How to Choose an Online Forex Trading Platform?


The Forex Trading Platform is the most basic piece of software you will use in the Fx market. It is the conduit between you and your broker and your access point to the forex market. It provides valuable information and tools for managing your forex trading account.

Some trading platforms are based on your computer while others are fully online. Different brokers offer different compatibilities with Windows, Mac and Linux. While most are free of charge some brokers offer higher functionality trading platforms for a fee and still other brokers offer higher levels of functionality for higher trader activity.

The same things are required by online forex trading as are required for any other type of trading. It is a go between the broker and the trader and provides both real time and historical market data for the trader.

Last, it must provide the trader with access to all the types of orders you can make so that the trader can access the market efficiently. Most trading platforms also have an application program interface (API) that lets traders integrate third party programs and increase the functionality of their platform.

Here are some factors you should look for:

  • Is it free? If not, what extra features are costing you money?
  • What kind of technical features are available for charting the market?
  • Is it possible to trade directly from the charts?
  • What operating system does it work with and is it compatible with your rig?
  • Does the trading platform have an API?
  • Does the trading platform include historical market data?
  • Can you test strategies on the historical data?
  • Is the graphical user interface (GUI) visually pleasing?
  • Can the GUI handle a lot of information at once?
  • What types of orders are available and what is the interface like?

Generally, most trading brokers allow customers a demo account. This is used to test the Forex trading platform before you actually fund it. Use this feature to your advantage. Put the trading platform through its paces and determine which is best for you.

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