Not everything that comes at no cost is unusable. The aim of traders trading with currency price fluctuations is to make money and reap profits. But before that you need a trading account. A trading account is a legal tender that allows you to take advantage of the fluctuations in currency and earn profits if you apply your mind and know in what direction the market is moving to. A free Forex platform available online allows to register yourself with a particular Forex broker after which you can trade with ease.
How to choose the best free Forex platform?
Choosing the right Forex platform might get a bit cumbersome but there are certain points which require special mention. Remember that first time forex traders may find it difficult to understand to choose a Forex platform based on their trading style and strategies.
3 points that you need to keep in mind while choosing a Forex trader platform free online:
Choice of currency pairs:
Forex traders always look for the most benefit-able currency pairs. Some of the currency pairs are more volatile in nature than others. For example, intensive trading between US and European nations leads to high fluctuations in EUR/USD. The idea is to buy a particular amount of EUR at a particular spread from your forex trading platform free version and look for the best time to sell it in terms of USD.
In the same way there are other currency pairs which change lesser with respect to each other. Currencies fluctuate with respect to each other either over longer periods or even within a single day. For example, lesser volatile pairs include EUR/AUD and EUR/CAD. So you need to decide your type of trading strategy, time period of trading and whether that is available for trading in the free Forex platform that you are opting for.
Compatible with any systems:
Often traders face the problem of incompatible trading systems on their respective workstation OS. This can not only disrupt your trading but can lead to unusual value of currency fluctuations.
Consider a situation in which you are trading with GBP/EUR and all of a sudden your workstation starts behaving unnaturally. But you are a day trader and you need to complete your trading within that day itself. Check if the free Forex platform you are busing is compatible with the most popular platforms such as Windows, Mac OS, Android, etc. Traders who are more interested in developing newer systems might also choose Linux platforms.
No deposit trading:
Consider this as an incentive to begin your trading diaries. Just as Amazon presents you with welcome bonus on specific occasions (or on new registrations), a Forex based platform offers you a specific amount to trade with. Although experts call it demo trading, you may consider it as a homework lesson where you get to know the nitty-gritties of the trade.
Experts are of the opinion that MetaTrader platform is extremely stable and is user friendly. Plus it can work with almost any other 3rd party free Forex platform available online. Yet some traders find it extremely complex with a non-user friendly interface. As is evident, you are the best one to choose your Forex trading platform yourself depending on your requirements. Make sure, it has got positive reviews and is stable.
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.