Try Before You Trade: How to Choose an Optimal Forex Trading Platform

There are so many platforms for currency exchange trading nowadays that you are always spoilt for choice. Anyway, it’s best to choose a Forex trading platform yourself rather than relying on random advertisements. To do this, you need to compile a list of the features and capabilities offered by different platform developers, select which ones are your top priorities, and build your own internal platform ranking.

A Forex trading platform, or trading terminal, is nothing more than software that enables you to interact with the global currency market and execute trades. Brokerage companies may also refer to platforms as trading clients, but for end users, all these terms mean the same thing. In the case of https://justmarkets.com/trading-platforms/mt4-pc, a potential FX giant, trading becomes a profitable venture.

Let’s try to grasp the discrepancies between diverse Forex trading platforms and point out their main characteristics.

The Reasons Behind a Diversity of Trading Platforms

It is worth mentioning that all existing Forex platforms offer their own conveniences. As the saying goes, “there are as many opinions as there are people”. Nevertheless, there are also objective parameters that should be kept in mind when sticking to your best-favored platform:

• Program speed and performance

Some trading software demonstrates low speed and poor performance, which affects both the graphical display of quotes and the timeliness of trades. Day traders get frustrated when the program slows down, although those who don’t day trade may not pay attention to it.

• Functionality

What does this parameter indicate? It denotes the number of analytical tools, including technical indicators and charts, and the number of timeframes (time intervals) accessible. Consider the number of simultaneously open quote windows, create your own indicator and automated trading, order modes and types, fundamental analysis and economic calendar services, coverage of financial markets and trading platforms, and the number of available financial instruments.

• Interface Usability

An intuitive interface, the ability to customize it, and a vibrant color scheme are all the crux of the matter, determining the ease of Forex trading. Versatile design influences users’ first impressions ‒ either positive or negative.

• Security

The security of transactions and confidentiality are built into the platform, and these factors also hinge on the brokerage company you opt for.

• Mobility

Under these circumstances, mobility refers not only to the ability to install the program on mobile devices, which is pivotal in today’s world, but also to the program’s compatibility with countless operating systems, which may cause it to crash or fail. While a highly functional Forex trading platform is certainly essential, sometimes you can run into programs with less functionality but better adapted to specific trading conditions. For example, there’s the popular MetaTrader (MT4 and MT5), as well as numerous modifications from various companies, including MetaTrader Gain, optimized for particular currency trading conditions.

Considerations and Pitfalls

No activity can go without pitfalls, while the same applies to the selection of the Forex platform.  It is possible to lose cash even with a legitimate platform with 5-star reviews. From time to time, traders can get confused due to poor guidance and bad analysis. Besides, high withdrawal fees and bad customer service can lead someone astray, without any chance to come back to the previous top position on the trading list.

The second most widespread issue is the inability to withdraw funds from an account. Licensed brokers require traders to verify their payment methods. You add your payment card when making a deposit, and the platform remembers it. Much to your disappointment, withdrawals to a different card are no longer possible since top platforms only allow transfers to your own card. A possible solution lies in authorizing your bank card before transferring funds to it.

Technical errors are another frequent issue,  resulting in the so-called slippage (the distinction between the expected price of a trade and its actual execution). Consequently, profitability is undergoing immense risks, leading to general dissatisfaction and disappointment with your chosen trading journey.

Conflicts with brokers are not rare. Sometimes the trader is at fault, but there are occasions when their rights are genuinely violated by a trading platform.

Final Thoughts

Today, the market promotes a variety of Forex trading terminals from various companies, each differing in functionality and ease of use. However, excessive functionality often puzzles novice traders, while usability becomes a subjective matter. Therefore, it’s recommended to try out multiple programs to determine which one is right for you. At different stages of your professional development, you’ll likely need different trading platforms to enhance your performance and gain profitable deals.