What would you prefer answering when someone asks you what is the best smartphone ever? Absolutely right. It’s a subjective matter and varies from person to person. In the same way your choice of forex trading platform depends on your experience in trading, your needs and wants. On being asked ‘which Forex platform is the best’, traders will differ in their opinion. The one with an interactive interface is not always the best.
Traders often face dilemma while choosing best forex broker trading platform. The MetaTrader 4 platform is supposed to be the most stable of the lot. It allows automated trading, demo trading and trading with micro lots along with other significant parameters. Does your trading software allow you to trade even when you are on a vacation? Trading softwares these days run on almost every type of smartphones and OS platforms.
How to debate ‘Which Forex platform is the best’ issue?
Do you want professional grade forex brokers trading platform with provisions for using most of the indicators which are in current use today? Choice of currency pairs is one of the most important points that traders should keep in mind. Say that you are interested only in the most volatile currency pairs like EUR/USD, GBP/USD etc. almost all the trading softwares allow you to view the recent bid price, ask price and spread of these pairs at any hour of the day.
But more experienced traders might want to trade with any currency pair just in case there is a major price fluctuation in any one of them. For example, commodity prices fluctuate less frequently than currencies. But if you are lucky, export of a particular commodity may rise so high that its price increases and traders who bought that are at ease. Although it is difficult to comment on which forex platform is the best, it might be possible to trace their recent trading behavior and then find whether it’s usable.
Points worth mentioning while deciding on which Forex platform is the best.
Say that your trading behavior coincides with your personal chores and it is difficult to manage everything together. Make use of the best trading platform to trade currencies all throughout the day. Although the market is open 24 hours, relative prices change only during the period of most transactions. Nevertheless, some experienced trader makes it a point to trade during odd hours and still gains from it using price Forex mechanisms.
On being asked ‘Which Forex platform is the best’, Paul from Mexico opines that his trading platform allows him to earn rollover interests which he collects at day’s end. Apart from the market driven trade execution, he also ponders on the importance of trading with micro lots, especially if you are new to the trade.
To conclude, it is not possible to denote the best among the platform for forex broker available in the market nowadays. It is a highly competitive environment, and traders might even need to cross check a couple of trading interfaces before circling on ‘Which Forex platform is the best.' Confused? Point your needs and check whether the available options cover most of or all of that. Remember, failure to choose suitable platform might be detrimental to your trading.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.