In addition to choosing atrading broker, you should also study the currency trading software and the platforms you offer. The trading platform is the central element of your negotiations and your main working tool. This is an essential part of the puzzle as the best forex tools can have a significant impact on your trading results. So what should you look for when considering your options? When rating a forex trading platform, make sure it contains the following elements Trust: Do you trust your trading platform to give you the results you expect? Being able to rely on the accuracy of the prices quoted, the speed of data transfer and the speed of execution of orders is essential for successful Forex operations. Especially if you want to apply very short term strategies like scalping. The information must be available in real time and the platform must be available at all times when the Forex market is open. This ensures that you can take advantage of every opportunity.
Are your funds and personal information protected? A reputable forex broker and a good forex trading platform will take steps to ensure the security of your information and secure all the important information in the account.
In addition, your funds will be separated from your own resources. If a broker can not prove what action he will take to protect the account balance of your account, it is better to look for another broker.
Independent Account Management: On every forex trading platform, you should be able to manage the operations and your account independently without requiring your broker to take action on your behalf. This guarantees that you can trade as soon as the market moves. Take advantage of the opportunities and control every open position. Analysis: Does the platform provide an integrated analysis or does it provide the tools to perform a technical and fundamental analysis independently? Many forex traders perform operations based on technical indicators and
can work much more effectively if they can access that information within the trading platform instead of leaving the platform to find it. This should include diagrams that are updated in real time and that access current market news and data
One of the advantages of forex trading is the ability to open a position and set an automatic stop loss and profit level for which the transaction is completed.
The most sophisticated platforms must have the functionality to run commercial strategies on your behalf once you have defined the parameters for these strategies. Having a good trading platform allows for this level of flexibility rather than having a broker constantly monitor a transaction.
Our preferred platforms at Admiral Markets are MetaTrader 4 and MetaTrader 5, the world's easiest-to-use multi-asset trading platforms.
Both platforms can be accessed through a variety of devices, including PC, Mac, iOS and Android devices, as well as web browsers through the MetaTrader WebTrader platform for MT4 and MT5.
These are fast, responsive platforms that deliver business data in real time. In addition, these platforms provide automated trading options and advanced graphics creation capabilities, and are extremely secure