If you're new to the world of forex, then there are two things that are essential; a trading account, and a trading platform. A trading platform is a software-based or preferably web-based interface that allows you to manage your trading account. There are a variety of platforms on the market, but which one should you go for? Here are some of the common features you need to look for in a forex trading platform.
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1) Is the interface easy to use and navigate?
This is perhaps the most vital figure of all, and the first that many will try to find out when they're looking to start using a trading platform. Not all platforms are born equal; some have quite simple layouts, others are somewhat cluttered; some are built with forex newbies in mind; others cater to the professional trader. Regardless of what level you're at but, a trading platform needs to be easy to use and easy to navigate.
2) How much does it cost?
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If you're new to forex, you may question this question. For the most part, trading platforms don't cost anything. You can register for free and open an account, but they do but have minimum deposits; that is, the least amount of money you are allowed to start trading with. This can range anywhere from $25 - $200 and sometimes beyond. Depending on your current budget and how much you're willing to start trading with, this is one to consider.
3) Does it offer a range of deposit/withdrawal options?
This is an vital, but one that unfortunately varies between platforms. While some allow for credit card and PayPal options; some are limited to just wire transfer, which can take up to a few days and incur a small fee, depending on who you bank with.
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