It's really important to be able to choose the best forex trading platform when starting out with foreign exchange trading. Brokers that offer good customer service and forex education are vital to beginner traders. After that, one should look for brokers with the following criteria.
We begin with low spreads. Are the spreads offered by the broker fixed or variable? How wide are they? And should you expect much slippage in normal and fast moving markets? These are all important questions to ask at first. The next thing to look for is the speed of execution. How fast will your orders be executed?
Learn how much each broker gives leverage, since each one gives different values. And for newbies, it's better to look for less leverage. It will save a lot.
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).
Now that you were able to narrow down your choices using the above criteria, it's good to check the reputation of the brokers. You could easily find reviews on blogs or probably recommendations on forums concerning your preferred brokers.
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.
We begin with low spreads. Are the spreads offered by the broker fixed or variable? How wide are they? And should you expect much slippage in normal and fast moving markets? These are all important questions to ask at first. The next thing to look for is the speed of execution. How fast will your orders be executed?
Learn how much each broker gives leverage, since each one gives different values. And for newbies, it's better to look for less leverage. It will save a lot.
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).
Now that you were able to narrow down your choices using the above criteria, it's good to check the reputation of the brokers. You could easily find reviews on blogs or probably recommendations on forums concerning your preferred brokers.
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 selection of the best forex trading platform reviews. I particularly found his YouTradeFX review review to be very useful.
0 comments:
Post a Comment