This article looks at the factors of the trading platforms that forex brokers offer that you need to look into.
When you look at the different forex brokers that you can use you have to consider the trading platform that you are going to be getting. The trading platform that most forex brokers offers, are different to others because they include feature that only they offer. However, it is important that you know what you should be looking for when you consider the trading platform you are going to get. There are a number of factors to look at and you need to know what they are.
The Cost of the Trading Platform
Most traders will assume that the trading platform that they get from the forex brokers will be free. While this is the case with most brokers there are others who charge a nominal fee for the use of the trading platform. If you are going to be using one of these paid for trading platforms you have to consider what you are getting for the cost. Are there any features on the trading platform that you cannot get with a free option?
What is the Platform Based On
There are a number of ways that trading platforms can be offered. You have to consider the operating system that the platform will work with. There are some platforms that are compatible with Windows others with Mac and others that are internet based. You need to verify that you will be able to use the trading platform once you have it.
If you are looking at a web based forex trading platform then you need to consider the browser that this is compatible with. There are a number of different browsers that you can use and certain trading platforms will not be compatible with all of them.
What is the Chart Situation with the Forex Brokers?
There are some forex brokers that offer you charts with your trading platforms and others that do not. You have to consider whether or not you need to have the charts with the platform or if you are going to be using additional charting software. If you need charts with your platform then you have to verify that this is what you are going to be getting.
Once you have verified whether or not you are going to be getting charts you have to look at what you are getting. Which chart type will you get and what technical indicators are on offer? If you are not getting the technical indicators or charts that you want or need to trade with then you are not going to be able to trade correctly.
What Does the Order Interface Look Like?
Another point that you have to consider with the trading platform is the order interface. This is where you will be completing the bulk of your trading and if you are not able to easily use this, the trading platform will not work for you. You should not only look at the aesthetics of the interface, but also the orders that you will be able to complete. If you cannot find all the orders that you need then the trading platform will not be right for you.