The best software for forex trading is flexible and comprehensive. These powerful systems work across desktop and mobile platforms. They allow you to monitor the market at a glance, manage positions easily and limit risks through automatic triggers. Today, the range of terminals is confusing. Which solution is the best?
Every broker in India recommends a particular set of apps and desktop platforms. Hence, your choice will largely depend on the middleman. Regulated companies provide free software and technical support 24/5. You can work from any laptop, PC, tablet, or smartphone by connecting to the same servers. Here are six salient advantages of reliable tools.
The best systems have a user-friendly interface. Of course, if you are a beginner, price charts and analytical objects may be confusing by default. Opt for a platform that matches your level. For example, many currency traders choose MetaTrader 4 over MetaTrader 5. It has fewer features and is less perplexing. When the time comes, they transition to the other version with ease.
- Range of Instruments
Trading platforms are usually devised for a range of trading instruments. From the same terminal, you may access currencies, stocks, CFDs, and spot metals. The total number of options may be spectacular. For example, the FXTM Trader app from Forextime gives access to over 250 instruments.
Make sure the system is suitable for your portfolio. Traders are generally advised to engage as many markets as possible. Most of them start with currencies, as Forex is the most straightforward. Gradually, they explore other domains, such as stocks and derivatives.
Forex brokers facilitate expansion by supporting multifaceted accounts. However, beginners should choose a platform that does not hinder learning. For instance, MT4 is ideal for newbies, while MT5 is best for diverse portfolios.
- Charts And News
The best forex trading platform is suitable for both schools of Forex analysis. Some traders focus on price patterns to identify likely developments. Others
rely on fundamentals like unemployment, GDP, interest rates, trade balance, etc. Each category needs its own set of tools. Some traders combine both methods for higher accuracy.
Technical traders need flexible price charts with adjustable time frames. They may scrutinize small or large movements. For example, MetaTrader 4 includes 9 options — from 1 minute to 1 month. This suffices for all categories of strategists, from scalpers to position traders.
On the other hand, some focus on news. Economic and political factors like oil prices, elections, international agreements, GDP, interest rates, global trade, and others sway currency exchange rates. Superior software makes analysis easier by condensing announcements into economic calendars. For example, this feature is available in MetaTrader 5. Other systems give instant access to the latest financial and economic news.
- Demo Trading
Trustworthy platforms have a safe mode. With a demo account, you unlock them as simulators of the real market environment. Users are given a virtual deposit to practice with.
Forex traders have a lot to learn. You need to learn to navigate the system quickly. Take your time to develop the necessary analytical skills. Aside from charts and frames, you should learn to set Stop Loss and Take Profit. These automated triggers limit the risks of daily trading.
- Easy Access to Support
Naturally, any software system must give access to support. For example, Forextime clients can reach out to the team using email or chat inside the mobile application (FXTM Trader). If you opt for one of the popular generic systems like MetaTrader 5, you can find loads of tips and tutorials on the internet.
- VPS (Virtual Private Server)
Does the software come with a VPS from the broker? Virtual private servers are indispensable means of cyber defence. Trading involves financial transactions, and payments must be secured.
On the other hand, you need protection against technical glitches, power outages, viruses, and similar threats. A VPS creates a copy of your terminal on the broker’s servers. This backup version is running 24/7 with a downtime of just 0.01%. It continues to receive trading signals even when you sleep.
As a result, all trades are executed properly regardless of disruptions. Slippage is limited. This means that execution results meet your expectations. For any trader, VPS is essential. In India, it is offered by large global brokers.
Trading Forex in 2021
The global pandemic has made Forex more popular. It is a feasible way to make money online. With reliable software, you can take charge of your finances and monetize knowledge from any device.