Trading Platform Software
When it comes to Forex trading platforms, there are many different types as each broker builds theirs on specific software. This allows them to choose functionality, layout and the features that their website will offer. Understanding a Forex platform and how it works is not easy. Many Forex traders will base a decision on how it looks and feels but, like a car, you need to know what is under the bonnet.
What powers these platforms and what differentiates them? Why can one offer something that another can't? As you get more familiar with trading, you may start to get a better understanding of each one is capable of. From the outset when choosing a broker this can be a difficult task especially if you are new to trading.
So how do you choose the best Forex trading platform? What do you need to look out for, and what should you avoid? To help you understand which ones offer the best trading experiences we do the hard work for you. Our job is to research and review the various Forex brokers so that we can present you with the top-rated examples.
In this article, you will learn:
- The types of trading platforms that exist
- What to look for when choosing a FX platform
- How we rate and review each of the brokers
Platform User Tips
While we have reviewed and rated the various foreign exchange brokers to bring you the best picks, there are some extra pointers we can give you when it comes to using the platforms features.
Practice Using The Demo
As most Forex brokers offer demo accounts, you must take advantage of this. Demo accounts are the best way to get to grips with a Forex platform and check that you find it easy to use, navigate and that it is compatible with your mobile phone. Many brokers offer a demo account without the need to make a deposit; this allows you to test more than one before making your decision.
Check The Software
Once you have selected your shortlist of possible brokers to trade Forex with, you can search for the various brokers and find what software they use. By doing a little research, you should be able to find out if the platform is built on a popular software or if it is a proprietary platform built in-house with more bespoke trading tools.
Read Our Expert Reviews
Of course, you will see the various recommended brokers on the pages of our site. If you visit our broker's section you will be able to read about each broker and a little bit about the platform and features that they offer. This information ranges from their mobile compatibility to whether they provide a demo account and any bonus incentives.
Trade on Multiple Devices
If you want to check if the platform is easy to use and compatible with all devices, you can check this by using multiple devices. Many of you will have a laptop, a tablet and one or more phones. It is a good idea to visit the website on all devices and check if there is an app available. This way you won't be disappointed if you test it on one device only to find it isn't compatible with another.
How to Choose a Platform
How many currency pairs can you trade? With some companies, there are limitations as to how many FX currency pairs you can trade on. What is the brokers minimum deposit? Some are much higher than others. Do they offer technical analysis and different order types? In addition to these important questions, you'll want to know if an online trading FX broker allows deposit using a credit card and debit card and finally. Do they have mobile apps? Read our reviews to get this info on every broker!
A demo platform or demo account is very important and means that you can practice on or test the software before you start live trading. Then there is cost. What is the deposit required and the minimum trade amount? Are withdrawals and deposits straight forward? So many questions need to be answered. When the broker uses a popular software like MetaTrader 4 then you will see a lot of similarities between the various brokers.
Now of course, as you become more experienced with trading Forex then there will be more features that you need to use. Charts and data are essential to many traders. The way the charts and graphics are displayed and how useful the information is, depends on the platform. When you become more familiar with Forex trading you will start to recognise the critical differences in the platforms.
Different Platform Types
To begin with, it is essential to understand the fundamental differences and why the platforms are so different and what we mean by different platform types. Firstly, there are two types of Forex currency trading software. There is the generic type that a Forex broker uses to build a platform on. This is often used by many Forex brokers and is more straightforward, more cost-effective and easier to maintain. Then there is the proprietary software which is unique to the developer and developed by their team of software specialists.
As Forex traders, it can be challenging to know which of these Forex trading platforms will best suit your unique requirements until you try them. Using a no deposit bonus or a demo platform will allow you to test these platforms for yourself before you make the decision.
There are many factors that come into play when it comes to choosing a Forex platform.
How we Rate And Score
What better way to rate and score the best Forex platforms than using them ourselves. That is exactly what we do as Forex traders. We spend our time visiting the various brokers and trading on them. We have a team of experienced traders whose job it is to review and rate everything. If there is something wrong they will find it, including contacting every broker's customer support, to test their customer service response times.
Everything that we recommend has been rigorously tested by multiple members of our team, including our financial experts. They rate everything from the ease of use of the site and mobile compatibility, to whether there is a demo account and whether it is free to use. We are then able to filter out those that don't make the cut and put together a list of the best Forex trading platforms that offer the top features. We then produce a comprehensive review of each broker so that you can make a more informed decision.
Many of you will find more than one broker that meets your requirements. In this instance, we advise that you visit each website and find out which one you feel most comfortable trading with in terms of ease of use and functionality. Our job is to take the time and stress out of finding a broker so that you can get on with trading the Forex markets.
Is one platform more reliable than another?
As with any website, it is only as good as the software it is built on. If the software isn't excellent, then you may experience glitches when trading the Forex market.
How do I find the best trading platforms to use?
By reading our reviews, you will be able to learn a lot about each of the brokers. We review all of the brokers to find the best software for you to trade on.
Can I use a demo account on any platform?
Most Forex brokers offer a demo account. The demo account has become somewhat of a deal-breaker when it comes to Forex trading. There are still some that don't provide a demo.
Are all trading platforms safe and secure?
Unfortunately, there are some Forex brokers that scam. That is why it's essential to choose wisely. If you pick a reputable broker that has been tested then the platform will be secure.
Do the same bonuses exist on all platforms?
No. Bonuses are all unique to the broker. They are offered as an incentive to attract customers and to keep those customers returning and investing. Many brokers do offer bonuses though.
Jessica has written for us for 5 years and offers a unique perspective due to her having worked in the financial industry internationally. In fact, Jessica has worked in a staggering 8 countries including Germany, China and the USA.