There are hundreds of different trading platforms providing the best trading services online. Some are created for beginners while others are for experts. There are many that are great for the novice, intermediate, and expert traders. The best way to find a robust trading platform that is right for you is to ask yourself several questions and then test-drive each of the platforms that meet your criteria.
Downloadable, Web-based and Mobile
There are three distinct types of trading platforms. Some are downloadable and can be used on a PC or a MAC including laptops. These are generally more sophisticated platforms, such as the popular MT4 and MT5 trading platforms. Many brokers offer these platforms as white labels that are customized by Meta Quotes for brokers. While these can be sophisticated, they are also not flexible. If you do not have your PC or MAC with you, you cannot access the platform.
If you need a more flexible platform, you might consider a web-based platform. These platforms generally have most of the bells and whistles you can get with a downloadable platform, but you can log on wherever you have access to the internet.
A third option is a mobile platform. These are generally less sophisticated relative to the web-based and downloadable platform. The pros are that you can access your account wherever you can receive a cellular signal. Some of the better mobile apps provide charting capabilities, along with news and an economic calendar.
Is There a Demo Account
Before you begin to risk your own capital you want to use a demo account to test the platform as well as your trading strategy. A demo platform is like a real-trading account except you are using demo capital that is supplied by your broker. The demo account should work using real-time data and provide you with similar results. If there are issues executing your trading strategy, you will quickly find them when using a demo account. If you make an execution mistake, there is no need to work when using a demo account. Some demonstration accounts last forever while others are available for a limited period. You also want to spend a significant amount of time testing your trading strategy to see if it really works in real-time.
Are you Spending Time on the Platform?
You know the platform is worthwhile if you are on it often. If you are finding education videos and articles, along with news from the platform, that is a good sign. If you are performing your technical analysis on the platform, that also is a good sign. If you find that you are charting graphs on another platform, reading the news on a separate platform and only executing your trades on your broker’s platform, you should ask yourself why?
There are several trading platforms that are available and as a trader, you have a wide variety to choose from. You want to make sure that the platform you choose meets your requirements. If you need a browser-based platform for flexibility, avoid choosing a downloadable platform. If you trade when you are on the go, make sure your broker offers a mobile platform. Whether you are a novice or expert, you want to make sure there is a mobile option. If you look at an iFOREX review, you will see they offer a web-based platform with a robust mobile option and a demonstration account.