If you have just started Forex trading, an important decision is which platform to choose。The broker industry is very competitive and this article will save you some time by outlining what is worth getting selected and why。

Different Forex Trading Platforms

The trading platform is the interface between you and the market, this feature will affect the speed and ease of your navigation between screens。The interface of different brokers may be different, you need to find the right broker for you。

Some platforms are developed by third-party software developers and licensed to multiple brokers。

The MetaTrader MT4 platform is an example, but there are many more。MT4 is the world's most popular retail forex platform with millions of users accessing it through dozens of brokers.。

IG

Other platforms are developed in-house。Brokers with their own proprietary systems believe that by designing and controlling their own platforms, they will be better able to meet customer needs。IG is one example of this, which provides a mix of both。

Given the importance of getting the right platform, some brokers offer three to four different platforms to choose from。Sometimes, a hybrid of proprietary and third-party platforms with off-the-shelf systems can be used。

Successful trading comes down to having a clear strategy that involves your trade entry and exit points and also making sure your settings are correct。

Brokers with a good trading experience

Please note that the features you favor depend on your personal preferences。As a result, it is difficult to rate them using specific indicators, but some brokers still try their best to meet the needs of beginners。

eToro

eToro's popularity is a testament to its ability to attract and retain customers, and the company currently has 13 million registered users and account holders worldwide.。

From login to transaction execution, the platform is simple to operate and has a large number of trading ideas worth learning, just put them aside so as not to disrupt the trading experience。

Data entry fields that require transaction amount and direction are presented in a way that minimizes risk。Convenient risk management tools such as stop loss and take profit orders can be built into trade orders before you start trading。

One more thing to note on different Forex trading platforms is the monitoring guidelines。The basis of the eToro execution monitor includes cost details related to its installation。Having this information at hand when trading can serve as a good sanity check。

Pepperstone

If you are looking for a different form of trading then the cTrader platform is worth considering。It is a third-party package offered by brokers such as Pepperstone (offering cTrader and MT4)。

cTrader is a beautiful kit, it has a novel design and charting tools that are hard to match, and a series of technical tools, such as indicators and oscillators, can help you design and manage trading strategies。

Some monitors on the cTrader console are a trader's dream。The Traffic Depth screen provides background information on how many buyers and sellers are lining up to enter the market。

The trading experience of a great broker will make you feel in control of your account and trading。If you find that the product you are using does not meet these requirements, it may be a good idea to consider looking for other products because there are many options on the market。

Additional features of the broker

High-quality trade execution is an important part of the trading plan, there are other aspects to consider, especially if you are a novice trader。

Pricing

The good news for traders is that pricing is one of the areas where brokers like to compete with each other。

You will find that some brokers offer "zero communication" or provide a simple service, which is particularly cost-effective。It is important to ignore the headline price on the ad, which usually refers to the big offer spread, the price you buy or sell, and many other expenses to be aware of。

Withdrawal fees may accrue。Some brokers will charge $50 or more to return funds to you, and some (e.g. Pepperstone) do not charge cash deposit or withdrawal fees。

Some brokers charge fees to inactive accounts。Once you haven't traded for six months, these risks will start to appear and will snowball。Similarly, there are brokers who call themselves industry leaders but have policies in place that do not apply these。

Trading instruments

Beginners may follow the '"penny for penny"。Multi-asset brokers such as Plus500 are in line with their peers, but not just competing on price。Instead, Plus 500, like many brokers, offers a complete service that includes learning and research resources.。

The second function to note is research and analysis tools。Brokers that provide the latest market reports and analysis of trading ideas are invaluable for beginners。Broker IG, for example, has a profile with details of thousands of stocks and has its own online TV channel to help keep you up to date with market dynamics。

Customer Support

Brokers do vary greatly in this area。As a beginner, it may be a good idea to prioritize this aspect of the platform product, because when you enter the market further, you may find problems。

Some platforms are very simple. If you have any questions about whether you can contact the broker's personnel, you can start with the broker that provides live chat, phone and email as a way to contact its employees。

Mobile Trading, Documentary Trading and Robot Trading

Whether you are a novice or experienced trader, the type of trading experience on offer must fit your lifestyle。

The trading platform offers three services:

One is "mobile trading."。Most reputable brokers allow their clients to trade on the same platform but on handheld devices。

The second is "documentary trading," where you can apply the trading decisions of other, perhaps more experienced, traders to your account.。

The third is "robot trading," where you can set up your account to trade using an algorithm you have developed or purchased from a third party.。FXTM provides customers with two platform options, one is its proprietary "trading station" platform, and the other is MT4。The latter is the market leader in automated trading。

Safe broker

One of the most important things for beginners is the risk of losing all your money。Trading money you can't afford to lose will make you an emotional trader and doomed to failure。Trading psychology requires calm calculation and in-depth planning。

If you sign up with fake brokers, even if you trade on a scale that can withstand losses, it will not alleviate the blow you have suffered. Unfortunately, some of these brokers are operating。

Ensure your broker is regulated by Tier 1 investors。Three things to note are:

• Financial Conduct Authority (FCA)
  Australian Securities and Investments Commission (ASIC)
  Cyprus Securities and Exchange Commission (CySEC)

UK brokers joining FSCS scheme offer clients government-backed scheme to protect up to £85,000 in client funds in case of insolvency。

Other factors to consider are the timing of the incorporation of companies, and the question of whether they are publicly or privately owned will determine the transparency of reports related to their financial viability。

Chat rooms set up by members of the Internet search and trading community are also a good place to conduct background checks on shortlisted brokers。

Conclusion

After completing the platform candidate list, the next step is to register a demo account and try each platform。They can be used for free, and by trading virtual funds in a real-time market, you can not only learn about brokers, but also improve your trading skills。

The choice ultimately depends on user preferences, but pairing your platform with established brokers who take their clients seriously is a good place to start。If you focus on cutting costs, you are not ready to start trading and you may end up making mistakes。