offer secure transactions with robust security features. In addition, your choice of platform must be operating under the regulations of reputable financial bodies as it gives your investment a level of protection, however, be sure to verify these platforms before deciding to join.
There are loads of trading platforms offering advanced encryption methods that ensure encryption for an investor's data both during transmission and storage. Great consideration can be given to the reputation and track record of a platform in the industry. Platforms with good reputations boost investors’ confidence in their stability and reliability.
2FA or two-factor authentication is another security measure that must be taken seriously while considering security measures in forex trading. According to recent studies, 2FA can prevent 95 percent of data breaches, thus, any FX trading platform with a 2FA feature should be trusted as it provides traders with an additional layer of security.
While searching for the best forex trading platform, bear in mind that some platforms charge high fees and commissions when compared to others offering similar services. Thus, it is crucial to know the details of a platform's fees/charges before signing up with thein. This is because exorbitant fees and commissions can eat into an investor’s profit.
Those platforms that promote transparency will likely display their fees and commissions on their web pages to help forex brokers and traders make informed decisions. Armed with the information about fees and commissions, traders can now compare them with what is obtainable from other sites. At the end of the day, they will decide on the platform offering the most cost-effective rates.
One discouraging aspect of online transactions is hidden costs and charges. While FX investors are busy paying the clearly stated fees on the platform’s webpage, they may be ignorant of the fact that the site is taking out some hidden charges from their accounts. These charges may appear to be rather small at the initial stage, but a cumulative of them can be quite substantial.
The forex trading business is so fast-paced that traders may find it hard to keep up with the dynamic nature of the market and may even incur losses.
However, several top-notch and robust FX trading platforms have responsive customer support services that traders can leverage to solve issues as soon as they arise. Thus, the best foreign exchange trading platforms are the ones offering multiple customer communication channels including phone support, chat, email, and others.
Before signing up with any platform, potential traders must first test their turn-around time, response time, the quality of the support they offer, and their ability to resolve issues. When a platform has reliable customer support, its clientele base will enjoy its trading experience even in the face of technical difficulties.
It is clear from the information above that the forex trading journey can only be enjoyed by traders who carry out extensive research before deciding to register with a foreign exchange trading platform.
Traders should endeavour to evaluate user-friendliness and interface, check out a site’s technical analysis and trading tools, scrutinise regulation and security measures, and know the details of their trading fees and commissions before deciding on joining a particular FX platform.
This way, an investor will be in a better position to jettison FX platforms that don’t meet these criteria and consider only the ones that align with his/her trading needs and as well have the best FX trading features.