Choosing Your Forex Platform – What to Look Out For!
“Choosing a forex platform will greatly affect your trading process and could be the difference between a huge profit margin and rethinking forex trading.”
The foreign exchange market is known as the most liquid financial market in the world and to best take advantage of it, software known as forex platforms are essential. Forex platforms act as links between you, the trader, and the brokers. They help you with trading analysis and execution. Some platforms also come with add-on tools to help make better investments with your foreign exchange.
There are a lot of forex platforms available, so what makes one better than the other? Choosing a forex platform will greatly affect your trading process and could be the difference between a huge profit margin and rethinking forex trading. Here’s a comprehensive list of what to look for in a forex platform:
- Price: is the software free or is there a fee to be paid? If it’s a paid software, what additional features and trading tools are made available?
- Compatible Devices: Does the trading software work across multiple devices? What devices are supported? Is it a web-based service? Knowing devices compatible with the software lets you know how accessible the software will be and the ease of use.
- Application Program Interface: Does the platform have an API that allows customization? A customizable API allows extra software to be added and tweaks to the program. Know the API of the platform you choose.
- Graphics User Interface: Does the software have an attractive GUI? Is it conducive for monitoring a lot of information at once? Choosing a software with a poor GUI can make trading a tedious affair.
- Charts and Other Trading Tools: Forex software without charts greatly reduce your trading execution. You will also want a forex platform that offers charts with various technical indicators. Also, the software should allow monitoring the market in real time and also provide historical data.
The best forex platforms are well rounded and tick most of the boxes, if not all. Most forex brokers allow you to open a demo account so it is advisable to try out the broker’s software during the trial period to help you to decide which forex platform is the best one for you.