$50
3 pips
$50
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Fundamentally, a forex platform provides a forex trader with the software they need to execute foreign exchange transactions. Most online forex brokers will include a forex platform when you open a forex trading account with them.
Furthermore, you can usually open just a demo account with a forex broker in order to have the opportunity to test their forex platform and make sure it will work well for your particular purposes. Naturally, it makes sense to do this sort of forex platform testing before you place actual funds on deposit with the broker.
Desirable Forex Platform Features
The most important requirement when reviewing forex platforms would naturally be efficient and accurate forex deal execution at competitive prices and spreads and good order execution with minimal price slippage.
| Broker | Promotion | EUR/USD Spread | Leverage | Min. Deposit | Platform | |
|---|---|---|---|---|---|---|
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Welcome Bonus of up to $250 | 3 pips | 1:200 | $50 | MarketTrader | More infoVisit website |
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Get up to 5000$ Bonus on First Deposit | 3 pips | 1:200 | 100$ | Bloombex | More infoVisit website |
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First deposit bonus gift of up to $1000 instantly | 4 pips | 1:400 | $25 | eToro | More infoVisit website |
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Deposit $1,000 or more and receive a 10% cashback | 3 pips | 1:200 | $100 | ForexYard | More infoVisit website |
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$20 Bonus - No Deposit Required! | 2 pips | 1:200 | 50€ | Plus500 | More infoVisit website |
Furthermore, for most personal forex traders, some additional useful features to look for in a forex platform might include things such as:
- Real time forex quotes.
- Real time forex price charts.
- A forex-targeted news feed.
- Standard and custom technical indicators.
- Demo and live trading accounts.
- Trading plan back-testing.
- Scalping facilitation.
- A programming language for automating trading.
- Support for mobile trading.
- Trade and price alerts.
You will also want to assess that the forex trading system works well from an ergonomic standpoint and that it provides a pleasing interface for you to operate in the forex market through. Unless you only plan on trading forex occasionally, you will probably spend plenty of time sitting in front of this trading platforms screen, so make sure it appeals to your sense of computer software interface aesthetics.
Another very important factor, especially for Apple Macintosh and Linux users, will be whether your operating system will be suitably supported by both the broker and any forex platform you currently have under consideration.
The Popular MetaTrader 4 Forex System
If you think you might end up using automated forex trading software, like the so-called forex robots of which FAP Turbo and Forex Megadroid are popular examples, or if you have only recently developed an interest in forex trading, then the MetaTrader 4 forex trading platform has some distinct advantages.
First of all, MetaTrader 4, or MT4 for short, generally comes free of charge from its developers and from many online forex brokers. Secondly, most forex robots only work within this particular forex system as Expert Advisors which take advantage of its proprietary MQL4 programming language.
MT4 also offers just about all of the features mentioned in the bullet points above, in addition to having a remote server hosting option that can help compensate for unreliable Internet connections. Furthermore, in addition to the usual developer support, the MT4 forex system and trading platform has plenty of online forum help available from other users, as well as from the many Internet forex brokers that offer accounts through MT4.
Basically, with full-featured forex systems like MT4 available for quick online download and installation in just a few minutes, you will have all you need to get started trading forex just as soon as you can get your account funded.