Dec 19 2019 1
The best trading platform is actually very important to forex trading. Think about it for a second. Everything you do when you trade forex takes place on the platform of a broker. Therefore, the quality of the platform affects your earnings very much. As a trader, you must know how to pick the right trading platform that suits your forex trading strategy. Let's take a look at the standard for the best trading platform 2020.
Choosing a forex trading platform is very much like choosing a forex broker. Reliability must always be your top concern. As I said in many other reviews, the reliability of a broker depends on the forex regulations that broker has. Big financial organizations monitor brokers by making a lot of standards to protect traders. A broker can only obtain the regulation when it meets all the standards that organizations make. Mostly, it depends on which types of account you are trading. If you are trading regular accounts, it is commission-free forex trading. For ECN accounts, you have to pay some fees to trade.
Fees and charges
Most brokers will charge you a small fee as their service fee. If a broker uses the standard platform that made by software companies, the fee is usually very small or even free. If a broker designs a forex platform themselves, the fee is usually higher. The best trading platform must have low fees and cost. These fees are charged according to how many times you open and close a position. Therefore, if you are a trader, you have to pay extra attention to this aspect when choosing a forex platform. For example, position trading strategy requires really low trading cost.
The best trading platform must have simple and easy-to-understand interface. Learning to trade forex is hard enough. Imagine now you have to spend time learning how to use the platform. In this category, self-designed platforms are appreciated more because all standardlised platforms have pretty much the same look. When a broker design a platform on their own, they have more freedom to make it simpler and better-looking.
Tools and features
That's right. All trading platforms are packed with different number of tools and features. Some have more than the other. Some have less, but more advanced ones the others. Your job is to find which tool is suitable and needed for your trading strategy and then choose a platform that has that tool. Each trading strategy needs different tools, like the best broker for forex day trading must have longer time charts for day traders. Moreover, they should have the best forex trading apps because nowadays more and more people are trading on their phones.
All brokers have many different types of account on their platforms. As a trader, it is your right to be able to test any account you want. So, a good trading platform must be able to let you test all types of account that broker has as demo account. Some brokers I know only allow you to open a demo account of one account. That is unacceptable. Know your rights and pick the ones who allow you to open many accounts.
For more reference:
- Best trading apps for traders
- Download how to day trade for a living pdf
- Best forex strategy of the experts
Finally, you need to get help from the broker at any time. A trading platform can sometimes become malfunctioned or face some errors. In such cases, a broker must be able to help you and fix that problem instantly. You can pick brokers that are famous for their customer services.
Choosing a forex trading platform is just as important as choosing a broker. After you know these standards, I hope you can find yourself the best trading platform that suits your trading strategy. Here are my recommendations for the best trading platform for beginners:
- Exness MT4/MT5 platform
- XM MT4/MT5 platform
- Saxo Bank SaxoTrader platforms