Forex refers to foreign exchange; it is the place where currency trading on a global scale occurs. The forex trading happens in pairs; for example, someone will buy US dollars using an equivalent amount of British pounds. Here, the USD acts as quote currency and British pounds as the base currency, respectively. In simpler words, you are buying one currency by selling the other currency. It is generally represented as EUR/USD = 1.3, which shows that 1 euro is equivalent to 1.3 USD. Did you know that the entry barrier is shallow in online forex platforms? A person with an initial capital of 500-1000 USD can start a trading account.
What is the Best Forex Trading Platform?
I.G. has 178,000 worldwide clients trading with them. It ranks in the top 20 list for total money traffic received as a forex brokerage. The website itself gets 16 million visitors per month, with the majority being from the United Kingdom.
Their trading instruments include indices, cryptocurrencies, corporate shares, and commodities. I.G. has a 24/7 customer service allocated to dealing with trading and guiding new users through their forex trading platform. On the other hand, the downsides of this forex trading platform include the user interface that is challenging to understand for new traders.
Let us explore the Trading Platforms that I.G. offers to its users
For beginners in trading, it is recommended that they use Meta Trader 4, since it is easier to understand when compared to WebTrader. A piece of discretionary advice must be made here for beginner traders to never put their money in areas where there is a high risk, without having a deep understanding of the forex trading platform. Your hard-earned money can vanish in a matter of moments if you are not investing wisely.
Meta Trader 4
It is licensed to forex dealers worldwide who can pay for a licence and receive the right to use Meta Trader 4. This means most forex dealers use the same online forex platform and brings uniformity in the forex trading platforms, since the MT4 trading platform will look, feel and act precisely across all the different forex dealers.
You can easily navigate the interface, even if you’re a beginner. It displays quotes and prices, charts for trading, and even systems that allow you to run automated systems strategy. Under the option of the market watch, you can find a list of all the financial instruments available on the trading platform.
You can create multiple sub-accounts under the same dealer to keep your trading well organised. The platform also offers options like expert adviser and scripts. An expert adviser is essentially a robot that gives you insights about forex trading, and scripts are the codes that you can run to manage the status of all your trades. You can automate the opening or closing of your dealings with the help of scripts. You don’t have to worry about losing all your money. Before you start your trading account, make sure you make a demo account.
Why should you always start with a Demo Account?
- Following the herd mentalityis a no-go when it comes to Forex trading. Before you start following your neighbour’s advice in forex trading, we want to tell you some facts.
- Eighty per cent of traders lose money on online forex platforms. It is a statistically proven fact that whichever way the vast majority of traders are trading, whether that’s long or short, this is usually the wrong direction. So you might want to reconsider your uncle’s advice on this matter.
Best Forex Trading on Apps
- Following the herd mentalityis a no-go when it comes to Forex trading. Before you start following your neighbour’s advice in forex trading, we want to tell you some facts.
- Eighty per cent of traders lose money on online forex platforms. It is a statistically proven fact that whichever way the vast majority of traders are trading, whether that’s long or short, this is usually the wrong direction. So you might want to reconsider your uncle’s advice on this matter.
Different types of Forex Trading Platforms
Dealing Desk
Non-Dealing Desk
Straight Through Processing
Electronic Communication Network
Why is choosing a forex trading platform important?
Regulation
Regulators put limits on the leverage offered by the brokers to perform proper risk management. The primary function of putting limits is to avoid drastic financial losses when a trade might go the other way. Regulations are also made that define eligibility criteria for firms. For example, firms in the US. must have a capital of 20 million USD. We will put down a list of well-known regulation agencies. They are as follows:
- FCA (Financial Conduct Authority) –A world-renowned regulating agency based in the UK, regulating 58,000 financial services firms.
- CFTC (Commodity Futures Trading Commission) –An independent agency based in the US, it was founded in 1974. This agency’s primary task is to regulate the US derivatives markets.
- NFA (National Futures Association) –A self-regulatory organisation based in the US. Its function is to safeguard the integrity of the derivatives market.
- M.A.S. (Monetary Authority of Singapore) – The agency mentions that its function is to maintain sustainable growth of the economy without inflation.
- B.M.A. (Bermuda Monetary Authority) – Institution that regulates the financial aspect of Bermuda.
Efforts
Customer Service
Ease of Withdrawal
Security
Trading cost
Conclusion
With the proper knowledge that we have provided here, even a beginner will navigate their way in forex trading and through various forex trading platforms. Forex trading is not a piece of cake; it is not for everyone. Most first attempts, if not supervised, have high chances of being financially unsuccessful. To avoid any loss of money, people should carefully choose the online forex platform that is a legit, certified and regulated broker who can help you put your money in such a way that the risk of loss is significantly reduced. I.G. ( Investment Gold Index) is the most reliable online trading option. There have been cases where they have refunded the loss of money due to a technical issue from their side. The customer service of I.G. is unmatched, and in case of any problem, their customer support is just a call away. They help you resolve the issue and initiate compensation if the issue resulted in financial loss. Still, some users might find the user interface of the I.G. forex trading platform hard to understand and navigate.
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
THE PLATINUM WAY
At Platinum Trading Academy, United Kingdom, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinum’s Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.
Download our free ebook to read about the various Trading Patterns that work in the Financial Market. Watch Trades of the Week Videos in our video gallery. Subscribe to Platinum’s Forex Newsletter.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.