Forex Trading Platforms

In Forex trading, the platform is the name given to the electronic go-between connecting a trader to a broker. Trading platforms provide, amongst other things, the charts and quotes informing the bases of your trades. Platforms can be either locally or web-based, meaning they can either exist on your PC’s operating system or online. Web-based platforms tend to suit traders requiring more flexibility in terms of the location from which they trade because they can be accessed wherever, provided you have internet access. Conversely, local platforms may suit those who know they’ll be at one terminal throughout the day.

When choosing a trading platform, there are a few things to take into consideration. Firstly, your trading platform needs to be able to produce accurate quotes. You’re entrusting your hard-earned capital in this software’s ability to provide up-to-date currency pair quotes, so try and minimise the risk of making miscalculated trades by checking verified user reviews or trying the demo version before opting for a trading platform. When researching the various platforms available to you, try to find software with as much automation as possible. To minimise the risk of broker interference by finding a platform that offers as much automation as possible.

Above all, one of the most important aspects of your chosen trading platform should be the graphical user interface, or GUI. The GUI is simply the positioning of the tools you need on your screen, and should be set out in an ergonomic and intuitive way; essentially navigation should feel instinctive. Your trading potential should never be limited by your ability to locate the necessary tools, so again, it really is worth trying a few different trading platforms to get a feel for what suits your needs best.

You can always check our broker comparison page before you open an account with a broker

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