Five Characteristics of Good Forex Trading Platforms
It’s difficult to get a handle on the best Forex trading platforms because of numerous companies offering software for currency trading. For a beginner, they all look the same. Offering similar “features” wrapped in various jargon's and financial terminologies that they might as well be speaking in an alien tongue. But when you get down to the nitty-gritty, these trading platforms are as different as night and day.
The platform should be user-friendly
This is the first thing you should look for. The very essence of do-it-yourself trading platforms is for you to understand the concept on your own so you won’t have to rely on anybody else. The interface should be simple enough for a beginner to understand and should be extensive enough to cover nearly all base account currencies. The graphics are categorized and organized so you don’t overlook something. Oftentimes, a split-second mistake can cost you a profit.
Second thing you look for is the technical support. The best Forex trading platforms are those that 24/7 customer support either via e-mail, voice chat, SMS or over the phone. The software should support other languages such as German, Arabic, Chinese, Spanish, Hebrew, French and Russian. After all, not all traders are comfortable with the English language.
No hidden charges
The best part about these trading platforms is eliminating the middle man. So it doesn’t make sense for some companies to collect a portion out of your profit. So this is the third thing you should look for: good platforms don’t ask for commission from you. In relation to this, the company should make it easy for you to deposit the money when you start trading. That means the platform should be able to support e-wallets like credit cards, wire transfers or Money Booker's.
Point you to where the money is
The fourth characteristic of best Forex trading platforms is the ability to let you see what the others are doing. Currencies and non-currency Forex products that are presently trending occupy a prime spot for you to see them easily. It’s now up to you if you want to join the bandwagon once you analyze the deal direction and popular currency pairs. A good addition of this feature is a tool that allows you a clear view of profit-and-loss situation.
The fifth characteristic you look for is the capacity of the technology to limit your risks. It’s especially difficult for a beginner to gamble with his or her money on some arcane venture like FX trading. A tool that allows you to simulate trading and gauge your ability to close some deals in real-life situations without necessarily losing money should be a feature of all trading platforms in the market today.
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