How to Find Your Perfect Forex Trading Platform

Trends within the foreign exchange markets can emerge and then disappear again in the blink of an eye. For fledgling forex traders this speed and complexity can seem overwhelming, and getting to grips with trading sometimes feels like an impossible task.

The platform you choose will play a big part in how well you master the nuances of currency trading, and this means that you need to pay careful attention when it comes to making a decision. The right forex trading platform choice will provide the tools you need to unravel the mysteries of the forex currency markets, so here’s how to find the perfect platform for you…

#1: Consider Your Budget

Budget will play a big part when it comes to deciding upon a trading platform. It’s wise to acknowledge this before you get started with forex trading. Although it shouldn’t be your only consideration when you’re choosing between your trading platform options, the aim of the game is to turn a profit. The more you spend on a trading platform and on a per-trade basis, the smaller your profit margin will be. Pick a package that doesn’t break the bank, and you’re already off to a strong start.

Many trading platforms will let you open trades for less than $2 per side. The larger the amount of money you are trading with, the lower the trading commissions.

#2: Think About How You Want to Trade

Another important consideration is how you want to trade. Once you have a shortlist of platforms that come within your budget, this is an essential criteria for narrowing them down. A lot of people like the flexibility of being able to trade anywhere and at any time, and in such a scenario, mobile-based software might be the best bet. Others will prefer a bigger screen for displaying data and information, and for these traders a web-based format may be preferable. The most important point to bear in mind is simply that the option you choose needs to suit your trading style and preferences.

#3: Demo Your Options

Once you have an idea of the platform that you’d like to use, it’s important to demo it in order to ascertain whether or not it really fits the bill. Brokers like ETX Capital will be more than happy to offer you the chance to do so. Be sure to take full advantage of this opportunity for a free test drive. Test out all of the tools at your disposal, perform some theoretical trades and track their results. Ensure that every one of your criteria has been met before you take the plunge to live trading. If the trading platform you are demoing doesn’t fit the bill, then don’t feel pressured into signing on the dotted line. Always be prepared to walk away and find a better option instead.