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5 Ways to Find the Best Platform to Trade Forex

TABLE OF CONTENTS

5 Ways to Find the Best Platform to Trade Forex

5 Ways to Find the Best Platform to Trade Forex

Vantage Updated Updated Tue, 2024 January 16 07:06

Forex trading is one way to start trading. If you’re just starting, it can be pretty challenging to figure things out on your own, especially with all the noise and information across the internet.

Here, we’ll help you tune all that noise out and focus on parts that matter. We’ll explain what a trading platform is and how it works. We’ll also show you five essential things to consider when choosing the best forex trading platform.

What is a Forex Trading Platform?

A forex trading platform is computer software you can use to gain access to the forex markets. With a forex trading platform, you can execute buy and sell orders in real-time for multiple trading instruments through your broker [1].

There are a high number of forex trading platforms in the market, each offering unique features which include intuitive user interface, indicators, charts, watchlists, alerts, and chat features. Brokers also offer real-time price quotes and research information on these platforms to make trading a seamless experience.

You can access these platforms in various ways, including:

  • Mobile apps
  • Web apps
  • Downloadable software

How Does a Forex Trading Platform Work?

Forex platforms make it easy to buy and sell orders on currency pairs in real-time without physically visiting the forex market.

A trading terminal is the most efficient way to access the market as a retail trader. So how do these platforms work? 

A standard forex trading platform comes with a trading terminal, your gateway to the markets.

On this platform, you can explore hundreds of trading instruments and asset classes, fund your accounts, and manage your portfolio without interference from intermediaries [2].

You can create a list of currency pairs, stocks, ETFs, and other assets to watch, and you can track their market activity by the second using charts or candles. You can also research each instrument and predict future performance using technical indicators.

Your trading platform should also offer order and trade book features, which help you track all open and closed orders. 

Some platforms have chat features that allow you to interact with other traders. That way, you can interact with a community of like-minded traders, and share insights and strategies. 

Why Use a Forex Trading Platform?

A forex trading platform will allow you to trade more conveniently. Forex trading platform also allows you to execute trades more efficiently. Here are some of the reasons why you should use a forex trading platform:

Affordability

Forex trading platforms exist to make trading user-friendly for anyone who wants exposure to the markets. Unlike traditional methods, trading platforms often offer low fees, spreads, and commissions, making it affordable to trade [3]. The trading platforms have a lower capital requirement and it’s relatively lower than traditional methods. Some allow you to open brokerage accounts with zero deposits if you’re a first-time client. 

Faster Trade Execution

Executing buy and sell orders is almost instant with most forex trading platforms. The platform connects you to the markets through your broker, who executes the orders on your behalf. Since all you need is the platform and an internet connection, your trade orders are executed with the press of a button [4]. You no longer need to make endless calls to your broker or queue in banks for several hours just to make a trade.

High Efficiency

A forex trading platform allows you to access information and news which saves you the time needed to conduct research and make critical decisions. Moreover, it helps you cut the time needed to make an order and wait for the results of your trade [5].

Also, you can automate your trading experience depending on your skill and involvement. Most brokers will help you automate your trades so you can spend your time pursuing other ventures. Automation allows you to set custom parameters and allow the software to make specific trades.

Vast Trading Options 

A forex trading platform gives you multiple options for your approach and assets you can trade.  You can now carry your trading experience across devices. You can execute orders on your laptop and track them on your mobile app. You can also log in to your account using a browser and manage your trades on any device [6].

Moreover, you can trade multiple assets at once and manage your portfolio however you please. You can trade currency pairs, ETFs, futures, options, CFDs, and cryptocurrency from one platform.

best forex trading platform

How to Use a Forex Trading Platform

Here are five essential steps to help you effectively use a forex trading platform:

1. Choose a Reliable Broker

Before committing to a trading platform, research potential brokers to ensure they have a strong reputation and regulated by a reputable authority. Consider factors such as track record, fees, and regulatory compliance before committing to their platform.

For example, Vantage is a multi-asset broker that’s been around for more than 12 years.

2. Create an Account

Once you have selected a broker, sign up for an account on their platform. This could be either a demo account that offers virtual credits for you to practise trading, or a live account for you to start trading the markets. Make sure to read and understand the terms and conditions before agreeing to the account setup.

3. Familiarise Yourself with the Platform

Take the time to explore the platform’s features and tools, such as charting options, technical indicators, and risk management tools. Some platforms offer demo accounts, allowing you to practise trading without risking real money.

