What Makes or Breaks a Forex Broker?

What Makes or Breaks a Forex Broker?

This post is also available in: forex, What Makes or Breaks a Forex Broker?, Criptomonedas e ICOs, Criptomonedas e ICOsEspañol (Spanish)

The actual trading is an integral feature in Forex.

However, it’s the system or the platform that powers the trade—that’s the most important. Every Forex broker should prioritize the trading platform that they offer to their traders. That’s because the trading platform is what makes or breaks brokers in the marketplace.

Meanwhile, for Forex traders looking to trade more effectively and make a lot of money, your broker determines your success. That said, you have to analyze a broker’s offerings before you make your decisions.

  • Would you partner with any broker, no matter where they come from?
  • Would you go for Australian brokers, just because you’re from the region?
  • Or are you only going for AU Forex brokers (overseen by the ASIC)?

The point here is to prepare. “The hard work in trading comes in the preparation,” Jack Schwager, the Forex professional and the author of Market Wizards, said. “The actual process of trading, however, should be effortless.”

Here are three essential Forex trading features. You can use them as measures for separating real brokers from the fake ones.

Trading platform

You can’t win the forex market with a broken trading platform.

Venture into a trading platform that is non-responsive and non user-friendly, and you’ll get stuck in the dirty waters of failure. Why? Because you won’t achieve any of your trading needs.

When it comes to forex trading, the trading platform makes all the difference. That’s because your trading platform is the only portal you need to navigate through into the exciting world of forex trading. And it’s by their trading platform that you’ll understand the difference between a good and a bad broker.

Good brokers provide a user-friendly tool that is responsive and rich and powerful enough to meet all your trading needs. AU Forex brokers (overseen by the ASIC) are excellenr as well—they get the job done. Add to that, credible AU forex brokers offer demo accounts, allowing you to test their service before you open your wallet.

And the majority of professional brokers primarily rely on Metatrader. Its low latency allows for immediate order execution and the program is highly customizable. It also offers integrations with “expert advisors” for algorithmic trading.

Web-based trading

Imagine…You’re a digital nomad, touring the world with your back-pack, and trading forex on the go.

You prefer everything web-based to accommodate your lifestyle. But, the question is, how can you find the right broker that can accommodate your trading needs?The good news?

There are web-based trading platforms designed specifically for people like you. These web-based platforms tend to be lighter and have fewer features compared to MetaTrader. And they allow you to perform your basic trading and charting functions with ease.

In fact, sometimes web-based trading platforms are more intuitive and novice traders find them more attractive and user-friendly.

Professional brokers offer a proprietary web-based trading platform that allows you to trade via browser only, which means that, for a digital nomad like you, you don’t have to download any software.

Brokers that offer web-based trading platforms have an unfair advantage because most forex traders today prefer web-based tools. No wonder, Easy Markets only provides stop-loss guarantees to trades placed through webtrader. This is a perk enjoyed only by traders that use such web-based trading platforms.

Mobile trading

Forex traders love on-the-go trading.

Unfortunately, traders find it challenging to login to their account as they went out for shopping or place a trade as they stroll on the street. Well, there’s an app for that…if you do the work.

Your job is to do your research and find the brokers that offer mobile trading apps, such as those AU Forex brokers (overseen by the ASIC).In fact, some brokers not only offer mobile trading apps that will allow you to monitor and trade your account on the go but also offer mobile app versions of their proprietary trading software.

That makes all the difference, of course, as it usually includes ios and android apps.You may also consider MetaTrader mobile as it’s available for ios, android, and windows phone. It will allow you to do your trading on the go because it syncs up with the desktop version of your MetaTrader account.

Conclusion

Becoming a professional Forex broker isn’t as difficult as many brokers think. It’s about being honest and experienced and providing the tools and platforms that can accommodate a trader’s needs. In other words, providing an intuitive trading platform is the key.

To achieve that, brokers need to ensure that they provide the following features:

  • User-friendly trading platform.
  • Functional web-based trading.
  • Mobile trading feature to support on-the-go traders.

Forex brokers should realize that it’s not about money at all costs. Rather, it’s about giving traders the best of the best, so they stick around for a lot longer.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.


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This post is also available in: forex, What Makes or Breaks a Forex Broker?, Criptomonedas e ICOs, Criptomonedas e ICOsEspañol (Spanish)

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