Choosing the best forex trading platform may seem like a huge task, but armed with the correct information, your choice can be made a lot easier. Couple that with practice and educational materials and you can really learn to trade the markets fairly quickly. The more time you dedicate, of course, the better you’ll be.
Here, we aim to take the legwork out of your search for the perfect forex platform. With this insight you should be able to make the best possible start in your trading career, alongside the best forex trading platform for beginners.
The First Steps in Choosing the Best Forex Platform
There’re a variety of trading platforms you can choose. The good news is that most brokers give you the option to test the platforms out with a demo account, before committing real funds. You may first like to do your own research to find the best platform for you.
Here’s some pointers:
First, you’ll need to choose the broker. You’ll want to choose a broker with a strong reputation in the industry. This can come from many years of experience, trusted regulation from one of the many regulatory bodies, or a combination of both.
Then you’ll need to check that they offer the assets you’re considering trading.
Will you be trading on your computer, through a web browser or solely through mobile?
The platform you use should be simple enough for you to grasp within a day, but complex enough to feature the tools you’ll need as you grow as a trader.
The best forex trading websites should have an advanced charting package. For many traders, conducting technical analysis is crucial to the quality of their trades. The platform should contain a number of indicators and studies, a wide selection of timeframes.
Fundamental traders are those that like to stay on top of news and data releases as they’re trading. For them having a newsfeed directly on the platform is desirable.
Is there a way to contact customer support directly from the platform? This can really be useful if you have a query.
Is the platform available in your language? Most platforms come in a variety of languages.
What are the spreads offered through the platform? The best forex platform may not always be the cheapest, but the fees should be competitive in line with others in the industry, and with no hidden fees. Most brokers offer a variety of account types and spreads or fees can range depending on the account type you use.
Can you trade with leverage on the platform you’re using? Leverage is a powerful tool for traders. It’s almost like borrowing money from the broker to amplify the value of your deal. It can greatly enhance your profit potential, as well as your risks.
Does the platform have risk management tools such as Stop-Loss or Take-Profit? These are really useful tools, and you should learn how to use them to mitigate risk.
The Main Platforms
Some of the main platforms you’ll come across include the MetaTrader 4, the MetaTrader 5 and Sirix. These are well-known platforms that offer excellent features such as indicators, charting, superior execution and even autotrading or copy trading.
Serious brokers like Forex4you may also build their own proprietary platforms. These will be built with the exact needs of their clients in mind, and they can even outperform the leading competition.
Once you have found a platform that meets these needs, and you believe is the best forex platform for you, then you’re one step closer to trading.
Starting to Trade as a Beginner
Once you have found a broker you believe offers the best all-round environment for you to trade in, you can set about opening your account.
As a new trader it’s always advisable to try out a demo account first before you get into live trading. This will help you develop or hone your skills in a completely risk-free environment. It’s also free and without any obligation to deposit real funds. Forex4you is one of the best forex trading platforms Malaysia has to offer new traders, and they also offer a great demo account you can try. These demo accounts, while being completely risk-free, also function just like a real account. This helps you in getting to know the exact feeling of live forex trading.
Once you have tried the demo account, the process of opening a live trading account with your best forex platform choice should be easy. Most brokers will need just a short time to verify a couple of your identity documents which can be quickly uploaded and verified through their website. The whole process can be completed in as little as 10-15 minutes as long as you have your ID and proof of address documents ready.
Once you have verified your account, you should be ready to make your first deposit, and begin trading.
Choosing an Account Type
The best forex trading websites in Malaysia, such as Forex4you, will offer several account types for you to choose from. This account type choice is important as it shows, along with the other features that a broker offers that they care about meeting your personal needs.
As a new trader you may find it prudent to start out with a cent account, such as with the Forex4you cent account. These are fully functioning, live trading forex accounts, but with reduced risk. The amounts you’ll be trading are much lower. With these account types you can open positions from as little as USD0.01. Ultimately, as a beginner, this means you can make some trading mistakes and still not lose significant funds. It gives you a way to practice but while trading for real.
Once you feel ready, you could then move on to trading on a standard account type with higher lot sizes. Here you can look out for some great deposit bonuses, and other perks which may be offered by the best forex trading platform just as they are at Forex4you.
Take advantage of any educational materials a broker offers beginners. The more you read and learn about trading, the greater you trading potential can be.
Key Points to Remember
As a new trader, there’s nothing more important than choosing the best forex broker and a platform which best meets your trading style, but which will also help you to develop further as you travel down the road. So, while sign-up bonuses and other perks are obviously nice, the most important features from any broker with regards to the trading platform are competitive trading conditions, advanced charting, a demo account, a strong education section and news, and dedicated customer support. Look for these features in combination with trusted regulation, and low trading costs, and you’ll have found the best forex trading broker and platform for beginners.
With that in mind then, there’s no reason to wait. Get started in forex trading today with the best broker for Malaysian traders. Forex4you offers a completely free demo account which is very easy to sign up for. You can be trading within just a few minutes on some of the industry’s leading platforms, the MT4 for web, for download and for mobile and their own proprietary WebTrader.
Forex Trading involves significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.