How to Find the Best Forex Trading Platform
Forex trading is an excellent way to create additional income and financial freedom. a solid trading platform , and extensive trader education are key prerequisites to Forex trading success. Visit our website and learn more about forexfundscapital.com.
There are many online forex platforms available today. MetaTrader4 retail traders can use, Currenex institutions and high frequency traders can use Currenex and other broker platforms. Each platform comes with its own set of advantages and disadvantages. ).
This can be very confusing especially for newbies. Let us take a closer glance at some of the most important features that make up an ideal trading platform.
1. Speed & Reliability
The most important aspect of a good trade platformis its ability to accurately display price information on an ongoing basis. Even small delays in pricing information can cause trade losses and re-quotes. A good platform should have minimal system downtime in order to facilitate smooth and seamless trading without major disruptions.
Try the demo version to find out if the streaming prices and trade execution times suit you. Check to see if the Forex broker offers an “no Re-quotes/no Re-pricing” guarantee.
2. Market Research
Forex traders often use technical analysis to trade on the Forex market. Auto-refreshing charts are essential for any platform that allows trader to analyze market data across multiple time frames (1H-4H, Daily/Weekly, etc.). You should also find a lot of useful technical indicators on the trading platform, including Bollinger Bands (RSI), ROC, Moving Averages (ROC), etc. These indicators are most frequently used by traders.
An ideal forex platform should include reliable live news services from respected news wires. This will help traders profit from economic events. Forex traders using scalping trading strategies need a platform with single-click execution that also allows them the ability trade directly from a chart.
3. Ability trade multiple asset types in different markets
Forex market functions in a context of interdependence. It is evident that many Forex currency pairs have co-relations with other asset classes. The S&P 500 is a strongly positive co-relation for the Aussie Dollar (AUD), and the Canadian Dollar is positive for the price of crude oil.
You should keep this in mind and choose a Forex trade platform which allows you to trade seamlessly across multiple asset class such as stocks, commodities, Forex, or debt. It is a bonus to have an IA platform that allows you trade in highly liquid CFDs.