The forex market is an extremely liquid market that is unique but complex. This is why it is always scary for new traders. Firstly, new traders must learn the terminologies used, the currencies and how to place trades. Also, they must choose the broker to work with and the trading platform to use. But for new traders, finding the best trading platform could be overwhelming. Thus, finding a good platform makes it easier for newbie traders to get started.
But finding the best forex trading platform requires that you check basic aspects such as regulatory compliance, user friendly, and trust. Also, the platform must offer online trading educational resources and market research information that can help beginners trade profitably.
So to be able to pick the best forex trading platform, you must go the extra mile and compare the platforms. To this end, you will need to conduct market research, open different demo accounts, and navigate the platforms to single out one that can serve your needs. Also, it may require that you watch webinars and educational videos as well. Further, following successful traders on social media could help you identify the best forex market platform. This article delves into the tips that can help you find the best forex trading platform if you are getting started.
1. The Fees and Commission it Charges
The price a platform charges is critical in determining whether you trade forex on the platform or not. Some charge a fraction of what you will pay on other platforms, yet they offer the same services. Besides, you may need to check for other hidden fees such as inactivity and withdrawal fees are applicable. In some cases, it may require that you check the operating model as well.
Therefore, if you are starting, you must choose an affordable platform. Some platforms require huge minimum deposits before you can start trading. But there are plenty of platforms that require a deposit of between $10 and $100 to get you started.
2. The Tools Provided
To trade forex successfully, you will need some tools to help you make profitable decisions. Platforms are configurable and so you should be able to tailor them to suit your needs. So check out the tools available and the strategies you will be allowed to use to trade on the platform. Note that some platforms have a limitation on automated trading, hedging and scalping. So it may be necessary that you check if the platform allows you to trade using your preferred strategy.
3. Mobile Apps
Most platforms have mobile apps that will allow you to trade on the go. But the apps come in different designs and functionality. Some are simple to use, while a few are advanced and superior. So before jumping onto a platform, ensure to check and confirm that it is available on desktop and has features that will allow you to trade easily. Also, check out what other users say about the app.
4. Customer Support and Regulation
You must check and ensure that the app of your choice operates within the provided regulatory framework. It ensures that you don’t get short-changed along the way. Also, you may need to check if it provides customer care. It guarantees that you get assisted if you run into trouble. Customer support should be available right from when you open an account to placing trades. It must also be available when you want to withdraw money.
5. Company Background
Checking the platform’s history or background is vital when choosing a trading platform to use. Look at the company’s exploits, its balance sheet and any other source of information it has published. Also, check what the company requires before it allows you to open an account. Is it necessary to get the account verified before you are allowed to trade? Also, check out if the process of opening an account is problematic.
6. Check out Reviews and Assets Offered
A few authors take their time to test and review platforms. So checking out what they say about a platform is important when choosing a trading platform. Almost all platforms offer MT4 or MT5; however, the number of features they offer and the technical analysis vary from platform to platform.
Also, the assets the platform offers are of utmost importance to traders. They determine whether you will trade forex profitably or not. Most platforms offer major currencies, but they may not cover minors and exotic currencies. So ensure you check the list of the assets offered before choosing a platform to trade forex on.