Forex platforms are the platform on which the modern-day foreign exchange financial market functions. Gone are the days of currency exchanges through cables, 21st-century Forex is all about software programs custom built to provide any and every function that a professional trader or broker may need about Forex. There are quite a few factors which need to be taken into consideration when it comes to trading in this market. Using the best Forex platform is one of them. Knowing what matters in a Forex platform rating will obviously help make a proper choice.
However, unlike run-of-the-mill ratings, choosing a Trading platform depends more on the professional trader than on the platform in general. Experts vary in mother tongues, base currencies, time zones, strategies and investing behaviors. So there is simply nothing better than going forward with a platform which perfect for that professional. So, read on for a Forex platform rating based on personal preferences as per professional traders or brokers: -
5 Forex platform rating Pointers Based on the User:
A trader from Japan and one from Russia will obviously have quite a few things uncommon between them. Firstly, there’s a language difference. Trading platforms nowadays are increasingly going for localization by incorporating the mother languages into the software functions easing utility and increasing popularity.
- Financial Situation
Not everyone will be able to start trading directly with an investment of more than a few thousands of USD. There are some platforms which have better utility functions and pointers for major currency pairs. Newcomers starting off small will obviously benefit from these platforms more than other ones.
- Degree of Involvement
Forex platform rating depends highly on how the user wants to participate in foreign exchange. For just investors, keeping tabs on their trades and keeping contact with the brokers/traders are the two most important functions. For traders, they will need their platforms to provide every single possible function without dropping either for another.
- Time Zones
Changing the previous example a bit, a trader in Japan and another in the UK are least likely to trade at the same time. They will participate in trading in different time-zones – Asian and European time zones. So not only will their base currencies vary, but also their choice of pairs for trading will change too. There is nothing better than going for a platform which comes ready with added impetus on the right set of currency pairs.
- Behavioral Patterns
Continuing from the previous pointer, investor behavior, both individually and collectively, has an enormous impact on the market. Forex platforms rating is higher when a trading software program comes with added customizations as per the trader, broker or investor. Better customizable options such as specific technical tools and indicators or specific market charts will make it easier for the trader.
Forex platform rating depends as per the individual who’s using it and getting the right software for trading is of utmost importance for profits. Keeping these facts in mind will naturally help.