Are you interested in looking for a trading platform but do not know where to start? If so, then you belong to thousands of people still trying to figure out the right answer to this question. Trading platform mostly comes as software provided by the broker to the trader. When using trading platforms, you will acquire several important information about trading such as quotes and charts. You will also be provided with an interface where you can enter orders.
As a software, trading platforms can be locally-based or installed into the trader’s computer. Most trading platforms like MetaTrader 5 work on Linux, Mac, and Windows systems but this also depends on the options given to the trader. It is also good if you can find a trading platform with a good track record, reliable, and free of charge.
What are the things to check when looking for an online trading platform?
It is true that trading platforms are very useful in trading different kinds of securities including Forex. However, it doesn’t mean that when you trade Forex, you can settle for less on trading platforms. Instead, all kinds of securities require the same level of perfection when it comes to the trading platform. This also applies to trading Forex.
Factors to Consider When Looking for a Trading Platform
Is it free of charge?
The first thing that you should keep your eyes on when looking for a trading platform is the cost. If you get to enjoy a reliable trading platform free of charge then you just hit the jackpot. First and foremost, you should consider your finances. Also, you won’t like it if you pay for a trading platform that has the same features as the free ones.
Does it have technical indicators?
Check if technical indicators are available. If there are any, what are those? These indicators are helpful for your trading, make sure that they are easily understandable. This will make your analysis before you trade so much better.
What is the supported operating system?
As much as possible, pick a trading platform that supports common operating systems like Mac, Linux, and Windows. It is also very convenient if the trading platform can be downloaded as an application for Android and iOS devices, just like with MetaTrader 5.
Are charts use in trading?
One of the major qualities of an excellent trading platform is the use of a comprehensive chart for trading. The charts must also be easy to interpret.
Is the user interface good?
Another qualification of a good trading platform is its user interface. It should be easy to use and understand especially for beginners.
Can I check the historical data?
Historical data is used to check on your previous trades. Checking on this information is helpful in your future trades.
Is back-testing available?
Back-testing a strategy is quite useful if you want to know if the strategy you will use will really be profitable.
Is it allowed to open a demo account?
This is a very important part of a trading platform. A good trading platform should provide a demo account that will be used to check if the platform suits the user’s needs and trading style.