It is difficult to get familiar with the best Forex trading platforms due to the many companies that offer currency trading software. To a beginner, they all look the same. Offering similar “features” wrapped in various jargons and financial terminologies that might as well be speaking a foreign language. But when you get to the heart of the matter, these trading platforms are as different as night and day.

The platform must be easy to use.

This is the first thing you should look for. The very essence of do-it-yourself trading platforms is for you to understand the concept on your own so you don’t have to depend on anyone else. The interface should be simple enough for a beginner to understand and should be extensive enough to cover almost all the base account currencies. Charts are categorized and organized so you don’t miss anything. Often a split second mistake can cost you a profit.

The second thing to look for is technical support. The best Forex trading platforms are those that provide 24/7 customer support, whether via email, voice chat, SMS, or over the phone. The software must support other languages ​​such as German, Arabic, Chinese, Spanish, Hebrew, French, and Russian. After all, not all traders are comfortable with the English language.

no hidden charges

The best part of these trading platforms is cutting out the middleman. Therefore, it does not make sense for some companies to collect a part of their profits. So this is the third thing to look for: good platforms do not ask you for a commission. Related to this, the company should make it easy for you to deposit the money when you start trading. That means that the platform should be compatible with electronic wallets such as credit cards, bank transfers or Money Bookers.

Show you where the money is

The fourth feature of the best Forex trading platforms is the ability to let you see what others are doing. Currencies and non-currency Forex products that are currently trending are prominently displayed for easy viewing. It is now up to you if you want to join the bandwagon once you look at the direction of the trade and the popular currency pairs. A nice addition to this feature is a tool that allows you to have a clear view of the profit and loss situation.

The fifth feature you look for is the technology’s ability to limit your risks. It is especially difficult for a beginner to gamble with his money in some arcane enterprise like forex trading. A tool that allows you to simulate trades and measure your ability to close some trades in real life situations without necessarily losing money should be a feature of all trading platforms on the market today.

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