What You Should Know Before Choosing A Forex Trading Platform: 5 Most Reliable Platforms in 2023
What is a Forex Trading Platform
Forex trading has become one of the most known trading platforms worldwide. Many people have started to get into Forex trading for numerous reasons – such as availability to trade at anytime, global trading, profitable trade, etc.
Forex trading is when people trade foreign currency pairs and profit from their fluctuations. However, people are able to trade with foreign currencies that they have previously bought or invested in. For instance, when a trader buys a currency pair of U.S. Dollars (USD) and Australian Dollars (AUD), they can only profit whenever the USD or AUD exchange rate fluctuates.
To be able to trade, people are required to create accounts on Forex trading platforms – these platforms are the intermediary bodies of Forex. Opening an account on a Forex trading platform is mandatory for people to be able to trade with foreign currencies; however, there are numerous platforms available, and people might get confused about which one is the best choice for them. For the decision to be easier, one should educate themselves by researching trading platforms and what they have to offer. For instance, MetaTrader 4 Forex Brokers offer user-friendly services to their customers; however, its most important feature is the enhanced analytical tool that allows people to make better investing decisions.
So, to choose the right trading platform, it is important to do a deep analysis and figure out the best platform for a trader.
Things Forex Traders Should Know Before Choosing a Forex Trading Platform in 2023
Before choosing a Forex broker, a trader needs to ensure that a platform has some characteristics. For instance, the most important thing a trader should check before opening an account is whether a Forex Broker is regulated by at least one regulatory body.
Regulatory bodies in Forex ensure that brokers follow certain rules and regulations that are necessary to provide security to customers. Some well-known regulators are CFTC – Commodities and Futures Trading Commission, based in the United States, the ASIC – Australian Securities and Investments Commission, and the FCA – Financial Conduct Authority, based in the United Kingdom.
Another thing that traders should make sure to check is whether a Forex Trader offers a Demo account. A demo account is used to provide people with an understanding of how a platform operates – this will allow traders to check whether a platform is the right one for them.
Lastly, checking the currency pairs offered on a Forex trading platform is important as Forex trading can only be done by using the previously bought currency pair. So, ensuring numerous currency pairs are offered on a trading platform can increase the possibility of profiting from a trade.
However, there are also other aspects that each trader should check before opening an account, but these three are the most important. Here are some of the most reliable Forex brokers based on reviews from past traders:
1- IC Markets
IC Markets is regulated by two regulatory bodies – ASIC and the Cyprus Securities and Exchange Commission (CySEC). The fees requested before opening an account are low compared to some brokers, with low commission rates and tight spreads. Additionally, the platform offers numerous account types, allowing traders to choose the most preferred one.
By using InstaForex, traders will have the opportunity to trade using the MetaTrader 4 (MT4) and the MetaTrader 5 (MT5), which are two of the best trading platforms available nowadays.
Additionally, InstaForex offers some of the best educational tools for traders, giving them all the necessary resources for Forex trading.
3- AVA Trade
AVA Trade is another regulated broker that allows people to trade using MT4. However, the trading conditions on AVA Trade are competitive – with tight spreads and fast execution of the currency pairs.
Pepperstone is another regulated broker by the FCA and ASIC. Pepperstone offers the best security to its traders, ensuring their transactions are secure and their confidential data is protected from hackers and third parties.
On the other hand, Pepperstone offers its traders great and 24/7 customer support, which is an important feature when trading Forex.
5- Fx Pro
Lastly, FX Pro is another regulated broker; however, this platform has a unique feature of offering its customers FxPro Edge, allowing traders to trade with currency pairs without paying commission fees.
Additionally, Fx Pro offers customer support in multiple languages, allowing people to solve their trading problems easily and quickly.
To conclude, Forex trading is one of the widespread trading methods that allow people to make additional profits. However, to trade securely and ensure getting the promised profits, it is important to open a Forex trading account on a reliable broker’s platform and ensure that the broker is regulated by at least on regulatory body in the Forex industry.
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