Every day, over four trillion dollars are traded through accounts in the foreign exchange market, representing the largest financial market in the world. As such, it is important for traders to carefully choose a trading platform that supports their undertaking, and maybe, gives them a competitive advantage in the forex market. It is important to understand that there are a numerous trading platforms that offer trading services to investors. As such, anyone intending to invest in trades has the obligation to do a good homework before settling on a particular trading platform. Here are a few tips that can help you choose the right forex trading platform (commonly known as the forex broker).
The regulatory compliance of the trading platform
Depending on your target brokers, most reputable forex trading platforms are regulated in their country of operation. For instance, all forex trading platforms in the United States are members of a self-regulatory body known as the National Futures Association. Besides, these brokers also get licensed by a state Licensure to allow them to operate within its territories. Therefore, only trade on platforms that are recognized by the regulating bodies within your target jurisdiction.
Currency pair available
As a trader, you may need to consider the different currency pairs that are availed for your trading. if a vast pool of currency pairs are available, you will have the advantage to trade on the pairs that have the highest liquidity.
Some of the commonly sought after currency pairs include the USD/JPY, the EUR/USD, the USD/CHF, and the GBP/USD. Therefore, choose a trading platform that offers the currency pairs that are of interest to you.
The customer support available
No one would want to trade on a platform that does not give them timely support whenever an issue arises while on their trading platform. Most platforms offer a combination of user-support to their customers or clients. Some provide an onsite instant messaging, dedicated telephone numbers, email support and some also provide a self-service feature. In some instances, some service providers provide a combination of these means of communication as support to their investors. Therefore, choose a forex trading platform that has a prompt response to your issues, as well as provides a wide pool of user support options you can choose from.
The usability of the trading platform
Your output in the forex trading market can be affected to a great extent depending on the ease of use of the trading platform you choose. Poor usability of the forex trading platform has a potential to hinder your forex analysis. It is therefore of great importance to choose a trading platform that is easy to understand, highly navigable and is generally appealing. If possible choose a trading platform that supports multiple and distinct ways of accomplishing any trading task. Besides, the trading platform needs to support different devices that access it. In this regard, only choose a forex trading platform whose site or app is non-dependant on the device used to access the platform. It should be responsive to different devices, i.e. desktops, and handheld devices, and therefore should be mobile friendly.