There are a plethora of Forex platforms. Desktop, mobile, and web systems have different functionality. These key criteria will help you make a choice.
Which Forex Trading Platform Is the Best?
While Covid-19 makes travelling complicated, it has also disrupted employment. The demand for remote professional opportunities has surged. Shrewd traders in India enjoy financial freedom. They can work from any location thanks to digital tools. If you are willing to master the art of trading, choose software that suits your needs. Here is an overview of available options.
Classification of Platforms
Today, there are plenty of systems for digital trading. First, you may stick to generic choices like MetaTrader 4 or MetaTrader 5. These platforms are offered by many brokers around the world, as they are perfectly tailored to the typical trading needs. Every company recommends one or more systems, so your choice will be defined by the provider.
Some brokers invest in their own software development projects. This results in unique systems like the FXTM Trader app. Created especially for the broker’s clientele, it allows them to trade on the go and get access to over 250 instruments. There are also eToro traders who invest via social trading and Wikitoro covers a lot of information about this topic. You can check it out here: https://www.wikitoro.org/etoro-traders
1. What Can You Trade?
Consider the spectrum of markets you target. Some systems are focused on currency trading, while others are more complex. Define your long-term goals and preferred assets. Choose a forex trading platform or family of products that support them.
Switching between software providers is a hassle. However, if you begin with MetaTrader 4, migration to the fifth version is fairly easy. Regulated brokers like Forextime provide the following classes of instruments:
- currency pairs (major, minor, and exotic);
- spot metals (gold and silver);
- stocks of large corporations;
- CFDs on cryptocurrencies;
- CFDs on market indices;
- CFDs on stocks;
- CFDs on commodities.
Beginners may not think about broad exposure, but any seasoned investor will advise you to diversify. Professionals understand that reliance on a single market is dangerous. Step by step, you should create a portfolio across different financial domains. Bear this in mind when comparing platforms.
1. User-Friendly Interface
Beginners ought to choose an optimal level of complexity. If the system looks incomprehensible, it is not the best choice. In this regard, families of trading solutions are preferable. You may start with the most understandable environment and migrate to advanced versions later. For example, this is true for MetaTrader 4 and MetaTrader 5. To conclude, the platform should not look like a maze.
2. Different Analytical Methods
Forex traders base decisions on technical and fundamental analysis. The best platforms cater to both categories of thinkers. On the one hand, they are packed with price charts, so technical analysts can focus on spotting patterns. The time frames are adjustable, so one may focus on any segment of change, from 1 minute to 1 month.
On the other hand, there is access to the latest financial and economic news. Fundamental traders stay informed about the most important announcements. Some platforms, such as MetaTrader 5, present this information in a convenient condensed format. Its economic calendar is a major competitive advantage. At the very least, you need immediate access to relevant updates.
3. Access to Support
Trading terminals are complex. Like any software, they imply support. The quality of these services also depends on your broker. Trading takes place around the clock 5 days a week. You should be able to contact the team with any urgent queries 24/5.
4. Virtual Private Servers
As forex trading is entirely virtual, the quality of your hardware, software, and internet connection is paramount. Technical disruptions like glitches, bugs, viruses, and power outages may prove costly. With a VPS, you can be sure your trades are executed properly based on your settings.
This system secures your connection, protects your data, ensures 24/7 operation and eliminates slippage. The letter is a common source of frustration. This is when trades are executed at a price that is at odds with your expectations. Negative slippage may cause financial loss. With a VPS, the probability of delays is minimized.
Digital Trading Tools in 2021
Today, traders have dozens of systems to choose from. Generic or proprietary, they have different functionality and scale. Make sure your virtual environment will facilitate all of your Trading needs. Remember, though, that the most efficient platform is useless when you work through an unregulated broker.