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Close shot of the electronic forex platform.

Choosing the right Forex platform is a big decision, and could be challenging at times! These are the online software that provides live, streaming, executable offers and bids for instant electronic trading. This is where you actually perform your trades on products such as currencies, stock-CFD (contract for difference), commodities and derivatives.

These platforms (also known as the “forex station”) should include charts and other necessary tools needed for an online forex speculations. Honestly, it is challenging to find the right online trading platform, and you can do this if you are determined to trade the forex successfully.

There are several key factors to consider before you choose one.

One of the interesting things about forex brokers is that most of them offer a free trial for their software, so you are free to open a demo account and simulate the trading without any risk.

So after spending long hours studying Forex investing, you’ve finally decided to take the plunge!

But here comes a little problem… you’re just finding it hard to figure out how to use these platforms.

Online, there are numerous available, but only a few of them offer beginners the comfort for trading. It can be frustrating finding the right platform that works for you, let alone understanding how they work. Finding platform that provides a free demo account and is user-friendly will make a huge difference in the way you view trading.

picture of a girl that is baffled by the look of electronic trading

As a newbie, you have a special problem… experience.

So if you are looking for a trusted platform for your trading business, then there are lots and lots of available platforms in the market today. In this article, we will be discussing the properties you need to consider in a good forex platform.

Here we go!

SUPPORTED BY TOP-NOTCH BROKERS

One of the most important properties of a trusted forex platform is that it should be backed up by reputed forex brokers. This makes the platform established on trust and reliability. A platform supported by the major brokers will be able to do the outstanding trading. With such a great backup, a valuable performance will be delivered with a high level of accuracy and speed.

DEMO TRADING

In Forex trading, you will keep learning as you continue working in the process. An excellent platform will provide you with the option of some demo trading. This is necessary because when the time comes to use a platform with a new technique, you’ll not be putting your investment at a greater risk.

GREAT CUSTOMER SUPPORT

A great platform needs to have a well-trained customer support team. They should be available 24/7, providing customers with an incredible service. This team should be capable of solving all of your forex trading related problems.

They also need to have a community where you will be opportune to interact with other users of the forex platform. They must provide this service in the form of online chat rooms or forums, where users can interact and communicate with each other.

Also, see: Putting some Daily Fx Trading Things in Perspective

Business district at night time

In conclusion,

Despite the fact that the software development of electronic trading platforms came a long way since the early days, remember to look for a platform that is backed by a reputable broker, provides a free demo account, has a high level of accuracy/speed, and also has a user-friendly graphical interface.

This will help you become better conversant with the system so that it wouldn’t sound like a frightening place.

When Choosing a Platform What Else Should We Pay Attention To?

Share your opinion, and let us know…

robot Walle representing the daily fx algorithmic trading

Let’s face it, Markets have changed – the computers have taken over!

The algorithmic programs now do most of the market making and dominating the daily Fx flows, essentially narrowing margins to a fraction of a pip.

This kind of trading approach, is also known as automated forex trading. It makes use of programmed computer code and generally focuses on short-term price action.

It is also classified as “black box trading” given that these programs are mostly hidden from the public and generate profits on sudden spikes in volatility.

There are many variations of these machines many of which are quite expensive for the retail pocket. Usually these algorithms are used in automated market centers and private trading pools, also known as “dark pools.”

There are ones that use arbitrage which look for price imbalances across different markets and brokers, making quick profits on buying and selling large positions.

Others, are known as high-frequency trading (HFT’s), which operate at a very fast speeds, and are able to go in and out of trades in a matter of millisecond, – that is one thousand of a second!

tall buildings in one of the Market centers

Currency trading still continues to be a “dirty” Game

Banking companies continue on paying their billion dollar fines for rate fixings and market data manipulations. Nevertheless, their greedy party is evidently getting to an end.

Customers becoming much smarter nowadays; everyone has access to price information, and competition for acquiring a clientele is ruthless.

In my opinion, Forex will never be a totally clean market until it will be regulated on exchange, which, by the way, might happen in the near future.

Nonetheless, the daily Fx environment that we’re in right now, looking purely from a retail standpoint, can be considered, more or less, as a level playing field.

a cat with the glasses during the daily fx routine, checking the Market data

Let’s take a look at what we have today for free, as opposed to only a decade ago

Charts

Most Brokers’ trading platforms, nowadays, come with free charts, especially MT4’s. And, yes, back in the days you actually had to pay for charting.

Below are some free charting services you can use from anywhere, just using your browser:

Tradingview.com

Netdania.com

Quotes

Streaming quotes as tight as 1/10th of a pip, (on Majors), with most ECN Brokers.

I’ll repeat myself again, you had to pay for quotes itself back in the days.

Market Rundowns

Extensive Market Analysis prepared by professional analysts is also available for free on many sites.

To name the few:

Low Commissions

Today, high commissions are merely a history. As I mentioned before, ruthless competition among Brokerage houses allows us, the retail traders, to trade with very low spreads and commissions as well.

I don’t know about you, but I still remember paying 4-5 pips spread on EUR/USD trading pair.

Be sure to also read: What You Need To Know About Margin Trading in FX Markets

Conclusion

With the rise in computer processing, many algorithmic machines are being created, as we speak, by the well funded trading Elite. And even though, in times when the algos are trying to dominate the daily Fx flows, the very same technology is essentially enabling the retail trader to compete in the most challenging of arenas – the FX Market.

What Do You Think?

Are algos hurting the Industry…

Should FOREX become a centralized Market…

Please leave a comment and let us know.