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Online forex trading has become the most popular and profitable way of trading online, for entrepreneurs and employees alike. With 24/7 access to trading currency pairs, and immediate results, traders from around the world have been drawn to the fast pace and ease of access of this trading arena. Whether you are in full time employment or not, currency trading can be for you, due to its flexibility. If you are just considering the idea of online forex trading, or have already begun to test the waters of currency trading, you should be aware of how the basics of currency trading work. With literally hundreds of online platforms available, each one with its perks and introduction deals: choosing your online forex trading platform can be a daunting task. So how do you decide which platform is for you? There are many variables and it all depends on what you are looking for to suit your needs. Luckily there are enough forex platforms out there to choose from; however, not all of them are to be trusted.
Choosing the right online platform for you
First things first, before looking into the different types of platforms and what they have to offer you; you will need to confirm the most important thing of all…. Are they a trusted and professional company? You can easily search the company’s reputation online, or check on forex forums what customers of the specific platform are saying. You should also ask questions, directly to the forex broker, to help clarify any questions you have, and to make sure you are happy to go with their service.
A good forex platform should have:
- Both telephone and online customer service representatives
- The appropriate credentials from governing authorities
- A good clean reputation (let the numbers speak for themselves, if the number of reviews at in their favour, chances are the negative reviews are either specific cases or the competition trying to ruin their competitor’s reputation. Make the distinction for yourself.)
- A custom platform specially designed for the broker for ease of use and good uptime (every software and website needs to update or have maintenance performed periodically, to assure the continuation of high standards for their customers). The off time must be reasonable, so not to disturb your trading schedule.
- Easy and fast deposit and withdrawal of funds in your account
Demo accounts
After narrowing down your choices to 2-3 platforms that seem suitable for your needs; the next thing you should do is open a Demo account. A demo account means that you can sign up, and test the software with full features and “live account demonstration”. As much as you read about the platform, nothing compares to actually trying it out for yourself. The demo account is also very useful in your training for Online Forex trading. You can practice trading and learn skills and strategies, all while not risking your own funds. This is invaluable training and will help you get a good start before actually committing to a live account.
When choosing your forex platform, be use to take into account your needs.
Things to consider are:
Are you a part time trader? Or full time. This makes a difference on what level of commitment you will need to make to a certain platform.
What hours do you want to trade? Since Forex is almost a 24/7 platform, find one that has customer service in the hours that suit you.
Learning curve. If you are a complete novice, it’s good to choose a platform that offers free training and advice. Many have tutorials and tips from novice to expert levels.
