Best Forex Trading Platform

Foreign exchange trading has a lot of potential, and the internet means you can now do it yourself instead of placing all your trades through a broker. With a computer and a connection you can now check the market and make trades 24 hours a day, ensuring that you never miss an opportunity.

The key to success with Forex is a good trading platform (Best Forex Trading Platform). There's a wide choice available, all with their own strengths, but it can be difficult at first to choose the one that's right for you. There are a number of things you should consider before making your choice. Here are some of the most important ones:

•    Usability - Is the platform easy to learn and use?
•    Portability - Can you use it across multiple devices? Will it let you trade on the move?
•    Data security - Do you prefer to have your data stored on your hard drive or online?
•    Cost - Do you want a free platform or are you willing to pay for extra features?
•    Lot size - What volumes are you going to be dealing with?
•    Features - What do you need from the platform?


Especially if you're new to trading, you need a platform that's easy to learn. Getting to grips with the market is enough to be getting on with, and you want simple tools that help you rather than getting in your way. The good news is that most platforms offer a free trial version and many even let you practice with dummy trades before going live. That's a perfect way to find out what suits you.


Many people are now using multiple devices for their internet access. It's common to have a computer at work, perhaps another at home, a smartphone and a laptop or tablet. Any of these can be used for Forex trading, so it could be useful to have a platform that can be used across them all. Platforms come in two basic types. Some run from an application installed on your computer, while others are web based. If you plan to trade through your phone or tablet a web-based one is probably the right choice for you; they can be accessed from just about any internet-enabled device.

Data security is something else you need to consider. Storing your trading records on your local hard drive gives you more control over them, but it also exposes you to risk. What happens if your computer is stolen, or a virus damages your files? Of course backups can help with this, but that can create a lot of extra work. A platform that stores your data online, or at least lets you back up to their server, protects you against loss.


Some platforms are free, while others charge you a monthly fee for using them. Even with a free service you might have the option of upgrading to a premium version with extra features. Try different free ones for a while to help you decide what you need and if extras are worth the cost.


Different platforms allow different sizes of trade. If you're new to Forex you might want to choose one that lets you deal in smaller lot sizes. Some fully-featured platforms are more geared towards big trades, and that can be daunting at first.

A basic platform might be enough for you, but as your trading skills develop you'll probably find that some added functionality would help you work even more effectively. Access to historical data is a valuable asset. It's also useful to be able to do backtesting - testing your trading strategy to see how it would have performed over a period of time in the past. Look out for built-in analysis tools, too; they can help you predict market performance and plan better strategies.


The best choice for a platform is likely to be a web-based one that lets you learn the ropes with a free account. Good places to start looking are Easy-Forex or eToro, which are both popular and well-respected choices. Don't worry if neither of those suit you though; there are plenty more on offer.