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There are several important things to consider when it comes to Forex trading. Every beginner will need to prepare and get familiar with the basic rules. Also, you will also have to draw up a trading strategy, which will give you more confidence when trading on the financial markets in real time. Another key aspect is to choose the Forex platform that best suits you. Keep in mind that the type of software and platform is basically the same thing. We are here to help you in the toughest moments of your initial trading experience, and one of those first steps is finding the best Forex platforms on the web. Last, but not least, always test the environment offered by a broker by starting with a demo account.
Types of Forex Platforms
You will find many Forex platforms across the Internet. Some brokers have integrated their own proprietary platforms, but others use the most popular software. Nevertheless, we are here to explain you the main categories, when it comes to the different types of Forex platforms you will come across.
Main Types of Platforms
A Forex trading platform can be either ordinary web-based or mobile. The ordinary software is designed for downloading and installation. It can be paid or free of charge. Many of you will consider the free software, but do not underestimate the paid platforms, as they often feature additional options that could facilitate your first steps. As to the mobile trading platforms, they must be installed on a mobile device. To get such a mobile platform for Forex trading, you need to download an application, which can be again free or paid.
In case you are a beginner, better install the free options. Once you become more experienced, you can invest more money and try some advanced and paid software.
On the one hand, there are some popular universal Forex trading platforms, such as the well-known MetaTrader, and, on the other hand, there are specially tailored platforms for particular websites.
As to the type of integration, there are web-based browser-styled platforms, but many brokers integrate software for installation, too. Have in mind that the second type is not so difficult to install and it does not require any skills in programming. However, please, note that the web-based Forex platforms are less reliable than the ones that have to be downloaded and installed.
How to Select the Best Forex Platform for Your Needs
In order to help you with this decision, we could give you some clues as to what questions to ask yourself when searching for a Forex platform. In this way you could easily recognise the best Forex platforms to suit your personal preferences and requirements.
How much the platform costs? If the platform is free and reputable, it is definitely worth it to be checked out and tested. However, some of the paid platforms are also quite useful with their additional features. The paid Forex trading platforms usually do not cost a lot. Their price is normally in the $10-$40 range.
Web-based Forex Platforms
Type of Software: Some users prefer software for downloading, but others will prefer just an ordinary web-based platform. It’s up to you to choose what fits your needs the most.
Trading from the Charts: If you can trade from the charts, this means that the Forex software is modern and user-friendly. Nevertheless, there are many great platforms that do not have this functionality, but many other additional features that deserve your attention.
Additional extras: When looking for a Forex platform, pay attention to the following strong points – whether it offers Forex trading news, free tutorials and learning materials, automated trading option, etc.
Current Top Forex Platforms
For a start, we can offer you our current list of Top Forex Platforms. You can check it out and be certain that whatever product you choose, it will work for you. Also, do not ignore their relevant mobile versions because the mobile trading provides valuable flexibility to your Forex trading experience.
