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What You Need to Look For in a Forex Trading Platform

If you are new to the world of Forex, two things are essential; A trading account, and a trading platform. Online trading in South Africa is a software-based or preferably web-based interface that allows you to manage your trading account. There are a variety of platforms in the market, but which one should you go for? Here are some common features you need to look for in a forex trading platform.

1) Is the interface easy to use and navigate?

This is probably the most important feature of all, and the first one that many people will try to figure out when they want to start using the trading platform. Not all platforms are born equal; Some have fairly simple layouts, others are somewhat cluttered; Some are designed with forex newbies in mind; Others cater to the professional trader. No matter what level you are at, a trading platform should be easy to use and easy to navigate.

2) How much does it cost?

If you are new to Forex, you may ask this question. For the most part, the trading platform doesn't cost anything. You can register and open an account for free, but they have a minimum deposit amount; That is, the minimum amount allowed to start trading. It can be anywhere from $25 – $200 and sometimes beyond. It is worth considering, depending on your current budget and how much you want to start trading with.

3) Does it offer a range of deposit/withdrawal options?

This is an important one but unfortunately varies between platforms. While some allow credit card and PayPal options; Some are limited to wire transfers only, which can take a few days and incur a small fee depending on who you bank with.

 

How to Select a Good Quality Forex Broker

How to choose a good quality forex broker

Once you are sure of the way you will trade the forex market, along with the money management rules you will be implementing, it might be time to find a good forex broker.

There are many brokers to choose from, so it is worth doing some initial research before choosing a forex broker. Some things to keep in mind when choosing a forex broker include:

Low spreads

The spread is the main way online forex trading generate their profits. The spread is the difference between the price at which a currency can be bought and the price at which it can be sold at any given time. When looking for a broker, keep an eye out for their spread costs. The lower the margin, the more money you save and the faster you make a profit on a trade.

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A wide range of leverage options

Leverage is necessary for currency trading because price movements are only fractions of a penny. In general, leverage is expressed as a ratio of the amount of capital you provide to the amount that a forex broker will lend you. For example, take the example of the 200: 1 ratio. What this means is that the forex broker will loan you 200 times the amount of money you provide.

Just keep in mind that the more leverage you use the higher the risk of getting a margin call, however, you also have the potential for higher profits and vice versa. In general, when starting with a small amount of capital, make sure that the forex broker you are using offers a wide range of leverage options. This will give you more control over the risk exposure you should be prepared to take.