I hope you have decided already to go for Forex trading. Now it is time to select platform where you can start online Forex trading. ...
I hope you have decided already to go for Forex trading. Now it is time to select platform where you can start online Forex trading. A trading platform is where you access the Forex market and execute trades. Here is also where you get the data and analysis you need in order to trade profitably.
If you will ask about my personal suggestion, i would recommend you to go for web based trading platform rather than stand alone software and always use your broker trading platform. There are several third party trading platforms so beware about them. Most of Australian Forex brokers are providing MT4 trading platform and its best in Market.
I am doing trading with HY Markets for several years and their MT4 trading platform is awesome. Yet they have recently updated their trading platform to Flash based and its remarkably faster and more reliable. You can sign up for Demo trading account to get an idea.
Below are some points to be considered while choosing best trading platform in Australia.
1) Timeliness-
Check if the trading platform employs sophisticated technologies which provide you real time quotes. Forex trading is open 24 hours a day, and the exchange rates change every second. Hence timing is extremely important factor is deciding your profits. Your platform should be able to provide you with real time rates, let you check your account and your position at any time, and allow you to place orders or manage your funds at any time. Also the execution of orders should be done very fast. You should be able to get the rates that you see at a certain time. If you order is executed after some time, then you might not get the same rates, and it might have a very negative effect on your trading.
2) Easy to use Software-
The platform should preferably not require any software download. You should try to look for a platform that allows you do your trading on internet based application. That way you can do trading on any computer with an internet connection. There are some platforms which also have cell phone compatible application, which enable you to be updated with news and also allow you to do trading from your cell phone. Thus you dont have to be near your computer all the time. Also any software if needed should be easily downloaded. Also any software or internet based application should be easy to learn and use.
3) Freeze on trading rates-
Some platforms let you freeze the rates for a few seconds, irrespective of the rate movement. This enables you complete your trade at the rate you see and maximizes your chance of making profit or limiting loss. Hence you should select the platform that offers this feature.
4) Easy money deposit facility-
Your platform should have facility to deposit money easily and these should be reflected immediately in your trading account. Your trading should not get hindered because you cannot deposit money easily. Some platforms let you deposit money for margins, and you can pay using credit cards. This helps by saving time as you dont need to go the your local bank for physically depositing money.
5) Competitive spreads-
Selecting the type of spread is another thing that you need to look in. Some brokers prefer a fixed spread while others might prefer to have a variable spread. While variable spread may be manageable when things are quiet, it might be difficult to predict the market when there is lot of activity. Hence your chances of making a profit become too much dependant on too many things. Some platforms have built-in fixed spreads, which are much better. If you are using stop loss in your trading strategy, then any change by the broker in the spread may make your trades hit that level even when you don’t want it. Any ways it’s your call what kind of spread you would prefer, but you should definitely inquire before selecting your platform.
6) Technical support-
Forex market is open 24 hours a day. Hence your platform should give you technical support at all time. You should inquire about whether your platform provides this support to retail clients like you. Some platforms provide technical support only to institutional clients; hence it is important to verify this.
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