When it comes to trading online at any level, it’s always best to put together a trader’s toolkit – a cache of trading facilitators that will help make you a better investor. Now, these tools are varied – from market predictors to demos for practice – and you can make your kit into a vital trading resource.
And that’s where the forex trading platform can come in particularly useful, especially as a portal that brings all of these tools together into one central hub. But there are many, so how do you go about choosing the most reliable trading platform.
At QuickTrade, collectively we’re seasoned traders, and we’ve made use of a number of the top forex trading platforms on the market today. Most are competent and provide the features that every trader should find useful in their personal journey. There is, however, one forex trading platform that stands out, in a largely saturated market, and we’ll talk about that one here. First, though, let’s answer the question, ‘what is a forex trading platform?’
What is a forex trading platform?
A forex trading platform is a piece of software that gives anybody access to the virtual trading floors of the forex market. The portal is entirely online, and can be accessed via the web, a downloadable program or an application.
Choosing the best forex trading platform
There are many forex trading platforms available on the market today and choosing the best one can be a daunting task. However, by considering certain factors, such as reliability, ease of use and customer support, you can narrow down your choices and find the best platform for your needs.
Make customer support your first consideration
Customer support is an important consideration when choosing a forex trading platform. You want to make sure that you will be able to get help and assistance when you need it. Look for platforms that offer 24/7 customer support via live chat or phone.
QuickTrade uses MetaTrader 5
When it comes to reliable forex trading platforms, MetaTrader 5 (MT5) is often considered the gold standard. This platform is particularly user-friendly, and offers a range of advanced features, making it ideal for newbies and more experienced traders, alike.
Some great features of MT5
Indicators are a highly useful feature that essentially shows the trader the market’s moods – basically, what stock is on trend in the market, and looking set to promise great returns.
Timeframes show traders the market from different angles. Because the forex market is run by institutions and banks, it’s crucial that the trader understands what these bigger players might be doing. Traders can add timeframes to their strategy to get a window into how institutions and banks are predicting market movement.
MT5 has 21 different timeframes available, giving the trader a holistic view of how the market’s behaving, and where best to move money.
Data is the most essential feature to understanding a forex market. It’s the irrefutable numbers that make it up, that tell the story of how the market is shifting and performing. MT5 provides traders with real-time data, on the daily, and the understanding of it gives insight into what trades will be yielding the most profits, at a given time.
When considering forex trading platforms, be sure to consider your individual needs and objectives. By taking into account factors such as reliability, ease of use and customer support, you can choose the best platform for your specific needs. So, look no further than QuickTrade and our alliance with MT5.
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