Best Forex Trading Platform Choices of 2020 - Fortunly News

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Best Forex Trading Platform Choices of 2020 - Fortunly News

Best Forex Trading Platform Choices of 2020 - Fortunly News

Posted: 28 Oct 2020 09:52 AM PDT

Our researchers have thoroughly analyzed myriads of trading platforms. The ones on our list are picked for their overall quality, which is a level above what you'd find with the competition. Before we dive into detailed examinations, we want to explain our selection criteria. This section will help you choose the best forex trading platform for yourself.

Reliability

Foreign currency trading is fast-paced, so you need a reliable platform. You don't want it crashing or freezing when you're about to make a move. This is especially important for those who wish to make frequent high-risk trades.

Ease of Use

It's always great to have plenty of features at your disposal, but that shouldn't come at the cost of efficiency. Making or closing trades should be as simple as possible because that's the primary role of the forex trading platform. Furthermore, no one enjoys being confused, so the best interfaces have additional tools and charting options clearly displayed.

We suggest looking for very customizable platforms. Setting it up just the way you want will help you feel at ease and in control.

Fees

Every platform has costs and charges that you have to take into consideration before committing. Our list only includes platforms that don't come with unreasonable fees.

Analysis Tools and Charting

Trading FX takes a lot of practice, and even the best forex brokers, dealers, and traders need to conduct a thorough analysis of their work on a regular basis and, if needed, adjust their strategy. Good analysis tools are vital for this aspect of forex trading. Some of these include moving averages, trend indicators, indicators of volume, and many other useful instruments.

Charting capabilities are closely related to analysis tools since many traders prefer to have their research results displayed visually. With certain platforms, you're allowed to create customized charts, as well as add drawings and labels. The very best trading platforms even enable you to place trades directly from the chart within the platform.

Automation

Automated trading features enable traders to set up triggers that buy or sell currencies when the appropriate conditions are met. These are quite handy because they allow you to maintain a presence on the FX market even when you aren't in a position to do so in person.

The orders you configure can be market, stop, stop-limit, trailing stop, trailing stop-limit, market-if-touched, and limit-if touched. As you can see from any trading platform comparison, all the vendors differ when it comes to the number of automation options.

New traders should avoid overreliance on software to perform trades for them. As convenient as automated trading systems are, these can't measure up to the expertise of professionals. Although automation eliminates human error that usually stems from emotional decision-making, other glitches like internet or hardware malfunctions can still occur.

Testing

Some forex platforms have a backtesting feature. You can use it to try out trading strategies you've developed by applying them to past market conditions. Once you've done that, you can identify defects in your strategies and optimize them accordingly. However, a backtested strategy isn't foolproof, as backtesting is based on the hypothesis that a successful tactic from previous situations will work in the future.

Customer Support

Last but not least, we compiled our best forex trading platform list by assessing the customer support provided by the brokers. A lot of traders will immediately disqualify a platform if they aren't satisfied with the customer care team. It's easy to see why – it can get extremely frustrating when you're unable to resolve a problem and the people who are supposed to assist you can't be reached or aren't all that knowledgeable about the issue.

Choosing the Best Tools for Your Online Trading Account - ABCmoney.co.uk

Posted: 28 Oct 2020 04:56 AM PDT

Forex trading tools are ideal for you if you have an online trading account. These tools come in handy in configuring parameters for choosing trades and analyzing the market. Advanced trading tools can influence your trading strategy and profits.

Currently, online brokers offer some of the most complex trading platforms. For example, the MetaTrader 5 and MetaTrader 4 platforms are some of the best tools an online trading account holder can use.

Many online brokers may allow traders to utilize the Metatrader platforms, while others will provide them as a substitute for their platforms. Established traders can also use robust tools and features on their platforms. 

Tools you can use for your Online Trading Account

The best tools for you depend on your money management strategies and trading style. For instance, a day trader may leverage chart patterns and short-range technical indicators to buy and sell. A trend trader, on the other hand, uses moving averages, and long-term charts to create positions.

Strategy oriented tools that are compatible with your trading style are often part of many trading platforms. Apart from technical analysis software, free trading platforms available today feature market analysis, and news feed tools that were costly in the past. Let us discuss these below.

Charting Software

Charts provide a visual representation of the market performance and are some of the most observed tools in the forex trading world. If you have an online trading account, then charts allow you to evaluate the market in real-time. You can even review your historical performance. Usually, traders can place trades directly from charts, and you can customize them to facilitate automatic trading.

Robust charting software comes with various trading signals and indicators, and you can even preview your strategies. Doing so gives you an overview of how they may perform in real-time. Again, the charting style is also a tool that demonstrates reversal and continuation patterns depending on the closing, low, high, and open prices. 

Trading Platforms

A trading platform features technical analysis software with a real-time feed and order access power. Many platforms display their real-time prices and data feed on their charting interface. They also feature a trade window that allows online trading account owners to trade directly from the charts.

A superior financial feed is a crucial part of an excellent trading platform. Today's complex trading software allows traders to automate and customize trades based on the parameters they prefer. Many advanced platforms are also available on the mobile app version for iOS and Android gadgets.

Brokers are also a component of an effective trading platform. For instance, some forex trading service providers offer advanced desktop platforms complete with trading strategies, professional analytics, and advanced charting tools. Some platforms also come with customizable features to configure trade preferences and watchlists. 

Calculators

Online trading account calculators are not only time-saving tools, but they come in handy to facilitate simple calculations. Some of the popular online calculators that traders use include volatility, margin, profit, and pip calculators. Currency converters are also essential tools that are similar to a calculator.  

Copy Trading Services

Copy or social trading is today one of the greatest trading innovations in the market. Copy-trading relies on technology to match the trades of the successful traders (forex signal providers) that you follow. Every time your forex signal provides trades on their online trading account, you can copy their trades automatically directly to your account. Whenever you reserve positions according to a signal, it is critical to note that many markets encounter unique conditions. 

Finally

There are numerous tools you can choose to help you trade the forex market with ease. Whether you are a novice or experienced forex trader, you can use trading tools to improve your strategy and ease your trading venture. Read and understand the tools in this list and choose one that best works for you.  

HotForex Honored With the Coveted “Best Forex Trading Conditions Global 2020” Award - FX Empire

Posted: 29 Sep 2020 12:00 AM PDT

HotForex, the internationally acclaimed multi-asset broker on CFDs, has been awarded the coveted title of "Best Forex Trading Conditions Global 2020" by International Business Magazine, confirming it is a preferred and trusted broker globally.

Over the years, HotForex has invested greatly in improving the trading conditions provided to its international client base by combining competitive pricing, execution speed, innovative platforms, world-class service and full transparency with regards to its services. Its decade-long commitment to offering traders these outstanding trading conditions is what has differentiated the company among the industry.

HotForex CEO George Koumantaris commented: "We are delighted our company has been recognized with this major accolade. The award reflects our constant efforts to provide clients from many different parts of the globe with the same business integrity and ensure the best trading experience possible for all. We will continue to work hard on enriching, optimizing and perfecting the trading experience for our clients through competitive conditions, full transparency and the highest regulatory standards."

About HotForex

With its origins dating back to 2010, HotForex is the brand name of HF Markets Group which encompasses global and regulated entities which are operating as multi-asset brokers offering both retail and institutional trading services to clients from around the world. HotForex is continuously establishing its position as a market leader, a fact affirmed by:

  • Over 2,000,000 Live Accounts Opened
  • More than 40 International Awards
  • Client Support in 27+ Languages
  • Top Fund Security Measures

To learn more about HotForex, please visit our website by clicking here.

Risk warnings:

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital.

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