A good trading platform is essential to the success of any forex trader. There are a variety of platforms out there all of them claiming to be the best. Finding a good forex trading platform is easy if you know what to look for. The web-based platforms are the best because there is no software downloads or installation. The following steps will help you to choose the best out of the available platforms in the forex market.
1. Ease of use
A trading platform is essentially a software program that provides communication between the trader, the broker and the market. It must be easy to use. There is a lot of information provided on the screen at any time all sensitive and important. Ease of use is a must-have initial quality.
2. 24 hour up time and accuracy
The best platform will give you continuous real time currency quotes that are precise as it is displayed. The forex market is on 24 hours in the day in all time zones. Exchange rates change in seconds therefore the platform should access the current information and lock in your transaction immediately.
Account services and trading costs vary across platforms. Some offer basic free services and paid services. All fees should be disclosed to you before you sign up. There should be no hidden fees of any kind. Compare cost and services to choose the best for your needs.
A highly secured forex trading platform will protect your account and offer secured transactions. Personal information and credit card details need to be protected. The best provider will have good firewall, anti-virus and other advanced data transfer security.
This goes without saying. You will definitely require some form of support or the other at different periods in your trading. The best service provider should always have a customer support person available to help you. You should also have access to monitor your stop loses etc.
Another good way to find a good platform is to find someone you know that has been using them without complains for a good period of time. Just make sure, he’s not a marketer.Most importantly get education, learn and keep learning. Whatever platform you choose, start with a trial account to get a feel of their services.