Do you want to achieve success on the Forex and CFD market? Are you planning to diversify your investments and start investing in currency pairs and contracts for differences? If so, choose the right trading platform that which will help you achieve this objective as much as possible. Many factors contribute to the achievement of real success on the international Forex and CFD market. The transaction platform, also called investment or trading platform, is undoubtedly one of them. How should you choose it?
The possibility of testing the Forex platform
Descriptions of trading platforms differ — they can be less or more detailed. To a person without any experience in assuming long and short positions on the Forex and CFD market, is difficult to choose the most appropriate platform on their basis. You may not be aware of what possibilities should be provided by an appropriate platform made available by a brokerage firm.
It would be best if you could test the brokerage tools on your own and many brokers indeed offer such a possibility. They make available demo versions of trading platforms, on which clients can open their demo accounts and obtain a virtual pool of funds. Then, without any risk, you can see how the trading platforms operate on the Forex and CFD market. You can conclude transactions, use leverage and test investment strategies — all of that without risking that you will lose even a portion of your investment capital.
Check whether the trading platform you chose has a test or demo account and use it if you have an opportunity to do so. It should not obligate you to open a real investment account later on. If the platform meets your expectations, you can, of course, sign an agreement with the broker.
Trading platform type
A very important factor in the selection of the investment platform on the Forex and CFD market is checking the mode in which you can use it. Currently, brokers offer three types of platforms: desktop, mobile and browser platforms. The last two allow you to follow your investments and make decisions even away from home or office, since a browser platform only requires you to have access to the internet and a computer in order to be able to log in and place the desired order. As far as the mobile platform is concerned, it is supported on smartphones or tablets, which also increases the chances of controlling transactions on the international Forex and CFD markets almost 24/7 and from anywhere in the world. Older desktop platforms require installation of the relevant software on the computer.
Which offer is the most attractive one?
What matters the most when choosing a trading platform is its functionality. Brokers are currently trying to outdo each other in presenting more and more attractive offers and better platforms with extensive functionalities. Good platforms should provide access to tools and functions that will make it easier for you to perform analyses and make accurate investment decisions. Therefore, you should have access to the technical analysis indicators, the economic calendar or charts and comments prepared by experts. Advanced platforms have their own extensive functions to support you at the decision-making stage.
They should guarantee quick execution of orders as well as easy conclusion of transactions. It will be good if the broker allows you to set stop loss and take profit levels. This mitigates your investment risk. Please note whether you will always be able to obtain technical assistance on the brokerage platform in your preferred language.
Recommended broker: https://www.xtb.com/