Best Forex Trading Platforms for Beginners
If you’re new to Forex and are currently in the hunt for a platform that gets the job done simply, it’s important to know about the top choices for beginners. Even if you have already chosen a broker and set up an account, there’s still plenty of time to check out what’s available. The good news is that often brokers provide multiple platform options, so you’re not necessarily tied to a single method.
Remember that in some cases, a broker might have its own proprietary trading platform, or will offer a stand-alone version not tied to its own firm. Always seek a stable, user-friendly site that lets you check out all the bells and whistles of whatever platform it uses. There’s really no way to know what it’s like to trade with a particular broker until you do a test run like that.
When you try a few practice runs on a trading simulator, check to see if there’s any type of up-to-the-minute news feed, tools for charting, technical analysis features and any other data you’ll need to make fast trades. Another warning is to be aware that in the world of Forex, you will often hear the terms broker and platform used interchangeably. That’s because so many brokers have their own built-in systems for executing trades. Others let account holders choose from among three or four of the best systems.
Know the facts before you decide. Here’s a quick look at key points you must know before getting into the market with your own money:
There are 3 Kinds of Platforms
No matter what your preferences are, there will be a system that is either web-based, stand-alone or mobile-friendly. Some sites will offer you just one or two of the trio of choices, while others will let you take your pick from all three. It’s a nice benefit if your broker offers all three ways. That means you’ll have the convenience of opting for on-the-go apps, web-based functionality when you want it, or a stand-alone program that offers power and lots of extras.
The Good and Bad of Stand-Alone Trading Systems
The dominant players in the stand-alone market have everything a beginner might need, like detailed price quotes, watch lists that can be constructed according to your personal preference, in-depth research reports, comprehensive news feeds and nearly endless varieties of price charting capability.
Pros and Cons of Web-Based Approaches
If you don’t want to use the stand-alone resource, or if your dealer doesn’t offer it, consider using one of the web-based platforms. Most of these are tailor made for the specific brokerage website. They sometimes have less functionality than stand-alone options but are sufficient if you are okay getting your news and research somewhere else.
Mobile Apps for Forex Trading
If you want one-click buying and selling when you’re not near a computer, mobile apps are ideal ways to trade when no other methods are available. You’ll get no bells or whistles but will enjoy fast executions, super-convenient order placement and the ability to catch great trades any time of the day or night.