Find The BEST Forex Trading Platform in 2020 [ Follow 6 Definite Steps]

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Researchers have thoroughly analyzed the myriads of trading platforms. The ones on our list are picked for their overall quality, which is a level above what you’d find with the competition.

Before we dive into detailed examinations, I want to explain my selection criteria. This section will help you choose the best Forex trading platform for yourself.

Reliability

Foreign currency trading is fast-paced, so you need a reliable platform. You don’t want it crashing or freezing when you’re about to make a move. This is especially important for those who wish to make frequent high-risk trades.

Ease of Use

It’s always great to have plenty of features at your disposal, but that shouldn’t come at the cost of efficiency. Making or losing trades should be as simple as possible because that’s the primary role of the Forex trading platform.

 

Furthermore, no one enjoys being confused, so the best interfaces have additional tools and charting options clearly displayed.

I suggest looking for very customizable platforms. Setting it up just the way you want will help you feel at ease and in control.

Fees

Every platform has costs and charges that you have to take into consideration before committing. 

Analysis Tools and Charting

Trading FX takes a lot of practice, and even the best Forex brokers, dealers, and traders need to conduct a thorough analysis of their work on a regular basis and, if needed, adjust their strategy. Good analysis tools are vital for this aspect of Forex trading.

Some of these include moving averages, trend indicators, indicators of volume, and many other useful instruments.

Charting capabilities are closely related to analysis tools since many traders prefer to have their research results displayed visually. With certain platforms, you’re allowed to create customized charts, as well as add drawings and labels.

The very best trading platforms even enable you to place trades directly from the chart within the platform.

Automation

Automated trading features enable traders to set up triggers that buy or sell currencies when the appropriate conditions are met. These are quite handy because they allow you to maintain a presence on the FX market even when you aren’t in a position to do so in person.

The orders you configure can be market, stop, stop-limit, trailing stop, trailing stop-limit, market-if-touched, and limit-if touched. As you can see from any trading platform comparison, all the vendors differ when it comes to the number of automation options.

New traders should avoid overreliance on software to perform trades for them. As convenient as automated trading systems are, these can’t measure up to the expertise of professionals.

Although automation eliminates human error that usually stems from emotional decision-making, other glitches like internet or hardware malfunctions can still occur.

Testing

Some Forex platforms such as FP Markets have a backtesting feature. You can use it to try out trading strategies you’ve developed by applying them to past market conditions. Once you’ve done that, you can identify defects in your strategies and optimize them accordingly.

However, a backtested strategy isn’t foolproof, as backtesting is based on the hypothesis that a successful tactic from previous situations will work in the future.

cheers!