The platform you choose to trade with plays an essential role in your trading. Platforms with weak support tend to freeze and disconnect its traders during extremely volatile times while platforms with buggy software can get easily breached by hackers and malware. Below is a guide to choosing and using the best forex trading platform for bigger profits.
Compare and Filter Options
There are several trading platforms to choose from, such as FXCM, ThinkOrSwim, and MB Trading. While many promise you their rates are the cheapest and their platforms are by far the most advanced, it’s prudent to avoid the hyped up advertisements these brokers throw at you.
Start by searching for the Top 3 or Top 10 list of the best forex trading platforms for this year or last year. Then, compare their services based on commissions, available currency pairs to trade, available client tech support, and minimum account requirements. Avoid simply deciding based on who offers the cheapest commissions as this won’t help in the long run when you’re struggling to execute trades or reach the support you need because of what other aspects your broker lacks.
Unbiased reviews are hard to come by nowadays. It seems for every product or service there is a company catering to its needs in terms of testimonials and customer reports. Avoid biased reviews by looking for websites that are solely dedicated to providing real information from users who’ve actually used the broker in question.
Be sure to read the fine print that is usually located below the main information. It will say if the source of the information was paid in any way, shape, or form. If it does say so, it is best to look for another review that isn’t skewed to any one platform.
Try the Platform Firsthand
Know which platforms mesh well with your personality and trading style by trying them firsthand. Many forex brokers offer a demo account that let clients try out their services for at least 30 days. After the free trial expires, they can choose to either sign up for a live account or not.
Using the best forex trading platform for bigger profits is a decision that won’t come overnight or even after months of using a platform. Nonetheless, observe all things you experience while using the demo version of the platform, specifically its key strengths and weaknesses. If need be, you can contact the broker to inquire about certain tools and currency pairs that may not have been available in the demo version.