Which Forex Trading Platform Is The Best?
This is usually the number one question for any trader starting on a Forex journey.
10:27 27 December 2018
There is enormous competition in the world of software and choosing the top top Forex broker and platform can be critical to your success. Together with a great trading strategy, a slick, performing platform will provide you with the tools and features to monitor your trading decisions and generate profit.
Being comfortable and confident with your Forex trading platform, will allow you to devote more time to developing effective strategies and analysing the market trends. Your research before starting trading can improve your overall success in this extremely competitive market.
Before you commence trading, you will need to consider a whole range of things before you open a Forex tradingaccount. For many Forex or crypto traders, finding and selecting the best trading platform can be a time-consuming and challenging decision.
Top Performing Software Providers
It is necessary to understand that the current top generic trading platforms like MT4 and cTrader are offered by 97% of the online Forex brokers. There are some fantastic bespoke platforms out there, but using these can make it difficult to switch your broker should you choose to. The popularity of these platforms, along with their functionality and the ability to share insights with other currency traders is an important long-term consideration.
MetaQuotes Software trading platforms are by far the most popular used by traders. Originally developed more than 10 years ago, they have two options, MetaTrader 4 and MetaTrader 5, with slightly different features and services. However, there are many more software platforms to choose from depending upon your particular requirements and trading style. Here are some top ones to take a look at:
- Ally Invest
- Trading Station
- Zulu Trade
Test The Technology
If you are starting, then you will need to get a feel for how the platform performs, and the best way to achieve this is by trading for real. Any good broker will let you open a demo account for your chosen platform, and if you select one that offers multiple platforms, then you can see how all the basics work in practice. The functionality of the platform has a significant impact on your experience trading Forex, so be sure to explore two or three before you make a final decision.
- Are the platforms and their layout user-friendly and easy to navigate?
- Are the platforms and services offered customisable?
- Do they work smoothly on your operating system?
- Is there a mobile app available if you want it?
- Can you locate all the tools and information when you need them quickly?
- Are there news updates’ information and educational tools available to help you?
The platforms should feel clear and intuitive, and you should not have to search for the basic features and functions. You can then test the platforms thoroughly along with the interface and all the services and tools that the broker has on offer before making your final decision. The Forex market is extremely volatile, and things happen fast. When you need to make a decision and act quickly, having access to the right tools and information is critical.
Choosing The Right Broker For You
The best brokers can perform an extensive and invaluable service to traders. They are the ones who understand market dynamics and combine a superb software platform with advanced functions and features. These should include a whole range of charting tools, signals, market and economic updates, expert advice and personal support and educational resources.
You will want to look at the full range of services on offer, not just the trading platform that they offer. Any decision that you make will be based on your specific trading needs and personal preferences.
Some of the essential elements for consideration:
- Full licensing and regulated by ASIC or CySEC
- Different trading platforms offered
- Mobile trading options if required
- Trade execution speeds
- Competitive fees and spreads
- Account options - ideally multiple account access
- Minimum and maximum deposits
- A range of payment options
- Exclusive trading opportunities
- Currency leverage offered
- Risk management tools
- Advanced trading tools to enhance automated trading.
- Educational tools
- Customer service and 24/7 support