Find the best trading software offered by top brokers!
Every forex broker’s trading software differs greatly. Here we list top brokers who offer reliable, modern, beginner friendly, visually appealing, functional as well as easy-to-use trading software. Take your pick!
Forex Trading Software: Choosing Your Type
Picking the right broker for you is the important decision that you will make in your forex trading career as a beginner. A lacklustre choice may well sap your will to continue even if there is nothing wrong with your approach to trading per se. Safety and reliability of the broker is the first concern in the selection process, followed by the functionality and usefulness of the trading software. Here we present you a brief list of the most important criteria on the basis of which you can test your broker’s software.
Ease of Use and Customizability
Each trader’s trading strategy is different. The fundamental and technical tools employed by each trader is different to some extent, which means that no standard presentation can account for the needs of all types of forex traders. So test your trading software with a demo account to see how much customization is possible. Try using the system for a few weeks on a purely exploratory basis in order to discover how comfortable you are during different market conditions. Different strategies will be necessary in a purely technical market free from strong news or liquidity inflows, and in one where the trader’s mind is being bombarded with all sorts of new information from all direction. Test your interaction with the system under these conditions to see if there is any aspect that you find too uncomfortable for long term interaction.
Stability and Safety
Timely and easy access to the market is a necessity for a successful trading experience. It is not logical to anticipate success if every now and then your access to the broker gets interrupted by connection problems, or software stability issues. In order to ensure that these problems do not occur frequently during live trading, maintain a mini account for testing purposes for at least a month. Since demo trading is a marketing service, connectivity and accuracy in the execution of demo account trades may not be reflective of your live trading experience with a mini account.
To prevent unauthorized tapping of your data during trading, make sure that the broker uses the industry standard encryption techniques. A JAVA technology-based trading platform is a great option, too.
Visual and Auditory Presentation
Are you pleased with how the platform looks? Does the software interface generate any noise that you’d like to turn down, or eliminate? Are there too many flashing lights, buzzing and beeping that distracts you and prevents sound analysis during trading decisions? Are you satisfied with the degree to which the interface can be reconfigured to remove the problematic aspects of it?
Keep in mind that you’ll be interacting with the software for a long time during your trading days. It is only sensible to demand comfort and satisfaction, since your psychology during trading will have a direct impact on your results. Our suggestion is that the interface of the trading software be free from gimmicks and distractions as much as possible. Anything that is unrelated to analysis of the your account and the market must be removed, and any superfluous visual or auditory stimulation must be eliminated. Trading, or at least analysis, should be performed in a calm and quiet environment, and trading software must contribute to the creation of such an environment. So go for functionality and simplicity over flashes and extravagance.