How to find the best forex platform
When you want to start trading Forex, it’s really difficult to know where to begin. One of the first things you need to do it to find a Forex trading platform. The amount of brokers and platforms out there these days is enough to overwhelm even the most savvy of Forex traders. Today, we are looking at the characteristics that you should look for in a Forex trading platform.
The Importance of Security
Firstly, security. This is imperative. You are not going to want to pay thousands of dollars into a platform if you are not convinced it’s legitimate. Checking how credible a broker is is fortunately very easy these days. There are agencies which act as regulators all of the world and these can help you to distinguish the good guys from the bad ones.
In the US the regulating bodies are the NFA (National Futures Association) and CFTC (Commodity Futures Trading Commission) whereas in the UK it is the work of the FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority). Before you begin, you need to ensure that your chosen broker is a member of these regulatory bodies. If not, stay well clear.
Beware of any Transaction Costs
Next, you should think about the costs of transactions on the platform. This is something that unfortunately cannot be avoid, no matter which currency you trade. Each time you trade, you will need to pay a commission or the spread, so you should aim to look for the cheapest and most affordable rates. However, cheap doesn’t always mean reliable.
Withdrawing and Depositing
Good Forex trading platforms will also let you to withdraw, as well as deposit, your funds without any hassle. Brokers should not be making this difficult so make sure your chosen broker has a speedy and efficient process.
Lastly, check out the trading platform itself. How much information does it give? Indeed, does it give you enough information for you to be able to trade properly? If you bear all of these tips in mind when selecting a broker, you should be well on your way to making a profit through Forex trading in next to no time. Here is a list of forex brokers to get you started.