There are various aspects that a forex trader has to consider while analysing various forex brokers. When analysing a forex broker, everything from the reputation of the broker to the deposit medium options that they provide matters. However, one thing that is the most important is the kind of trading platform that the brokers support.
There are various types of platforms that are used for forex trading. Different foreign exchange brokers support and use different types of trading platforms. Most brokers even have proprietary trading platforms with their own unique interface, design, and qualities.
In order to choose forex brokers on the basis of the trading platform that they offer, you need to know what to look for in the platforms you are considering. Here is a list of some of the more important aspects of trading platforms.
Variety of Platforms on Offer
In order to choose from the myriad forex brokers hankering for your business, you need to consider the various types of platforms they offer. You should look for various formats in this regard. For instance, if you change terminals a lot then you need to find brokers that have a web based trading platform.
On the other hand, if you are very particular about your trading methods then you will need a high quality desktop platform that has room for customisation. Finally, if you spend a lot of time on the road then you need the forex brokers to have an efficient and convenient mobile platform.
Options In Terms Of Accounts
You also need to consider the different types of accounts that the forex brokers offer. You should ideally get a lot of choice including micro accounts, mini accounts, standard accounts, premium accounts, and even demo accounts.
The spreads that you see on the platform are going to determine how much money you win or lose. Spreads offered vary from one broker to another but the rule of thumb is to look for the tightest spreads.
You also need to consider forex brokers on the basis of whether they provide fixed spreads or variable spreads and whether they provide fractional spreads.
If you are based in Australia then it is likely that you are conversant in English. However, if you are not then you may need to choose forex brokers whose platforms support the language that you favour.
Efficacy of Analytical Tools
Your analysis of the market is going to determine how successful you are going to be. However, the success of your analysis is going to be determined by the tools you have at your disposal.
Therefore, you need to look at the analytical tools that platforms provided by various forex brokers possess in terms of whether they are suitable to your needs.
Accuracy of Economic Calendar
Finally, as fundamental indicators have a major say in how forex rates move, you also need to find trading platforms that have good economic calendars. Most forex brokers provide platforms with economic calendars but the key is how effective these calendars are.