5 Tips in Choosing Trading Platforms for Forex

Forex trading in Nigeria and all over the world requires using a Forex platform, foreign exchange markets naturally are not the easiest to master, but finding the right trading  platform will allow for greater ease in transitions for newcomers.

What Is A Trading Platform?

A trading platform is a piece of software that acts as a conduit for information between a trader and a broker, it provides information such as quotes and charts, and includes an interface for entering orders to be executed by the broker.

Trading platform software can be locally based, meaning it is installed on the trader’s computer and can be used with Windows, Mac and Linux systems – different brokers offer different options in this respect.

Alternatively, some brokers offer software that is web based. These platforms often run using Java, a dynamic web language. The advantage of web-based trading platforms is that they can be used by almost any computer with internet access.

Trading platforms are often available free-of-charge, but some brokers allow traders to purchase platforms that have a higher functionality for a fee.

Other brokers provide platforms with different levels of functionality for traders who are more active.

There are many things that traders should consider when choosing a platform.

  1. Trading Hours

The Forex market hours are open 24 hours a day. Although there aren’t necessarily any trading sessions, like with stock exchanges, banks in different parts of the world have different trading hours, but it’s a wise decision to go platform that has 24 hours customer support.

2.   24/7 News Feeds:

The best platforms will offer the latest news from the market and will also provide position monitoring.

Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?

Every trader will be different and will have different needs. Some may not use all of the tools that are available with a specific platform.

 

  1. Know The Particular Style Of The Platform:

When choosing a platform, traders will have to know which will suit their particular style of trading, the best way to determine this is try out a few different demo accounts that use various platforms by so doing, traders can see what tools and options are offered and which platforms are the easiest to use.

  1. Amount of Transactions:

There should be an unlimited amount of transactions allowed and the platform should offer a tight spread in the major currency pairs.

  1. Technical Analysis:

There should also be technical analysis offered including charts and trend charts that can help traders make informed decisions on future trades.

In a nutshell, the chosen platform should be easy to use and offer the resources that traders of all levels will require to be successful in the market. Trading platforms have a direct effect on the trading experience, so always choose one that is known for reliability security and success.

Source: Apari

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