When choosing a forex platform, you need to consider the following: basic vs. advanced trading functions, broker choice, charting tools, and scalping. The best Forex platform is one that gives you access to all those features and more. A few years ago, I spent countless hours comparing several platforms. Now, I use RoboForex as my primary trading tool due to its flexible features and scaling capabilities. In this guide, I will share with you my findings on what are the best forex platform is and how to find it by asking yourself these questions.
Why Forex?
Forex trading is one of the fastest-growing markets throughout the world. Forex platforms are used by Forex traders to execute trading orders through a broker. There are many things to consider when selecting a Forex platform that makes it possible to gain an edge over other traders by providing you with all the tools you require and allowing proven trading methods such as scalping and hedging.
If you want to make money in the financial market that’s forex then one of the main things that you will need is a good platform. This is the place where all your trading will take place and it needs to be as efficient and fast as possible. There are hundreds of platforms scattered across the Internet and finding one that is right for you can be a difficult task, but hopefully, I can shed some light on this process by going through some of the biggest providers.
5 Best Forex Platforms
Choosing the best Forex platform is essential for successful trading. The platform you choose has to be user-friendly, fast, and with a good reputation. This means there are many options available to you, which can be overwhelming. To help you choose the right platform for you, we’ve put together a list of the most popular Forex platforms in 2022.
- RoboForex
- Forex4you
- EXNESS Group
- Admiral Markets UK
- FxPro
Steps Before Depositing Amount With A Broker
When you’re looking to trade forex, it pays to identify and avoid fraudulent brokers.
- Do thorough research.
- Open a demo account and practice trading there first.
- Try their customer support services and see how helpful they are.
- Read reviews but be careful about fake reviews.
- Don’t trust anyone who offers too-good-to-be-true returns on your investments
Choosing The Best Platform To Trade On
Choosing the best platform to trade on is one of the most important decisions you will make. The trading platform should be easy and intuitive to use since this will determine your level of satisfaction and ensure that you can concentrate on trading. Remember to consider the following factors when choosing a broker:
The Platform Functionality – In addition to being easy to use, the platform must also have all the analytical tools needed for technical and fundamental analysis. For example, it should be possible to place limit/stop orders, set price alerts, view detailed charts in multiple timeframes, as well as read news feeds and market commentary.
Trading Costs – While there may not be any commissions or fees for placing a trade, there may be other costs such as the difference between the bid/ask spread and the cost of overnight financing if positions are held longer than one day. Make sure you understand how much it will cost to trade before choosing a broker.
Customer Service – If you need help with anything at all, you want assurance that someone will be there for you when things go wrong. Ideally, this would be 24 hours a day, seven days a week, but even if it is limited to normal business hours that is good enough. Also, search online for reviews and feedback from other traders.
Regulations – What regulatory body governs the broker? How is it regulated? Do they have segregated accounts to ensure that your money is safe?
Trading platform – Does the broker have its own trading platform or do they use a third-party system. Check if it’s easy to place trades and check what kind of slippage you may experience (how much worse can you get versus the requested price).
Customer support – How available is customer support? Can you contact them via email, phone, live chat, etc.? Are customer service representatives helpful and can they address any concerns?
Simplicity – Make sure the platform is as simple as possible for you to use. You don’t want to get lost or confused when using it for trading. Make sure there are also no hidden fees or charges that could surprise you.
Fees – Forex trading fees and commissions can add up quickly so it’s important to choose a low-cost provider.