What is the Best FX Trading Platform?
These days, there are literally hundreds of trading platforms out there specifically designed for Forex traders to use. Many of these are custom built for a particular broker, and only clients of these brokerage firms are able to use them.
Other however are more “open source” like FX trading platforms. They are updated regularly, and usually keep up to date with the latest features for modern Forex trading. MetaTrader is an example of one of these.
Further still, there are a number of “pay platforms” which are available to you – at a cost. These are becoming rarer, as brokerage firms try to offer their clients more and more services for free to compete with the competition. They do still exist though, and if you are a serious trader with multiple FX accounts, you might like to consider something like this.
So which is best? Which will offer the most beneficial trading environment? Which Forex trading platform updates the most often and provides you with the best selection of features? We wanted to find out, and our results are included below.
The Ultimate Forex Trading Platform
Unfortunately, there is nothing such as an “ultimate” trading platform. Every FX trader is different, and therefore each and every one of us has different trading needs. For example, look at the following features which are often the decisive features which traders look for (or purposely don’t look for) – when evaluating a new trading platform:
- Trailing Stops
- Add-on Charting Software
- Commission / Spread Costing
- Ability to Trade from the Chart
Each of these is usually just as contentious as the other, and the features can literally be the deciding point as to whether or not a particular trader chooses one brokerage firm over another.
How to Understand FX Trading Platforms
Most Forex brokerage firms provide their clients with an in-depth trading guide which will explain the ins and outs of the particular trading platform that your company is using. Ensure that you give this a good read prior to trading, because it could contain very useful information on the functionality and features of the platform.
There is nothing worse than going through the entire application process, only to find that you have chosen the wrong brokerage company, and the trading platform doesn’t fit your needs.