Best online forex trading platform.
Choosing the best online forex trading platform to use can make or break your core business. Making the wrong decision in this area can cost you money and/or lead to a life long career of regret. This is why it's vital that you do your due diligence before purchasing any forex software. I'll give you a brief overview of what to look for. I'll cover some of the more popular areas to focus on as you compare different software platforms.
One of the first things you should ask yourself when comparing platforms is what type of broker would you like to use? There are basically 3 types of forex brokers out there today; namely; proprietary, full service, and independent. The best online forex trading platform would vary greatly from one broker to the next. But it's important that you do as much research as you can on the choice process to prevent making a costly error. Many traders prefer to use independent brokers as they can offer a wide range of foreign exchange services to brokers affiliated with a particular bank or currency brokerage firm may only offer a few select services. You should focus on finding a forex broker that offers the broadest range of services so you're covered when you need them.
One of the more important aspects of choosing the best online forex trading platform is deciding on the level of security and features offered by the broker. Most experienced traders will already be familiar with some of the better online brokers such as Pepperstone, FAP Turbo, and Forex Capital Markets. These top notch forex brokers typically offer several key features including; free demo accounts, signal generators, deposit and withdrawal services, advanced order options, and low commission fees. However, they also have their fair share of drawbacks such as; strict limits on how much leverage you can use, minimal leverage levels, and no minimum account balances.
There are other brokers that do not fit into this list such as TradeKing, Better Business Bureau (BBB), and Trade Alert. These brokers usually do not offer free demo accounts, provide little or no service to new customers, and require a minimum balance to open an account. Many new traders tend to stick with these low quality platforms until they are properly educated on the finer points of trading currencies. This is when they realize that their old style broker was not the best option for them. They may have realized that they could have received a lot more service had they chosen a high-end broker in the beginning. These are the types of things you want to pay attention to when evaluating different brokers.
When evaluating platforms you should consider several factors. First and foremost are your comfort level with the platform. The last thing you want is to jump right in with the hottest new platform on the market, only to discover that you cannot figure it out. If you are a newcomer to forex trading, it can be very intimidating to learn how to use all the various functions of the platform. This is why some traders choose to outsource their trading decisions to a more experienced broker that can demonstrate his/her expertise to the new trader.
Another factor that you should be looking for is ease of navigation and usability of the trading platform. A good platform should provide a great user experience with an easy to use design and interface. You should be able to find the various screens and charts quickly and easily and be able to operate your trading strategy from one page to the next. Your trading strategy and investments should be simple to understand and execute with the click of a button.
Another factor is the support and customer service provided by the broker. Most people like to deal with people that are really on the ball with their customer service. If your platform does not come with great support and customer service, pass it by. The key here is "great support and customer service." You want someone that can answer your questions fast and efficiently when you need them most.
Last, but certainly not least, is the ability for the platform to execute technical analysis. This includes data such as price, time, gap, trend lines and other analysis tools. Forex brokers offering a platform that can execute technical analysis are typically the ones that have a great deal of experience in the field. This is why you should be on the lookout for a broker that has been trading and monitoring for assets for quite some time. A platform that can execute technical analysis is essential in helping you trade successfully.