Top currency brokers excel in a variety of areas like trade execution, real-time access to prices and charts, and educational resources. Most brokers have several platforms, including those that are highly specific for automated and algorithmic trading. Some of the largest factors that come into play when selecting a currency trading platform are your individual trading style and experience level. Well-rounded forex platforms will have the most flexible solutions that enable you to trade and manage risk from any computer or mobile device.
A trading platform is a piece of software that acts as a conduit for information between a trader and a broker. A trading platform provides information such as quotes and charts, and includes an interface for entering orders to be executed by the broker. Trading platform software can be locally based, meaning it is installed on the trader's computer and can be used with Windows, Mac and Linux systems - different brokers offer different options in this respect. Alternatively, some brokers offer software that is web based.
These platforms often run using Java, a dynamic web language. The advantage of web-based trading platforms is that they can be used by almost any computer with internet access. Trading platforms are often available free-of-charge, but some brokers allow traders to purchase platforms that have a higher functionality for a fee. Other brokers provide platforms with different levels of functionality for traders who are more active.
Ideally, brokerages and their trading platforms should offer a wide array of assets for trading to allow traders to take advantage of a diversified portfolio and work with varying conditions across several markets. Trading platforms should also be easily customisable to fit the needs of individual traders. Platforms should come with adaptable layout options that allow traders to monitor and, if desirable, trade several currency pairs or other assets while also maintaining full awareness of their trading and account balances.
There are an increasing number of sophisticated trading platforms offering numerous features and diverse markets. Brokerages often allow traders to give their trading platforms a “test drive” before putting them to use on live accounts. Generally, each item we have discussed is a free forex trading platform, so you do not have to pay anything to use them. The only thing you need to do is to open an account and start trading. There is lots to consider when choosing the best forex platform for beginners, but MetaTrader 4 and MetaTrader 5 frequently top the list of the best forex software.