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How to Identify a Good Forex Trading Platform

AlfaTrade forex trading platform

When it comes to forex trading, selecting a right platform is crucial for success. What traders get depends on the broker. In this article, we discuss what is needed when it comes to selecting a good forex trading platform.

Range of Currency Pairs and Spreads

As a trader, you’ll need to access to currency pairs you want to trade. Major currencies include US Dollars, British Pounds, Japanese Yen, Swiss Franks as well as Canadian and Australian Dollars. However, there are times when other currencies offer trading opportunities. Often, these come with minor currencies such as Thai Baht, Polish Zlotys, or Turkish Liras. So, you want to be with a broker that provides access to both major and minor currency pairs.

Another important things relates to spreads- the differences in bid and ask prices. Naturally, the lower the spreads, the less costly the trades are. Therefore, when looking for a suitable online forex broker, make sure that the spreads offered are highly competitive.

Trading Platform

You want a reliable trading platform that is also stable and easy to use. You will also need a superior charting system. Quality forex brokers such as AlfaTrade provide access to Metatrader, a system that is appreciated by the traders. There’s also a mobile version as well as a web-based trading platform for AlfaTrade’s clients. This way, you stay flexible while trading, and can even trade with your smartphone.

Forex Research and Education

When trading, you need access to real-time news as well as research. Good online forex brokers provide not only news, but also daily forex analysis and an Autochartist, an automated technical analysis system system that spots trends and points traders to potentially profitable trades. Also, an economic calendar is a must. Nowadays, most brokers provide it.

Some forex brokers go even further and offer social trading platforms. This is where the customers can follow the most successful traders using the same platform and even mirror their trades. This is especially good for new traders or for those who can’t spot developing opportunities. And there’s even more that’s being offered in order to attract customers.

AlfaTrade, for example, not only offers a social trading platform, but additionally provides a system called Guardian Angel. This system gives actual real-time feedback on individual trader’s performance. This way, traders are able to test their strategies and identify both strengths and weaknesses. What’s more, with Mirror Trader at this broker, once a trader selects a strategy, there’s an automated mirroring process.

Yet another thing to look for when selecting a broker is to check whether there are educational resources provided. Most brokers have them, but the quality differs. You not only want e-books about trading forex, but also educational videos and live webinars where traders can talk to broker’s analysts.

Some brokers go even further and offer 1-on-1 training. This is usually offered to those clients who open accounts with more money than a bare minimum required. Many brokers will offer varied classes of accounts. For example, there could be Silver, Gold, and Platinum accounts, each depending on the amount of deposit, and comes with different benefits. Before choosing a broker, it’s better to check what each of them offers.

24/7 Support

As a customer, you want superior customer service. If not 24/7, then at least 24/5. Since forex trading takes place around the clock, you want to get support 24 hours a day. Ideally, 7 days a week support would be great, but currency markets are closed on weekends, so 5 days a week of support should be good enough.

When looking for support, this should be given both by email and telephone. It would also be nice if you could get support by live chat. And what’s even more important is the response time. You don’t want to wait on the phone for an hour if you have problems with your account or some trades.

In summary, to choose a good forex trading platform, look for rich offer when it comes to currency pairs in addition to low spreads, good trading system with technical analysis tools, strong forex research and education, and superior customer service. Access to social trading is an added plus.