Whether you’re looking for a change, or you’ve just started your career as a forex trader, it’s always a good idea to be considering your options when it comes to the platform that you trade on. There are quite a few to choose from, including famous offerings such as MetaTrader 4, and white label or proprietary software from brokers. There isn’t necessarily a right or wrong way of choosing a platform; after all it’s what you’re going to be using, but here are three of the major points of consideration that you really need to take into account if you want to be sure that you’re making the right decision.
Probably the most obvious point is to look for what features the platform comes with. This can include all manner of tools and integrated charting programs. It does really help if you know what tools you’re likely to want to use, as many might be pointless for you, and therefore there’s no reason to take them into consideration. As a final note, it’s always worth being aware that different brokers might offer slightly different features on the same platform, so do your research.
Features often spring to mind immediately when comparing platforms, but people often forget about how important the user interface, and indeed the user experience is. This is not something that you can really find out without trying out a demo account, so once you’ve narrowed down your search to a few options, then you should certainly give them all a go. Reviews are certainly helpful, but what one trader finds intuitive, another might not like. Consider how everything looks, and if you can quickly move between all of the information that you need.
Trading is not at all like it used to be. Traders don’t need to visit the exchange to speculate on markets, nor do they even need to make phone calls. Everything is done via the internet, which means that you should be able to access the markets anywhere with a connection. Your desktop computer isn’t competitive enough anymore; the best traders will look to trade on their tablets and smartphones too. This means that you need to pick a flexible platform that’s compatible with as many of your devices as possible so that you can take it anywhere.