When you first enter the world of foreign exchange, one of the most important things to do, is to know how to choose the best forex trading platform. And if you are a beginner, it is really important to look for a broker that offers forex education and good customer service, as well as the following characteristics.
First of all, look for low spreads, and ask if they are fixed or variable. You should know if you should expect much slippage in fast and normal moving markets. After asking these important questions, the next thing to consider is speed of execution, how long does it take for your orders to be executed?
Each broker gives different leverages. Learn how much is given by each broker. And if you are a newbie, the phrase "Less is more" can help you choose.
Then comes the most important factor in my opinion. The trading platform. This is the software through which you trade forex. It is provided by the broker. First of all, learn the features of every platform, and compare them. Then go ahead and open up demo accounts. This will help you test these features, and see if you're comfortable using them. It also gives you a chance to check out the tools and the types of analysis the broker offers (technical and fundamental).
Now that you were able to narrow down your choices using the above criteria, it's good to check the reputation of the brokers. You could easily find reviews on blogs or probably recommendations on forums concerning your preferred brokers.
You'll have probably a few brokers that fit your criteria the most. Pick at least two of them, and open demo accounts. Demo trade for a while so you'll get the feel of trading through their platforms. And when you have questions to ask, don't hesitate, as this will reveal how good their customer service is.
First of all, look for low spreads, and ask if they are fixed or variable. You should know if you should expect much slippage in fast and normal moving markets. After asking these important questions, the next thing to consider is speed of execution, how long does it take for your orders to be executed?
Each broker gives different leverages. Learn how much is given by each broker. And if you are a newbie, the phrase "Less is more" can help you choose.
Then comes the most important factor in my opinion. The trading platform. This is the software through which you trade forex. It is provided by the broker. First of all, learn the features of every platform, and compare them. Then go ahead and open up demo accounts. This will help you test these features, and see if you're comfortable using them. It also gives you a chance to check out the tools and the types of analysis the broker offers (technical and fundamental).
Now that you were able to narrow down your choices using the above criteria, it's good to check the reputation of the brokers. You could easily find reviews on blogs or probably recommendations on forums concerning your preferred brokers.
You'll have probably a few brokers that fit your criteria the most. Pick at least two of them, and open demo accounts. Demo trade for a while so you'll get the feel of trading through their platforms. And when you have questions to ask, don't hesitate, as this will reveal how good their customer service is.
About the Author:
Ashton Burbon has written a selection of the best forex trading platform reviews. I especially found his YouTradeFX review review to be very helpful.
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