Along with the development of technology, the number of platforms is increasing and diverse. Even brokers can compete only with platforms. So this will be a choice of which platform will be used by traders. The benefits of a platform for traders are to be able to trade comfortably with the right decisions and maximum profits. If you are a beginner, it is important to know how to choose the best platform to use.
Without a platform, of course, you as a trader must be confused about how foreign exchange trading can be done online. In ancient times before online forex trading, trading was done by calling the price provider and placing orders by telephone, in today’s era, through a broker you can trade only through a platform. If you are making an order, you simply place an order through a platform, without having to call the broker. One of the most famous platforms is MetaTrader 5, find out more about the advantages and disadvantages of MetaTrader 5.
Learning forex is not something that can be done instantly. There are many stages and things that you need to understand first in order to run this business smoothly. One of them is to be careful when choosing a forex trading platform. Although many offer platforms or software with the lure of various facilities and bonuses, the fact is that it is difficult to choose the best one.
The trading platform is a very important part of forex trading activities. The platform is one of the software that acts as a channel for information between traders and brokers and as a means of working to earn your income. With this platform, traders can also monitor price movements, live charts and also analysis until the execution of their orders. This trading platform software can be locally based, which means it can be installed on the trader’s computer and can be used with Windows, Mac and Linux systems. Usually each broker will offer different options for this.
Every trader has different needs, therefore what traders are looking for in a platform may be very different from others. But in the end all traders need a platform that is not only smart and attractive features. The best forex platform for you is one that meets all the attributes that have been mapped to you. Load your list and start checking things like accessibility, compatibility, convenience, simplicity, and flexibility.
Sometimes some brokers offer web-based software. This platform often runs using Java. The advantage of web-based trading platforms is that they can be used on almost any type of computer that has internet access. Trading platforms are often free to own. But there are some brokers who provide paid platforms for traders who really want them. Especially for these paid trading platforms, they are equipped with more features. Some brokers also provide platforms with different levels for more active traders.
Online forex trading requires several things from the trading platform that are needed to trade several types of securities. The platform must be able to act as an intermediary between the retail forex broker and the forex trader. The platform must also provide historical and real-time data for traders and provide access to all types of orders. These things are very much needed for traders to trade efficiently. This third-party forex trading platform software is also often used as a platform for many retail forex brokers. This platform has an application program interface (API) that allows traders to integrate with third parties or even with proprietary software on the platform.
Before you decide which trading platform to use, there are several things to consider. Here are some ways to choose the best platform among them:
1. Technical Indicators
This indicator is important and must be present in the chart or chart components. Its existence can help the trading process run better.
2. Cost issues
This may sound trivial, but you should consider it carefully. Compare between paid and free platforms. Also make sure about additional costs that may arise due to additional features on the platform.
3. Software Base
Don’t just buy or choose a platform, you must first make sure what the trading platform is based on. As previously noted, there are many bases that can be used for this software from Windows, Mac or the Internet (Java or HTML).
4. Check the Features
When you try, make sure to see or try whether you can trade from the chart? Is historical data available through the software? And also make sure you see if the platform allows you to do backtesting strategies.
5. Pay attention to the GUI (Graphical User Interface)
Pay attention to how good the GUI is and whether the GUI is conducive to being used to monitor a lot of information at once. Also try to see if the platform has an API that can allow the addition of software or programs.
6. Types of Orders Available and Interface
Make sure the platform you choose uses Interface technology, because this is definitely more interesting. The ability to trade directly from the chart allows you to react to changes in offers quickly. Then also see the various types of orders available on the platform.
7. Historical Data Features and News Feeds in Real-Time Mode
The more information a trader has, the better decisions will be made. Based on the information received, traders can develop certain trading strategies, and calculate the time to open and close positions.
8. Trading Instruments
The opportunity to trade a large number of instruments that greatly contribute to minimizing risk. The more instruments, the more effective is diversification.
The increasing public interest in the forex business, makes broker companies increasingly compete to provide the best trading software services. Of course this benefits traders, because it can be easier to choose the platform used for forex trading.
Before buying or installing the platform you choose, try to read the detailed information on the platform site. Most platform providers allow users to browse their platforms with a demo account. This is just a mini account, which makes users more familiar with the platform they will use. Usually a demo account is valid for several days. Well, for the past few days try to monitor how effective the software or platform is. Is it possible to monitor history, view graphs, do backtesting strategies, and so on
If you look at some of the considerations above, the best forex trading platform is actually web-based. To be able to access all the features, you may be charged a fee, either weekly, monthly or annually. But with a web or browser base, you can open it on various devices without exception. If you are already a more active trader, then you are looking for a platform with a higher level. Those are some ways to choose the right trading platform to facilitate the business activities you run. Don’t rush and always think things through clearly.
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