4. Develop a Trading Strategy

Before executing any trades, develop a trading strategy that aligns with your financial goals and risk tolerance. Consider factors such as entry and exit points, position sizing, and stop-loss and take-profit levels. Continuously refine your strategy based on your trading performance.If you’re not sure how to get started, you can consider signing up for one of our many webinars here

5. Monitor and Analyse Your Trades

Track your open positions, review completed trades, and analyse your performance. Use the platform’s analytical tools to identify areas of improvement and adjust your strategy as needed. Keep up-to-date with relevant market news, economic events, and technical analysis to make informed trading decisions.

Ways to Find Some of the Best Forex Trading Platforms

If you’re looking for a new platform for your trading activities, here are some key things to look out for:

Trading Platform User Experience

What does the trading platform offer you? That’s the first question to ask yourself. Whether you’re a beginner or a proficient trader, you want an intuitive and easy-to-use platform.

Always look for a platform with a clean interface. It should allow you to quickly draw clean charts and easily follow different assets. Features like alerts, indicators, charting tools, and news should be accessible with a click. 

Furthermore, the platform should be robust and run efficiently across devices without lags or downtime. Your orders should execute fast, and they should support automation. 

If you face problems, customer support should be available at a moment’s notice. Most brokers retain a team of multilingual customer support agents to help you troubleshoot at any given time. It could be via live chat, phone, social media, or email.

Trading Costs

Ideally, you want a cost-efficient trading platform. You want to keep as much upside as possible from your trades for your trading activities to be valuable. 

So, always check whether your prospective trading platform has a transparent fee and commission structure. Find out if they require a minimum deposit before trading. 

Consider their commission structure. Is it affordable? Also, check out their spreads across asset classes. Narrower spreads are better. Wider spreads can negatively affect your capital and upside potential. 

Broker Education and Analysis

The platform should offer some trader education and trade analysis tools to help increase your accuracy.

Look for a platform that offers educational material and analysis tools. They include blog articles, newsletters, tutorials, YouTube videos, and podcasts. 

Moreover, choose a platform that supports technical indicators. These tools can help you analyse trends and momentum and generate buy or sell signals that help improve your outcomes.

Products Offered by the Trading Platform

What assets does your prospective platform offer? Ideally, you want a platform with access to as many instruments as possible. That gives you opportunities to invest across asset classes, grow your portfolio, and hedge your risk. 

Most trading platforms come with currency pairs in CFDs by default. However, when it comes to trading platforms, more is better. Products you should access include stocks, ETFs, indices, commodities and more.

Final Thoughts

Choosing an ideal platform should be one of your top priorities if you’re just starting out as a trader. A good broker offers rewarding experience, and it could be a disaster otherwise. 

Trade with Vantage 

Gain 24-hour access to the global forex markets with Vantage. Trade over 40 currency pairs with Vantage Contracts-for-Difference (CFDs), and enjoy low spreads starting from 0.0 with strong leverage ratios. Sign up for a Vantage forex trading account today!  

Vantage also offers access to multiple global markets, and our costs are transparent and efficient. Check out our platform online and download our app for an outstanding trading experience.

References

  1. “Currency Trading Platform – Investopedia”. https://www.investopedia.com/terms/forex/c/currency-trading-platforms.asp . Accessed 17 Nov 2022.
  2. “Trading Platform – CFI”. https://corporatefinanceinstitute.com/resources/wealth-management/trading-platform/. Accessed 17 Nov 2022.
  3. “7 Benefits of Trading through an Online App – Motilal Oswal”. https://www.motilaloswal.com/blog-details/7-benefits-of-trading-through-an-online-app/20042. Accessed 17 Nov 2022.
  4. “7 Benefits of Trading through an Online App – Motilal Oswal”. https://www.motilaloswal.com/blog-details/7-benefits-of-trading-through-an-online-app/20042. Accessed 17 Nov 2022.
  5. “The Main 4 Benefits of Online Trading Platforms – Mike Gingerich”. https://www.mikegingerich.com/blog/the-main-4-benefits-of-online-trading-platforms/. Accessed 17 Nov 2022.
  6. “7 Benefits of Trading through an Online App – Motilal Oswal”. https://www.motilaloswal.com/blog-details/7-benefits-of-trading-through-an-online-app/20042. Accessed 17 Nov 2022.
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