What do you look for in a forex trading platform?
Besides choosing the best forex trading company, you will also research the trading software and platforms that they offer. The online trading platform is the core element of your trading, and your main business tool. It is an essential part of the equation, as the best forex trading tools can have a huge impact on your trading results. So, what should you look for when considering your options?
When evaluating a forex trading platform, make sure it includes the following elements:
1. Reliability: Is the trading platform reliable enough to deliver the trading results you want? Being able to rely on accurate quotes, fast data transmission, and fast order execution is key to helping beginners trade successfully, especially if you plan to use short-term strategies such as speculation. The data must be available in real time, and the platform must be available at all times when the stock and forex market is open. This ensures that you can take advantage of any opportunities that may come before you.
2. Security: Will your money and personal information be protected? Reliable trading companies and a good trading platform put in place measures to ensure the security of your information, as well as the ability to backup all essential account information. They will also separate your money from theirs. If the broker cannot prove what measures they will take to protect you and your account balance, it is best to find another broker.
3. Independent Account Management: Any electronic trading platform should allow you to manage your trades and account independently, without having to ask your broker to take the trading actions on your behalf. This ensures that you can take action as soon as the market moves, take advantage of opportunities as they arise, as well as monitor any open positions.
4. Elements of Analysis: Does the online trading platform offer built-in analytics? Does it provide you with the tools to independently conduct technical and fundamental analysis? Many forex traders make translations based on technical indicators, so that they can trade more effectively if they can access this data through the electronic trading platform, rather than having to leave the platform to find it. This should include charts that are updated in real time, and access to up-to-date market data and news.
5. Automated trading options: One of the advantages of currency trading is the ability to open deals and set stop loss and take profit levels at which the deal will be closed. More advanced platforms should provide the functionality needed to implement trading strategies on your behalf, once you have identified the information needed for these strategies. A good trading platform allows for this level of flexibility, rather than requiring the trader to constantly monitor their trades.
At Admirals, our favorite platforms are MetaTrader 4 and MetaTrader 5, the world’s most used multi-asset trading platform. Both platforms can be accessed across a range of devices including – PC, Mac, iOS, Android and web browsers via the MetaTrader Webtrader for MT4 and MT5 platforms. These platforms are flexible and responsive, and provide real-time trading data. In addition, these platforms offer automated trading options and advanced charting capabilities, which are really very safe.
MetaTrader 5, which is the latest version of the trading platforms and contains a set of additional features, which include:
Access to thousands of financial markets
Expanded mini-portal, allowing you to take full control of your account with a single click
38 built-in trading indicators
Ability to download motion history for a set and clock of instruments
Provide real trading volume data
Market data, news and free trading education.
New tools and features available in the latest MetaTrader Supreme Edition
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