The first step
in your forex trading journey is finding the right trading platform. Customers on
all sides of the trading spectrum – from beginners to moderately skilled to an expert – regularly do searches for a trading platform that will suit their
needs, sometimes moving on from platforms that didn’t work out well for them,
and sometimes feeling they could be better empowered to meet their trading goals
than they presently are. This article is designed to help you clarify for
yourself the qualities in a trading platform that could help you on your
trading journey with the tools, knowledge, and technology you’ll need to make
your waythrough the world of forex trading and meet your own personal trading
goals.
The Platform
Itself
Of primary
importance is the platform you’ll be working with since your daily experience
will be interacting with this specific interface. You’ll want a trading
platform that works logically and intuitively and that’s fully equipped with
the most useful trading tools. For instance, nowadays traders expect the basic
functions—live rates, trading signals, market alerts, and analysis charts—to be
available at the touch of a button.These are what keep traders on the ball to
meet new opportunities with poise. But it’s important to know that not every
trading platform that’s equipped with these tools is equivalent. Most platforms
are made from generic models which are filled in with company colours and
designs to distinguish them, whereas the platforms that stand out tend to be
custom-made by the brokerage to give the best possible trading experience to
users, sometimes based on real feedback with their users.
iFOREX is one
such broker which has built their custom
platform from the bottom-up, using today’s top software technology with
guidance from clients to ensure a complete, intuitive, and positive trading
experience.
Educational
Materials
This is not a
bonus you just might decide to try out one day: it’s a necessity. No matter how
much skill and knowledge you have accrued, you’ll always want to sharpen up
your understanding of trading concepts, refresh your knowledge of key
principles, and remind yourself about financial fundamentals. Make sure your
broker offers reading materials and video tutorials on basic topics like
interest rates, leverage, stop-loss, and ETF trading, but also on advanced
topics, for when you’re ready for them, like technical analysis, chart
patterns, rollover, and overnight financing. When ever you meet up with a
question mark, you should be able to find a tutorial to help you out fairly
quickly. One feature that’s making gains nowadays is one-on-one training with a
trading coach, which gives newer traders the chance to learn the ins and outs
of forex trading while offering more experienced traders a personalised tour of
the trading platform.
Security
As with any
online venture, security is a must, considering the amount of fraud rife in the
world nowadays. Firstly, only choose a broker that is regulated by an official
body. This regulatory body oversees everything your broker does to make sure
it’s all legal and that they’re behaving responsibly with their customers’
funds. Secondly, in terms of the security of your personal information, look to
see if they are set up with encryption services like firewalls and Secure
Socket Layering (SSL) so you can take this off the list of your worries.
Instruments
As the weeks go
by and you learn to cut your way through the financial jungle, you may very
well want to expand your portfolio beyond what you originally intended.
Therefore, your ideal brokerage should offer you a robust selection of trading instruments
that spans the six basic categories of forex trading and CFD instruments including
shares of today’s top companies, leading global indices, popular commodities,
cryptocurrencies, foreign currency pairs, and ETFs (Exchange Traded Funds). Some
more advanced brokers may even offer non-leveraged instruments, a category
that’s growing in popularity.
The Human
Touch
This feature
should not be under-estimated. The time may come when you’ll have a question or
concern that even the most detailed FAQs section can’t answer. Therefore,
you’ll want a broker who offers a high-quality level of client support. Read
users’ reviews to see if people are happy with it. It can be disheartening to
feel you’ve entered into a financial arrangement with a machine, so also open
up the social page of your broker to get a taste of their personality. Considering
the number of brokers out there today, you’ll only be doing yourself a favour
in the long run.
Wrapping Up
If you’re
particular to follow up with these five criteria, it could go a long way in
saving you from disappointing experiences and could help make your CFD trading journey
more positive. iFOREX is a trusted CFD broker
with over twenty-five years of experience, and which possesses every special
quality mentioned in this article, including the bonus service of one-on-one
training. Join today and start making more informed trading decisions from the
outset.
