How to pick the right forex trading platform
Forex exchange is an amazing and quick-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in forex exchange investing or trading, also called the Forex market, you will want to work with a top Forex broker.
The best Forex broker provides a mixture of safe trading atmosphere, high-tech trading tools, competitive pricing, quick and reliable trade order execution, and lots of more features.
How to pick a Forex trader
Every trader has a different techniques and priorities when it comes to Forex broker, but there are a few general features that every trader wants in a Forex brokerage:
The trading platform itself will tend to be a matter of personal preference and taste. Here, you will want to have a list of specs that are non-negotiable and then ensure that the platforms on your shortlist have the features you favor so you can pick the best forex broker for your needs.
Many platforms also contain a wealth of free tools that can elevate your trading and provide you an edge. From tooltips to extra views, there is a big variation between what each online broker provides. You will find that a broker may provide you access to different platforms, and some have developed their own proprietary systems.
Another factor you will want to keep in mind when looking for the best broker is the ease of use. Whether you are a forex trading pro or beginner, you will want a system that is simple to navigate and trade on. If you are spending hours a day on the platform, you should be capable of enjoying the experience.
Types of trading accounts
Trading accounts depend on the amount of lots that are traded, so they fall into a number of types: mini, standard, micro accounts. A standard consists of 100,000 units, a mini account is 10 times smaller (10,000 units), and a micro account is 100 times smaller and amounts to just 1,000 units. And with some brokers it is easy to configure an account of an individual size.
Accounts with little amounts of capital are basically addressed to forex newbies who have recently entered the forex market and want to try their hands in currency trading without a risk to their well-being.
Fees and cost
Brokers make money in ways – via commissions and spreads. As you likely already know, a commission is a percentage of each trading transaction. A broker will take a little commission on each trade, whether you sell or buy. Look for competitive pricing, and don’t be worried about shopping around.
These transaction fees can vary widely; it is a best idea to match prices before depositing your money. Further to reading reviews, you can also get data by looking at each platform site to view what they list their commissions and spreads as.
Promotions and bonuses
Promotions and bonuses are sometimes an important factor determining the trader’s choice of a forex broker. These days those brokerage firms are more famous and attractive which not just provide the best trading situations, but also have extra incentives.
Usually unique promotional packages are designed for all traders levels and types and depend on their investment amount, knowledge of aspects of forex trading, etc.
Mobile trading can be hugely convenient, so ensure that if mobile access is vital, your preferred platform provides it. Keep in mind, though, that the features offered on mobile tend to be less robust than desktop access.
Just as vital as regulation is security. Look for both built-in security and options to use specs like 2FA to keep your account safeguard from hackers and other virus attacks.
Quality of client support
Quality customer support is one of the important services of any broker. Many brokers give 24/7 support to correspond to the needs of their traders who might need help at any time. Besides, a range of languages offered by the broker is a benchmark indicating how active the broker is and whether this firm is apt to the multiannual trading community.
The site of a broker should be clear enough to explain the general problems that may happen while trading. Being explained rightly, an issue can be resolved and eliminated by the trader at once. Definitely not all the cases match the FAQ section of the website, and hence a professional support team ready to help the trader at any time is very vital.
It is advised that the trader checks the efficiency of the broker’s support at an early stage, when trading on a demo account, for the objective of reducing money losses. It is best to know the level of competence of the broker’s staff in advance.
Licenses and regulation
Forex business is regulated differently all through the globe, and official registration with the financial authorities of any particular country can be extremely specific.
It is essential that an investor or trader picks a brokerage firm whose business activity is under control of a match regulatory agency. Many brokers pick to get registered in offshore jurisdictions, whereas other forex firms pick to stay onshore. Generally, offshore statutory provisions are more liberal and simple to comply with.
Regulatory agencies with basic approach and hard principles are based in the USA, UK, Australia and Japan.
It is definitely necessary that the trader has perfect understanding about the regulatory status of their brokerage firm or dealing desk. Regulatory status is an important part of any business entity providing forex services and by this any potential trader can form a judgment about the reliability of the forex trader.
The final thing you will most definitely need from your pick trading platform, is the guidance and expertise of trusted experts.
Anybody can begin a forex trading journey, but not every person has the knowledge and flair necessary to make the most revenue and the least losses. Thus, you need to be extra alert of who you are entrusting your trading experience to, and what they can offer you.
The best forex trading platform will have many tools accessible to help you master the art of trading, and learn new tricks each day to put into action.