05 Nov

Choosing a Forex Trading Platform

Choosing a Forex Trading Platform


Forex trading is very popular these days and its mania is increasing with every passing day. We are enlisting down the things that you should be focusing on to choose the right forex trading platform or we say, broker. Every new business or individual is entering into forex trading and wishing to become rich overnight. It is a market that works 5 days a week, 24 hours a day, and trillions of trading take place each day. Other than this, it is a global decentralized and over-the-counter market for trading currencies. 


All these things attract people to join this forex trading platform. And if you’re also looking to join a forex market. You should be choosing a reliable and reputable broker or a forex trading platform to save yourself from fraud and corruption. 


The commercial forex market is so agile and competitive that barely thinking about having to sift through all the accessible brokers can lend you a dominant headache.


Selecting which forex broker or forex trading platform to exchange with can be a very harsh task especially if you don’t realize what you should be peeking for. 


To solve this problem, we are enlisting down the things that you should be focusing on to choose the right forex trading platform or we say, broker. 


  • Security

The first and foremost thing that a reliable broker must possess is an increased level of security. After all, no one is going to hand over thousands of dollars to an individual who barely claims he’s legit, right?


Fortunately, testing the credibility of a forex broker isn’t very difficult. There are regulatory institutions all over the world that distinguish trustworthy and reliable brokers from the fraudulent.


Below is a list of countries with their related regulatory bodies that the good forex brokers must be verified of: 


  • United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
  • United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
  • Australia: Australian Securities and Investment Commission (ASIC)
  • Switzerland: Swiss Federal Banking Commission (SFBC)
  • Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
  • France: Autorité des Marchés Financiers (AMF)
  • Canada:  Investment Information Regulatory Organization of Canada (IIROC)


So, before even thinking of settling your capital in a broker, be aware that the broker is a member of the regulatory bodies that we have mentioned above. This implies that the broker is reputed and reliable. 



2. Transaction Costs


It doesn’t matter what currency you are using to trade, like it or not, you will constantly be accountable for transaction expenses.


Every time you join a trading platform or do a trade, you will have to pay for either the spread or a commission so it is merely normal to peek for the cheapest and inexpensive rates.

Occasionally you may require to surrender low transactions for a more credible broker.


You should be sure that you know if you expect tight spreads for your category of trading, and then examine your accessible options. It’s all about getting at the exact balance between safety and low transaction costs.



3. Deposit and Withdrawal


Reliable forex brokers will enable you to deposit funds and withdraw your earnings without any hassle.


Brokers truly have no purpose to make it tough for you to withdraw your revenues because the mere reason they hold your reserves is to facilitate trading.


Your forex broker only holds your capital to make trading susceptible so there is no incentive for you to retain a hard time reaping the profits you have attained. Your broker should be certain that the withdrawal method is quick and smooth without any hustle if it’s a reputable one. 



4. Trading Platform


In online forex trading, most trading action comes about through the brokers’ trading platform. This implies that the trading platform of your broker has to be user-friendly and safe.


When peeking for a broker, you should always browse what its trading platform has to offer.


Does it offer an autonomous news feed? How about easy-to-use specialized and charting tools? Does it introduce you to all the data you will require to trade properly? You must consider all these things about the trading platform of the broker before selecting it. 



5. Execution

Your broker must fill you in at the best probable price for your orders. Under typical market circumstances (e.g. regular liquidity, no vital news releases, or surprise events), there truly is no incentive for your broker to not fill you at the market rate you notice when you click the “buy” or “sell” button.


For instance, inferring you have a good internet connection, if you click “buy” EUR/USD for 1.3000, you should get filled at that rate or within micro-pips of it. The velocity at which your orders get filled is very significant, particularly if you’re a scalper.


A few pips difference in rate can bring about that much tougher for you to gain a victory at that trade.



6. Customer Service

Forex Broker Customer Service isn’t excellent, and therefore you must choose a broker that you could effortlessly reach when difficulties arise.


The competence of vendors when dealing with the account or specialized support problems is just as significant as their execution on performing trades.


Forex brokers may be considerate and beneficial during the account activating process but they usually have awful “after-sales” assistance. Therefore, choose a broker that has the best customer service. To check that, you can read reviews for brokers. 


With that said, we hope that you have noted our points that you have to consider when choosing a forex broker. For the reason that if you have assurance in your forex broker, you will be eligible to dedicate more interval and observation to analysis and formulating forex techniques. A bit of analysis before devoting to a broker goes a long way and can stimulate an investor’s prospect of success in the robust forex market. 


Therefore, if you will spend some time investigating the trading platforms before you trade in, you’ll have a good experience with your broker and you will gain more profits. 


A simple trick to test the broker is making a demo account. You can use that account to see how the broker works. Testing out the broker this way can save you from future frauds. So, do try that and be successful in trading and gain profits. 




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