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Tips on Choosing a Forex Platform

When you finally make the decision to participate in FX trading, one of the most important decisions you will need to make is the FX platform you will use. This decision is never easy to make given the countless number of platforms out there each of which claims to be the best. While help from a seasoned trader could help, there are a number of factors you need to take into consideration to make sure that the platform you choose satisfies your specific needs.

User-friendliness

In choosing your platform, you need to carry out an honest personal appraisal. Some platforms are meant for established and technically suave traders and they will certainly not work for a newbie or the technologically challenged. Fortunately, there are many platforms out there which hardly require any advanced training since they are completely user-friendly. Moreover, some platforms offer adequate online training and support and these should be the ideal choice.

Switching from demo to live trading

The norm today is for FX companies to prepare potential traders for the FX market through dummy accounts. Most companies offer free demo accounts that enable the new trader to practice trading without any financial risk before entering live trading. For some companies, you could trade for as long as you want and only switch to live trading when you feel ready. Platforms which limit your training period or fail to offer a free demo account should certainly be avoided by the new trader.

How many platforms does the company have?

The popularity of the MetaTrader 4 platform has made many companies adopt it even when they have developed their own platforms. Where there is a variety of platforms and a comprehensive training program, you are likely to find one that is just right for you. Moreover, it helps to choose a platform whose software is available in a variety of versions. Some platforms provide web-based software while others include additional varieties such as downloadable and mobile versions. The greater the variety, the better for the trader.

Training and customer support

In FX trading, problems are bound to arise at some point and you need to be confident you will get the support you need when you need it. You should therefore find out the kind of training the company offers and the level of customer support available. Are you able to reach the company on phone, live chat and email? Is the support available only on specified hours or on a 24-hour basis? Given that FX trading is a 24-hour activity, the platform that offers the most comprehensive kind of support and for the longest period of time should be the ideal choice.

Joining fees and other charges

Joining fees vary immensely from one platform to another and carrying out a thorough comparison will help you make your choice. While the cheapest option might appeal to you, remember that some companies charge what might appear exorbitant fees because they also offer a superior service. That is why the independent opinions of platform users, which you can obtain online, should also be consulted.