The forex broker trading interface, or platform, that you use for your forex trading will have a huge impact on how much profit you can make trading. The best forex platform will let you quickly see trades that open up and execute those trades quickly and efficiently, giving you the best chance to get in and out of a trade profitably. There is no one platform that will suit all traders, so the key is to test them and find out which one will work the best for you.
What is a Forex Broker Trading Interface?
A trading interface is the piece of software that allows you to communicate with your broker. The interface will show you price quotes, charts, news, and other information as well as a way for you to enter trades.
A trading platform can be a downloadable piece of software on your computer or it can be web based from your broker’s website. Web based platforms come with the advantage of being able to be accessed from any computer with internet access, but they usually don’t contain all of the powerful tools that many traders look for. Almost all forex brokers also offer mobile trading platforms for iPhones, iPads, Blackberries, and Android devices.
Good forex brokers will give you the choice of several different platforms to use for your trading and they are all available free of charge. The only catch is that many brokers will offer more powerful platforms to clients that deposit more money with them.
What to Look for in a Forex Broker Trading Interface
What type of platform you need for online forex trading will depend on the type of trading that you do. If you want to trade from charts and have the full suite of tools available to you, a downloadable platform like the popular MetaTrader4 will probably be best. If, on the other hand, you would are a more casual trader or trade using signals from other analyst, a web based platform will suffice many times. The following are some important things to look for.
Types of Charts and Information Available
Depending on the type of trading that you are doing, you will want to have different types of charts and information right at your fingertips. Many forex traders also use technical indicators like MACD. If this applies to you make sure that it’s offered with the platform that you use.
Ability to Trade from Charts
The ability to trade from charts makes trading quicker, easier, and allows you to take positions as soon as you think they will be profitable. It’s a huge advantage for most traders and something your platform should offer.
Is the Interface Pleasing to Look at?
You’re going to be spending many hours online forex trading looking at your platform, so you are going to want something that is pleasing to your eye and gives you all the relevant information you need quickly and easily.
Does it have an API that allows for automatic trading?
If you are planning to use a robot or other type of program to trade with your platform, it needs to come with an API that will support it.
Is historical data offered?
One of the best ways to test out any new strategies that you might have is using historical data to backtest your results. Good forex brokers will offer you a full set of historical data that you can use to backtest on their forex broker trading interface.
Finding the Best Forex Platform for You
Finding the best forex platform for you is a matter of knowing what features you need to trade effectively and what brokers offer it. If you’re unsure, try using different brokers with their demo account. The demo account gives you a fast, free way to test out if a platform is for you or not.