What is a Forex trading platform?
Forex trading platform is the software acting as the channel for trading information between the trader and the broker. The platform will give you trading information including charts, price quotes for each pair of currency and so on. It will equally provide you with a series of technical indicators that can be of help when developing your trading strategy. Furthermore, the trading platform comes with an interface via which you can enter trading orders, which will then be executed by your selected broker.
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You can install the forex trading platform on your desktop computer, laptop or even mobile device since they now come with a mobile version. You do not always have to download the trading platform before you can start trading Forex since there is also a web-based trading platform that can be used without downloading. Such web-based platforms can run on Java or HTML. Also, many of the trading platforms available today can run on a various computer and mobile operating systems, like Linux, Mac, Windows Android, and iOS.
The options and features you can find on a forex trading platform depend on the broker offering that platform. The trading platforms can work on any computer, provided there is an internet connection. In most cases, trading platforms are available for free. Those brokers that charge fees for their trading platforms also add extra features and functionalities that are not available on the free versions.
Factors to consider in a trading platform
You should consider the points below before downloading or using a forex trading platform:
- Is it compatible with an API so that you can also install additional programs or software on the trading platform?
- Can the GUI (Graphic User Interface) permit the monitoring of multiple data or information at once?
- Does the GUI look pleasant and professional
- Does the software give easy access to historical data about each currency pair?
- Check the order interface and also find out about the types of orders that are available
- Is it possible to trade from the charts on the platform?
- Is the trading platform internet-, Mac- or Windows-based? The internet- or web-based trading platform can either use HTML or Java.
- What are the technical indicators available on the trading platform?
- Is the platform free to use? Does the broker charge an additional fee for higher grade platforms? What are the extra features available on that paid version?
Before choosing a trading platform, you may also want to consider the reliability of the broker offering that platform. You are better off with a regulated broker than an unregulated one.