When you first enter the world of foreign exchange, one of the most important things to do, is to know how to choose the best forex trading platform. And if you are a beginner, it is really important to look for a broker that offers forex education and good customer service, as well as the following characteristics.
Now spreads are our first concern. How wide are they? And does the broker offer fixed or non-fixed spreads? How much slippage should you expect in fast and normal moving markets? These are very important questions, along with the speed of execution. Are your orders executed fast enough?
Each broker gives different leverages. Learn how much is given by each broker. And if you are a newbie, the phrase "Less is more" can help you choose.
Then there's, in my opinion, the most important part, the trading platform. The platform is the software provided by the brokers through which you trade. It's better to learn all the features of the different platforms, and compare. You could also sign up for a free demo account, which most brokers provide, and test drive the platform. That gives you the ability to check what kind of tools that broker provides, and which sorts of analysis (technical and fundamental).
When you narrow down your choices by considering the elements above, it's a good thing to find out what the reputation of that broker is. Go ahead and search for reviews, and check what the word of mouth is, concerning that particular broker.
You'll have probably a few brokers that fit your criteria the most. Pick at least two of them, and open demo accounts. Demo trade for a while so you'll get the feel of trading through their platforms. And when you have questions to ask, don't hesitate, as this will reveal how good their customer service is.
Now spreads are our first concern. How wide are they? And does the broker offer fixed or non-fixed spreads? How much slippage should you expect in fast and normal moving markets? These are very important questions, along with the speed of execution. Are your orders executed fast enough?
Each broker gives different leverages. Learn how much is given by each broker. And if you are a newbie, the phrase "Less is more" can help you choose.
Then there's, in my opinion, the most important part, the trading platform. The platform is the software provided by the brokers through which you trade. It's better to learn all the features of the different platforms, and compare. You could also sign up for a free demo account, which most brokers provide, and test drive the platform. That gives you the ability to check what kind of tools that broker provides, and which sorts of analysis (technical and fundamental).
When you narrow down your choices by considering the elements above, it's a good thing to find out what the reputation of that broker is. Go ahead and search for reviews, and check what the word of mouth is, concerning that particular broker.
You'll have probably a few brokers that fit your criteria the most. Pick at least two of them, and open demo accounts. Demo trade for a while so you'll get the feel of trading through their platforms. And when you have questions to ask, don't hesitate, as this will reveal how good their customer service is.
About the Author:
Ashton Burbon has put together a collection of the best forex trading platform reviews. I particularly found his YouTradeFX review review to be extremely helpful.
