How to choose a reliable trading platform

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Once you have made the decision to begin your forex journey, one of the key considerations you will need to make early on is your choice of the trading platform.

This is a choice that will likely shape the early stages of your forex experience and beyond. While there is no uniform choice of the platform among the major forex traders, there are some well-recognized options in the industry. Ultimately, however, choosing a trading platform is a decision solely up to you as a forex trader.

The basics and the choice of your broker

Before deciding on the right trading platform, you should work on selecting the best forex broker that suits your needs. One of these primary needs will be a top-notch trading platform. This is something that is inextricably linked to a forex broker. The best forex brokers usually offer a range of the most professional and respected trading platforms. This is the case with TradeFW, which offers the best trading platforms, including Metatrader4.

Many of these brokers will also facilitate internet trading and mobile forex trading through variations of these trading platforms, and will even offer the facility of their own proprietary trading platforms. These proprietary trading platforms can often provide many features similar to those of third-party platforms and can sync extremely well with other features your broker may offer, such as forex market alerts, economic calendars, and other research-based tools.

The best way to get an early direction on which trading platform to choose is through other traders in the industry. Taking the time to find and analyze a decent amount of forex trading reviews before making your final platform choice can prove invaluable.

Important factors to consider
Trading style
An important factor to consider first is related less to the platform and more to how you will behave as a trader. The type of foreign exchange trading strategies you will employ, combined with the frequency and volume of trading, will determine which platform you should choose.

In practice, if you do not intend to trade currencies very frequently, a simple web trading and broker platform may be more than sufficient for your needs. This could be something that has a minimal learning curve that you can pick up quickly with intuition and light interaction with broker learning resources.

Platform features and trading tools
Next, you'll want to compare trading platforms based on their features so you can make the most informed decision possible. Typically, when identifying the best trading platform, traders first consider ease of use. This is one expectation. For example, online broker DotBig provides features such as charting capabilities when performing technical analysis, and the flexibility to trade multiple markets becomes important.

On a more advanced note, a trading platform's ability to implement APIs and automate its trading strategies will also come into play. These are features that most respected trading platforms, such as Metatrader 4 already possess.

Industry Reputation
Reputation is crucial when performing when trading forex online. This applies strongly when choosing your trading platform. With so many trading platforms to choose from, it is important that you perform due diligence to assess the reputation of each of the industry professionals.

A great way to start comparing platforms is to study how long they have been established and active in forex trading. This method is not foolproof, but it will provide a strong indication in one direction or another. MT4 is a good example of this in a positive sense. This platform is widely associated with the industry's leading forex brokers, including TradeFW, and is still in use well over a decade since its initial launch.

Future planning and your choice of platform
Once you have decided which you think is the best trading platform for you, the work of trading begins. Not only that, but another important phase of your forex trading adventure also begins. That adventure is an ongoing progressive study to learn about forex trading and develop a deeper understanding of your trading platform and what it can do for you.

It is through this future planning and continuing education that, over time, you will become an expert with your chosen trading platform. This can be achieved through a combination of your own dedication to learning and effective use of the extensive educational resources that an outstanding forex broker will provide.

Online forex trading is a multifaceted enterprise. This is clearly shown in the early stages of trading when you make the key choice of choosing your trading platform. This is a crucial choice that will define many of your future moments in the industry, therefore, it is a decision that must be made after careful deliberation and resolution.