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Signals are usually generated from the back end of the software and the front end can be programmed to deliver the signals to the trader as required. Regardless of that, you need to check on such points.
Trading Platform The top forex companies will offer you a state of-the-art trading platform that is user-friendly and intuitive. It will also have all the features and tools that you as a forex trader would require to place successful trades.
The most popular trading platforms also allow demo accounts through which you can try and place dummy trades before stepping into real-time trading. Metatrader Metatrader 4 is one of the most popular trading platforms that top forex companies offer for their clients.
It is a highly customizable platform for experienced traders. The latency period is low and you will be able to execute orders with the shortest delay possible. The trading platform also has a number of charting tools and back-test facilities.
The platform also allows for integration with other third party technical analysis tools and expert advisor algorithmic trading.
Specific versions of Metatrader also allow you to switch between multiple accounts and trade from them. The base Metatrader version is Windows based but some brokers also offer browser-based and Mac versions of the trading platform. Many forex brokers also provide web-based versions of the trading platform and you can trade using a browser. There is no need to download any software.
These are particularly useful if you do not have access to your PC during trading hours. Most of these versions have only the basic trading and charting tools and are not feature-rich. If you are a newbie trader, then the web version is more user- friendly. Social trading platforms that offer social trading experiences are becoming increasingly popular.
Using these you will be able to watch others trade and even copy successful trades. The best forex trading company of today offers mobile based trading options for its clients so that they can trade while on the move. Metatrader mobile versions are available for iOS, Android and Windows phones. It can also be synchronized with the desktop version of the Metatrader platform. Trading Style It is best to choose a forex broker to work with based on the trading style that you prefer. If you are a trader that is interested in scalping, you will have to pick a forex broker that allows scalping with Currenex accounts.
Equipped with institutional grade software, these accounts allow for low spreads and liquidity of the Interbank market. If you are a trader that prefers long-term trading, then you should check out the overnight interest rates offered by the broker. The spreads may not be of much interest to you. If you are a self-directed trader, you should ensure that your broker provides good quality fundamental and technical analyses tools to make fruitful trading decisions.
Algorithmic traders typically use a VPN server so that their trading strategy is kept switched on even when the PC is powered off. If you are busy otherwise, you can also have your funds managed by skilled forex professionals. Look out for brokers that offer PAMM accounts percentage allocation management module. Account Types Different brokers offer accounts with varying minimum deposit amounts, trading terms and account features.
Choose a broker that offers a minimum deposit which suits your budget. There are different types of accounts that may be chosen according to the amount that you want deposit. Terms are generally easier in terms of larger spreads, access to dealing rooms and software tools, personal managers and free VPS services for larger accounts where amount deposited is higher. It is also a good idea to choose the currency of your nation as the base currency. This removes the necessity of changing money when you open your account.
If you trade with a currency that is not your home currency, you stand the risk of losing money if the base currency weakens compared to your home currency and when you withdraw funds you forced to exchange the same.
This can happen even if your trading account makes profits. However, all brokers may not allow you to choose the currency that you want and you have to choose from what is on offer.
Lot sizes that brokers offer also tend to vary by the account type. Most brokers allow entry size lots of 1, currency units.
As far as spreads are concerned, top forex brokers with dealing desks offer fixed spreads, while STP brokers offer floating spreads. Market leverage also varies widely among brokers. You can choose any one that fits your investment outlay and risk appetite. The methods of payment of deposits to brokers also vary widely. Whereas US brokers freely accept check payments and deny payments via the credit card, not many European brokers allow check payments.
A majority of brokers allow payments via wire transfer and some of them through online wallet services such as PayPal, Skrill MoneyBookers, Neteller, etc.
Customer Service Good customer service is an important factor to consider when choosing a forex broker to work with. If so check that the platform you are trading on gives you access to them. Some brokers decide to go this route so as to give something extra to their clients beyond what the turnkey platforms offer.
You will not find a replica of this software anywhere else. The Plus proprietary platform for web, PC and mobile are extremely user-friendly which makes it perfect for new traders, plus it has enough capability for more experienced traders to implement indicators and strategies onto the platform charts.
There are pros and cons to the use of proprietary platforms. Let us use the Plus platform and the MT4 to illustrate this.
