Online Forex Trading Forex Platforms

Best Forex Software: Online Forex Trading Forex Platforms

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Your Forex platform is of great importance to the success of your online Forex trading account. Every platform Forex software has specific features, which are helping Forex investors to improve their trading experience. Today we will discuss the features, which the best online Forex trading Forex platforms should have. This article will then help you to choose the best Forex software for your Forex trading needs.

Best Online Forex Trading Forex Platforms

Some Forex platforms are better than others. Therefore we will look at the important elements which every online Forex trading Forex platform should possess.

Forex traders are constantly looking for ways to gain an edge on the Forex market. But to gain an edge, you will need to find ways to customize your Forex platform, so that it will fit your trading style. To accomplish this, it is vital to have a Forex platform that you can design by yourself. This way you would be able to personalize your Forex trading experience.

The other important feature is the set of tools on your Forex trading platform online. In other words, what type of Forex indicators and oscillators are included in the top Forex trading platforms?

For this reason, the next two paragraphs will be dedicated to the Forex platform customization and the best Forex software indicators.

Forex Platform Customization

Many online Forex trading experts consider that the most important element in Forex trading platforms is the high level of personal customization.  Each of the best Forex trading platforms offers customization. This feature is extremely useful to traders who base their strategy on technical analysis.

When we look at the market as a whole, it is difficult to deny the fact that Meta Trader 4 has attained the highest level of accolades in these areas. This is why it is considered one of the best Forex software products. If you are not familiar with this Forex platform, use this Meta Trader 4 download link to get it. The customization of the MT4 platform is so high that Forex programmers are can build indicators by using the MQL coding language. The MQL4 Community is very big nowadays, and it unites Forex programmers from all over the world. This is why many Forex traders consider Meta Trader 4 to be the best online Forex trading platform.

Best Forex Software Indicators

The indicators included in your online Forex trading platform are of great importance. If there are no indicators in your Forex platform, how are you going to implement a detailed technical analysis? Furthermore, the default parameters of indicators are unsuitable for some traders. Therefore, it is always preferable to use Forex platforms that allow users to modify indicators.

Best Forex Software Indicators

This is an example of the MetaTrader 4 Forex platform indicators. This is a chart, which includes eight different indicators: Trendline, Moving Average, Stochastic Oscillator, Volume Indicator, Ichimoku Cloud, Moving Average Convergence Divergence, Momentum Indicator; RSI Indicator

Does your strategy involve less commonly used indicators like the Average True Range (ATR) or Stochastic Oscillator? Do you employ harmonic or Elliott Wave methods? Meta Trader is one of the few Forex trading platforms, which include these type of indicators. If your strategies use any of these, you will need to choose among the Forex platforms that allow customization.

All of these are factors to consider when new traders are looking for the best Forex trading platforms available currently.

Online Forex Trading Account

online forex trading account

When you find the best Forex trading platform for you, you would need to research which Forex brokers use it. Then you should research your broker as well. First, you would need to check if the broker specifications respond to your requirements. In this relation, you would need to research the following details:

  1. Financial Instruments and Contracts Offered
  2. Spreads with the Different Financial Instruments
  3. Leverage with Different Financial Instruments and Contracts
  4. Minimum and Maximum Deposit Requirements
  5. Bonus Promotions (Deposit Bonus, Rebates, Debit Cards, etc.)

After you research these, and you find out that the broker suits your needs for online Forex trading, you will need to do another research. You will need to find out if the broker is legit. The Forex trading market online is extremely developed nowadays. There are thousands of brokers available, and each of them offers more and more attractive trading conditions. However, most of these brokers are scammers, and they profit not from spreads and commissions, but from your misfortune. Therefore, if you want to ensure that the broker is legit, you should check the following details:

  1. Broker’s Financial Regulation – Never trade with a broker, which is not fully regulated. You want to have an authority behind your rights in case you get scammed.
  2. Leverage – Legit brokers offer a maximum leverage of 1:100. The reason for this is that the big liquidity providers, which the brokers claim to work with, do not provide higher leverage conditions. So if a broker offers you a leverage of 1:500 or 1:1500 (yes, it happens), you will know that it is a scam.
  3. Forex Trading Platform Reviews – Check online what other people think of the broker and the Forex platforms in your focus. Scam brokers tend to modify charts. If you read the T&C of a Forex broker, you will realize that most of them keep the right to change the spread if needed. Scam brokers employ people, who widen the spreads when the Forex rate is close to a psychological level. The stop losses of traders get hit and many Forex trading positions are closed with a big Forex loss.

When you research the information written in the points above, and you realize everything is OK, you can proceed to open an online Forex trading account with the respective broker. If you have doubts about even one of these points, you should never deposit with this broker, because you risk to never seeing your money even if you are a successful and profitable trader. Even if you manage to account profits with a scam broker, there is a great chance that they won’t satisfy your withdrawal. In other words, even if you win, they might not pay you back.

Conclusion

  1. Your Forex trading platform is crucial for your success in the online Forex trading.
  2. The best Forex trading platform for you should offer two basic things:
    • Customization –You should be able to be in charge of your Forex trading experience.
    • Forex Trading Indicators – The good Forex platforms offer a rich set of indicators, so you will be able to perform a high-quality technical analysis.
  3. When you find the best Forex trading platform for you, you would need to research the brokers which offer it. Then you will need to research the broker.
  4.  Broker’s Terms & Conditions
    • Financial Instruments and Contracts Offered
    • Spreads with the Different Financial Instruments
    • Leverage with Different Financial Instruments and Contracts
    • Minimum and Maximum Deposit Requirements
    • Bonus Promotions (Deposit Bonus, Rebates, Debit Cards, etc.
  5.  Is the Broker Legit?
    • Broker’s Regulation
    • Leverage Offered
    • Forex Trading Platform Reviews

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