Forex trading platforms, plainly put, are designed to make your life simpler if you are a trader or a dealer on the forex market. Yet how do you know which of the many trading platforms out there are actually good for you rather than just being any ordinary trading platform? Simple: You have to do some comparison shopping between the many that are out there.
What are forex trading platforms?
Prior to getting into just what forex trading platforms really are, it may be helpful for the reader to briefly explain what the forex market is. The forex market is a decentralized and a global market for the trading of foreign currencies; this market is open 24 hours every day, save for the weekends. However, in just this way alone, the forex market is highly unique because the regular stock markets close in the later afternoon and are not open 24 hours a day at all!
Essentially, forex trading platforms are platforms that aid traders and dealers to keep track of the forex markets 24 hours a day. Since traders and dealers can’t obviously do all of the monitoring by themselves-they have to sleep, too, you know-they rely on the various forex trading platforms to lend them a helping hand. A trading platform will take advantage of a beneficial trading opportunity during the time that a trader or dealer just cannot be at his computer to monitor the currency trading action.
What are some examples of these forex trading platforms?
It is best to talk about the forex trading platforms if we offered the reader some examples. While some of these trading platforms are better than others, we have collected the top seven here so that the reader can get a good understanding of the cream of the crop out there. Here are the best forex trading platforms available to forex market dealers.
First up is ForexYard, which is beloved for the relatively little effort that it takes users to get familiar with this platform. For example, in just 10 minutes or so, a new user can already be up and running and trading with a live account! It also offers a big range of currency pairs.
Next up is AvaFx, which is good for trading exotic and major currencies. It is also renowned because it offers users a good amount of commodities with which to trade. For instance, it offers cotton, wheat, brent oil, silver and gold.
eToro is another highly rated trading platform because it is easily used by beginners. If you are new to forex market trading, eToro is likely your best bet since it can ease you into the market. It has a good reputation also for nice chat functions and attentive, personal service.
FXCM is the trading platform that is liked a lot by forex traders. One of the reasons it is liked is that easy it is to customize! Other great features are many trading platform compatibilities, multi-language support and a low spread.
Easy-Forex is great for users who like to trade a lot of currency pairs. It features 100 of them, and it lets users trade several forms of commodities. As such, it has gained a following among medium-to-advanced traders.
InstaForex is a multi-national trading platform that is nice for those just starting out. It supports 12 Asian and Eastern European languages, too. The minimum deposit is only $10, which is a steal.
Finally, eForex may not be as good as the rest, but it is still a dependable choice. This platform likes to hold the hand of traders. For instance, it provides them with a personal forex coach and daily forex advice newsletters!
The forex trading platforms are highly diverse so you have to do some detective work to see which one you like the best. If you are just starting out trading forex, then get a more basic system, as the more advanced ones might be too complicated to handle.