Proprietary Pros Built to spec — Brokers design and plan their proprietary platforms carefully to meet the needs of their traders. They will factor in a whole range of functionality in order to cater to different types of a trader and sometimes will offer a simple and a pro version of their platform catered specifically to a beginner or more expert traders.
Additional Features — For proprietary platforms, traders may be able to get some features that they would not get anywhere else with a particular broker. They offer their proprietary technology across multiple platforms eg. Execution types — often proprietary platforms will allow traders to trade directly of charts and may give them the option for one-click trading or confirmed trade execution.
Cons Restrictive Platforms — Proprietary platforms can be restrictive. They may be stripped down or oversimplify the trading process.
Or they may not have as much functionality as the popular platforms. Suitable for all — Suitable for all levels of trader from beginners through to advanced, can sometimes be a little complicated for absolute beginners as it contains many features Country Restriction — Some brokers offering the MT4 will not allow traders from certain countries to open live accounts. Affected traders can simply search for another MT4 broker that does not have such restrictions and open their accounts there.
This is an advantage seen with commercial platforms. Cross-Platform — Commercial platforms are usually available for download, web and for mobile trading too. Asset Selection — Usually feature a wide variety of assets covering a broad spectrum of markets Fast and robust — Usually fast execution times and low slippage with low downtime. Cons Basic Features — Tend not to be ultra modern or feature advanced trading tools such as calendar, news feeds, reports, tutorials Generic — The turnkey platforms are often very generic and are not broken down to cater for beginner or expert traders.
They are also not highly customizable as proprietary usually are. Popular Trading Software Now that we have some information about what software is used in the forex market, what are the most popular trading software used in forex today?
Here are some of them. Retail Forex Trading This software is mostly used by retail forex traders. They have features which enable retail traders to easily adapt to the rigors of the market since these traders do not have professional experience or training. The most popular retail forex trading software on this list is as follows: MetaTrader The MetaTrader4 and its successor, the MetaTrader5 MT5 are undoubtedly the most widely used forex trading platforms in the retail segment of the market.
This is because of the ease of use, its array of tools, compatibility with trading software, availability among brokers and the presence of a marketplace where traders can gain access to a variety of trading software, tools, scripts, indicators, expert advisors and other services, directly from the trading platform. The company also took advantage of innovations in the technology space to develop mobile and web-based versions of the software.
The platform was developed as a turnkey solution, enabling various brokers to have the software adapted to their own brands. In terms of universality, the MT4 comes first above other retail forex trading software.
There is virtually no retail forex broker that does not offer this software. The advantage of this software is that it offers a unique web-based version of this platform, thus allowing traders to log in from any internet-connected computer that runs with JAVA.
Non-dealing Desk Trading Software This software is specifically built for institutional traders. These are traders with professional experience and training. The tools provided by this software are not meant for retail traders as the level of trading here is beyond the comprehension of retail participants in the market.
This software is also called Level II trading software. Examples of this software are as follows: This software was built as a transition software. In other words, it incorporates features of retail forex trading software and the fully professional trading software. It features more time frames, more tools, a better charting package and a clean interface.
However, it can only accept add-on software that has been coded with cAlgo. It is not built for beginners but for professional traders. It works hand in hand with the Algox platform, which is the platform on which algorithms for the Fortex 6 are built. The Fortex 6 platform. Other Types of Software and Platforms The software mentioned below is not trading software offered by brokers but is auxiliary software that complements the core trading software in the market.
You may like to call this software the support software which provides value-added service to the core trading software. Forex Charting Software Some software is designed to create better charting of instruments and enhanced technical analytical tools. This software creates stand-alone charts which can be better visualized and analyzed by traders. There are free and paid versions of this software. Forex Signals Software These are usually software services that are designed to provide traders with trade alerts on what to buy or sell at any given time.
The trader is left with the option of trading these signals or ignoring them. Signals are usually generated from the back end of the software and the front end can be programmed to deliver the signals to the trader as required. Take a look at the FXEmpire signal service. Forex Robots Forex robots are automated trading software. They can be attached to the charts to analyze and place trades automatically based on their algorithms. This software can range from the simplified versions seen on retail forex platforms, to the highly complex algorithmic quants used for high-frequency trading in institutional setups.
Forex VDS Forex Virtual Dedicated Servers forex VDS are commercial services which provide cloud-based remote connections for local computers of traders so that they can host their trading software in the cloud for continuous operations.
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