Forex trading is a great way to generate additional income and provide financial security for your family. Experienced traders will tell you that a solid trading platform and trader education are two of the most important prerequisites to forex trading success.
This can be confusing for beginners especially, so let's take an in-depth look at the key elements that make a trading platform great.
1. 1. Speed and reliability
A trading platform that displays accurate prices is the most important thing. A slight delay in prices displayed can result in new bids or losses. A good platform should ensure that there is minimal downtime so that trading can continue smoothly without disruptions.
To test the streaming quotes and execution time, you can use the demo version. Also, Many trading platforms offer to try to see if the forex broker offers a "no-re-quote/no-price-change" guarantee. You can find the best forex brokers in South Africa via https://www.globex360.co.za.
2. 2. Market analysis
Forex traders use technical analysis to trade in the forex market. A good platform should have self-updating charts, which allow traders to analyze market data in different time frames (Hour, Hour, Daily, Weekly, etc.). A large number of common technical indicators should be available on the trading platform (RSI and Bollinger Bands, ROC, moving Averages, etc.). These indicators are often used by traders.
A reliable news service should provide live updates that allow traders to take advantage of economic developments. This is the best forex platform. For traders who use speculative forex strategies, it is essential that the platform offers quick execution and allows them to trade directly from their chart.
A trading platform with all the features mentioned above would be a great forex trading platform. Before making your final decision, you can try out free trials of various platforms.