If you have just begun your Forex journey, one of the first and most challenging decisions you’ll have to make is selecting a platform to start trading on. This might seem like an intimidating task, but thankfully, choosing the best Forex trading platform is quite straightforward.
Today, let’s give you a head start on finding the perfect Forex platform. With some useful advice for you to identify a top Forex broker, you should be able to discover an awesome trading partner to kick off your trading career. Along with a little practice and the help of some learning tools, you’ll soon be trading like a pro! Just remember, as with anything in life, practice makes perfect.
How to Identify and Choose the Right Forex Platform
The first thing you’ll notice when you begin your search, is that there are tons of trading platforms available. But before putting actual money into any of these, it’s a good idea to start out with a demo account. Most trading brokers allow you to do this and it’s a great way to find out about the various benefits and features of the platform before you commit.
Here are some points that you might want to consider when searching for the right trading platform:
●To start off, you’ll want to look for a proven broker. One with a solid reputation that has been around for many years and has been approved by a regulatory body.
●Always check if they offer the assets that you’ll be interested in trading on their platform.
●It’s a bonus if the platform allows you to not only trade on your computer, but on your mobile phone or tablet as well.
●Trading is intimidating for beginners, so make sure the platform is simple and user-friendly, yet offers the features and tools to help you grow as you gain confidence as a trader.
●One important aspect of trading is the ability to conduct technical analysis to maximize the results of your trades. Good Forex platforms will offer an advanced charting package which should provide a variety of indicators, studies, and timeframes that you can benefit from.
●It’s crucial for traders to stay abreast of the latest news and data releases. As such, having a newsfeed directly on the platform is always great.
●Having quick and easy access to customer support directly from the platform is another often overlooked factor. This makes troubleshooting or having your queries answered hassle-free.
●Always check if the platform is available in your preferred language. Needless to say, this makes your trading experience much smoother.
●Learn more about the spreads offered by the platform. Many top Forex platforms may not seem the most affordable at a glance, but with fees that are competitive and no hidden fees, you will actually save more. You should also take note of the various account types and spreads or fees and choose one that best fits your needs.
●Does the platform allow you to trade with leverage? Leverage is like borrowing money from the broker and gives you a powerful tool to amplify the value of your deal by maximizing your profit potential (and your risks as well).
●Mitigating risk is a crucial aspect of successful trading. Check if your platform offers risk management tools such as Stop-Loss or Take-Profit.
The Preferred Platforms
With all those points in mind, many traders have chosen to trade on industry-proven platforms such as MetaTrader 4, MetaTrader 5 and Sirix. Not only do these popular platforms offer comprehensive features such as indicators, charting, and superior execution, but also autotrading or copy trading as well.
Certain established brokers, such as Forex4you, have gone the extra mile to develop their own proprietary platforms. This allows them to customize their trading platform to meet the specific needs of their clients to provide a trading experience that can even outperform the leading competition.
After you’ve done your research and found the perfect platform for you, you’re ready to truly begin your trading journey.
The Start of Your Trading Adventure
The first thing you’ll want to do is open your account. For those who are new to trading, it’s highly recommended for you to start out on a demo account before plunging into live trading. This is free and doesn’t require you to deposit real funds and offers you a completely risk-free environment to get used to the tools and interface, and to hone your skills and confidence. As one of the top Forex trading platforms in India, Forex4you is always a great place for new traders to start out on. Through their free and intuitive demo account, you’ll be able to get a true sense of live Forex trading without having to risk a single rupee.
When you have gained enough confidence, starting a live trading account should be a straightforward process that usually takes between 10 to 15 minutes. All you’ll need to do is to upload some identification documents to be verified.
Now, you are ready to make your first deposit.
Account Types – Which Should I Choose?
In India, respectable brokers such as Forex4you offer various account types for you to choose from. This lets you select the option that best fits your personal needs.
These include cent accounts, which is advisable for new traders to start out on. Although these accounts are fully functioning, live trading Forex accounts, the amounts traded are much lower and that translates to lower risks. You can open positions from as little as USD0.01, which means that even if you make some trading mistakes, you will not lose significant amounts.
The next step up, is on a standard account type that deals with higher lot sizes. With such accounts, top Forex trading platforms such as Forex4you usually offer attractive deposit bonuses and other perks.
Why Wait? Get Started Today!
Now that you’ve learned the basics of what to look out for, it’s time to start trading! But remember, although it’s important for you to find the best Forex broker and platform, you should always choose a partner that will help you grow your skills and abilities as a trader. This means that although sign-up bonuses and other perks are attractive, brokers like Forex4you which offer competitive trading conditions, advanced charting, a demo account, a strong education section and news, and dedicated customer support will benefit you greatly in the long run.
So, what are you waiting for? Forex4you ticks all the boxes that we’ve mentioned in this article, and so many more. It’s no wonder that they are widely considered the best broker for Indian traders today.
Forex Trading involves significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure