Forex trading happens to be an excellent way of generating good earnings on a consistent basis. There are many people who think that forex trading is quite complex. Sure, it involves a lot of follow up and monitoring but this does not mean that you cannot master the forex trade. There are a number of guides that can help you understand how the forex market operates. However, if you want to become a successful trader or investor then you should choose a forex platform that is perfectly suited to your needs.
What Does the Best Forex Platform Offer?
An ideal forex platform is one that provides you with a variety of services. Always look for a forex platform that has the ability to set up your own trading rules, provide complete details of your account, place orders, provide currency charts and also provide you with accurate analysis of the various forex markets. Since there are a number of trading platforms in the market place, it can be quite difficult to find a suitable forex platform. It is important to understand that the services provided may differ from one platform to another. This means you should be aware of the information and services being offered so that you are able to select a suitable trading platform. For instance, if you find that a particular trading platform is not able to provide you with the required information to make a decision, it is suggested that you look for another forex platform.
Top platform should be productive
- Flexibility: There are several choices of currency pairs to trade in, as well as cryptocurrencies and CFDs.
- User-friendly: user-friendly interface that is suitable for traders of all levels.
- Customisation: Develop your own Expert Advisors (EAs) and technical indicators to match your trading needs and practices. Windows and charts can be arranged for each profile according to your preferences.
- Efficiency: fast performance of your PC or mobile, keeping disruption to a minimum.
- Charting tools: Advanced charting tools help analyze the technical aspects of the market.
- Expert Advisors: Trading robots enable the automation of trades and access to the platform’s algorithmic trading benefits.
- Language: The platform is available in multiple languages.
You want your platform to offer easy-to-navigate trading experience
- Lots Pending Order Types: Traders can place eight types of pending orders to get more precise control over open positions.
- Cryptocurrency Trading: intraday swing trading or position trading. A new hedging feature enables scalping as well.
- One-Click Trading: simplified process of opening a new position with a single click.
- More Technical Analysis Tools: technical tools, which provide options to choose from over 21 timeframes for charting and nine additional techniques for chart structuring.
- Clear Segregation: segregation between the terms of order, position, and transaction.
- Optimised Strategy Tester: Improved testing capabilities for expert advisors and detailed presentation of results.
- Improved EAs: Integrated MQL Forex market product tabs for EAs.
- Economic Calendar: Traders can now stay up-to-date on economic events, data, and indicators in real time, every hour, for market monitoring.
You want your platform to support all order types
Trading software should give traders the ease of achieving their trading objectives, regardless whether they are looking for request, instant, exchange, or market execution. With the best trading platform you can place any type of trade order, including pending, market, stop, and trailing stop orders:
- Market Orders: For instant execution, trade orders can be immediately completed on the consent of traders or brokers.
- Pending Orders: Orders can be executed in the future, as soon as the market situation agrees with the specified conditions.
- Stop Orders: Can be used with both market and pending orders to minimise losses and lock in profits.
- Trailing Stop: Stop-losses can be trailed to follow the current price. If the price moves in the opposite direction, the stop-loss levels are changed.
Best trading platform should run on all major devices
The top platform must be available as a web platform that’s compatible with Windows, Linux, and Mac OS. MT5 can also be accessed from a smartphone or tablet, whether it has an iOS or Android operating system. Trade anytime and anywhere, and have access to trading information 24 hours a day, even while you’re traveling or on vacation. It is super easy to download and install the terminal on any compatible device.
Best platform must offer the highest security standards to protect traders’ funds. The client terminal and platform servers exchange data through encrypted servers, and the platform uses RSA digital signatures. Your IP address also remains protected.
Things to Consider
Choosing a suitable forex platform can be quite tricky and hence there are a few things that you should take into consideration. Every platform has its own advantages and disadvantages. You will have to take these into account when looking for a reliable trading platform. Most platforms are designed exclusively to meet the requirements of certain segments of traders. So, it is important to understand your own strengths and weaknesses in order to select the best forex platform. For instance, if you are new to forex trading then you can choose a platform that includes basic functionalities. Likewise, if you are an experienced trader then you can choose advanced platforms that provide you with a variety of information and services.
Training & Demo Account
The best forex platform provides a free demo account for its users along with training. In fact you can undergo training at your own convenience and choose to learn through videos or individual training sessions. Finally, once you find a suitable forex platform, make sure that you convert your demo account into a regular account so that you can trade with real currency.