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.