Forex Trading Platform

Hundreds of different Forex trading platforms are available for investors of all different levels and backgrounds. Choosing the right one is essential to making the most of your trades and maximizing your profit potential. Most of the platforms available for you to choose from look similar. This means that many traders, especially those new to the game, do not carefully consider each option because they think that each platform is the same. By knowing what to look for in a Forex trading platform, you can ensure you will have access to all of the features and tools you will need to make great trades quickly and easily.

# 1: User-Friendly Interface

The first, and most important, characteristic that a Forex trading platform should possess is a user-friendly interface. The main idea behind trading platforms is for you to be able to trade on your own, without necessarily needing the help or consultation of anyone else. Therefore, the interface should be self-explanatory and usable even by a beginner to trading. However, the platform should also offer enough tools and options as well as organization of graphics to cover all possible requirements and needs for information that may arise. Sometimes a small delay in finding an important tool or piece of information can cost you a major profit.

# 2: Solid Technical Support

The second characteristic that should be prevalent on the site is great technical support. Most Forex trading platforms offer 24/7 trading; therefore, you should also have access to some sort of support at all times. This support could be through email, voice chat, SMS or over the phone. This is particularly important since unresolved technical issues in the middle of a trade can cost you profits, as well.

# 3: No Hidden Charges

The third feature you should look for when choosing a Forex trading platform is simply an absence of hidden charges. These platforms were created, essentially, to eliminate the middle man. Therefore, the platform you choose should be upfront about the costs of trading through them, rather than hitting you with hidden fees at some point in the transaction. Also, they should be able to easily take your deposits when you choose to start trading, whether from credit cards, wire transfers or money brokers.

# 4: Trend Reporting

The number four must-have for any Forex trading platform should be the ability for you to see what other traders are doing on the site. This is a valuable tool because you will be able to learn what is trending and what is not, and make decisions on whether to join the bandwagon. Also, a tool that shows profit and loss situations is helpful when you are deciding if you should conduct a trade or not.

# 5: Simulation Capabilities

The final characteristic you should look for in a quality Forex trading forum is the ability for the technology the platform uses to limit the risks you take while learning the system. For example, certain tools on these platforms should allow you to simulate real-life trades to determine their result without actually risking any money. This is especially helpful for those who are new to Forex trading. Ensuring the platform you use embraces these characteristics is vital to maximizing your profit potential.

Author Bio:

Hayley Russell contributed this guest post on behalf of SunbirdFX.com – Hayley is a freelance writer and has worked extensively as a trader. To find out more about using Fibonacci for forex trading, visit the Sunbird FX website.

Photo Credits: By Images_of_Money Original