If you’re a frequent reader of our articles, then you already know that we’ve spent a good bit of time trying to inform our readers about the differences between the different types of forex brokers and the importance of finding the one who represents the right fit for you in terms of trading styles, services and fees. It’s a given that any online forex trading platform that would hope to be in the running for the title of “best” would, at a minimum, offer their services at a tight spread, at least for the major liquid currency pairs. Assuming, then, that you’ve eliminated all platform contenders who do not meet at least these basic criteria, it’s time to look more specifically at the scope and nature of services offered by the remaining variety of online trading platforms in order to hone in on those that might be best-suited for your particular needs. If you’ve gotten this far, then there’s just a few more details to consider before going firm with any particular forex broker and platform. Your chosen trading platform is, essentially, your office workstation and as such, should reflect all of the personality and idiosyncrasies of your personal trading style.
This entry was posted in Forex Software and tagged Forex sytems to use, making money with the right system, what types of forex platform should I use.
In the context of retail forex trading, the broker and the platform he offers can essentially be viewed as virtually indistinguishable entities, because it is through the platform that the retail forex trader interacts with the broker, through the trader’s use of the platform that fees are calculated and through the platform that the trader will gain access to the complete palette of services offered by the broker. With so many competitors vying for retail traders’ business, it’s too easy for a platform to price itself out of the market.
It’s obvious of course that there is no point in considering any platform that does not provide you with the latitude to trade in your chosen currency pairs: while this may not be a consideration for those retail forex traders concentrating exclusively in the major pairs, traders who dabble in the exotics will have no use for such generalists.
If you’re not the type of trader who stays glued to their trading screens all day, then you’d benefit from a platform that offers its retail trading clients the ability to interface from a mobile device, of which there are many (and growing); if you’re not the type of trader that likes to make their own trading decisions, then a platform which provides an automatic assistant (or forex trading “robot”) may be just the thing for you. It’s imperative that you understand the type and amount of leverage that is offered (or required) by the broker, and equally imperative that before moving forward, you take the time to assure yourself that the broker is regulated and reputable. If the provided features are convenient and easy to use and support your trading in the style to which you should be accustomed, then you’ve set yourself up to be the best trader you can be. We are striving to be the leading provider of foreign exchange services and one of the most recognized and trusted names in the industry.
Make certain that any platform you’d consider utilizing allows for charting in a variety of time frames (at the very least, ensure that the platforms in question allow you to chart in your preferred time frames: if you trade quickly, charting increments of less than five minutes, or if you trade long, charting in increments of hours, find a platform that has the capability to support your preferences). There’s no point in going to all this effort only to have a problem when it’s time to access the balance in your growing forex trading account. Now that you know what to look for, get out there and find the best online forex platform for your needs. The same is true of your preferred indicators: the platform must allow for their usage and further, must allow for the usage of multiple overlaid indicators simultaneously so that you have the flexibility and the reassurance of additional confirming data.
It’s a personal choice that has everything to do not only with the platform itself, but also with the forex broker offering the platform in question, and as such, the best type of forex platform for you will be closely tied to the choice of the best broker for your needs.
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