Sunday, June 28, 2009

3 Different Things That You Need to Examine before Choosing a Forex Trading Platform

By Alex Miller

Many of us have seen our portfolios dropped as a result of the current economic crisis but that does not necessarily mean that we have given up on our portfolios altogether. There are quite a few people who are now turning to Forex because of the fact that it's a zero-sum market and allows individuals to trade, regardless of their experience. Once you understand the market well, it is possible for you to build up quite a portfolio quickly.

One of the things that you must be sure that you have, however, is a qualified broker at your side. It is impossible for you to trade directly on the Forex market as all trades must be placed with your broker and he will actually make them happen for you. Calling a broker on the telephone is becoming increasingly antiquated but it is possible to have direct access to them over the Internet which is very convenient. This is done through any one of the Forex trading platforms that are available.

There are a number of different things that you need to consider whenever you are choosing from among these Forex trading platforms and making the proper choice is going to make a difference in how well you are going to trade. We have tested dozens of platforms and there are a few things that we always look for whatever we are doing our testing. Here are a few of our most important criteria, something that may help you in making your own decision.

One of the first things that you always need to look for whenever it comes to the platform that you are choosing is whether it caters to beginners or experienced individuals. Most of the platforms do a fairly good job of balancing this out but some of them come out heavy in one direction or the other. As a beginner, you would want those tutorials and advanced tools so that the platform can grow with you as you gain knowledge. Advanced users will want to make sure that it has everything that is necessary for them to trade successfully.

Customer service is also something that we consider to be extremely important when choosing your Forex platform. Although it is not typical for you to have to contact customer service, you want to make sure that they are going to be available for you if the need ever arises. Look for more than just an e-mail address and make sure that they have an online chat which is available along with toll free numbers which actually dial through to someone with knowledge.

Finally, you might be interested in seeing if they offer other types of trading, such as gold or other precious metals. Oil trading is also something that is offered by many of the more popular Forex platforms. This can truly help you to diversify while not jumping from broker to broker in order to do so.

Although it may take a little bit of research on your part, you want to make sure that you choose the platform that is going to fit best for you from the very start. Not only should fit now, it should also be able to grow with you into the future so that you do not need to switch to a different platform at that time. Forex is an excellent way for you to make money and to grow your portfolio again, make sure you have a platform that will help you along the way. - 23802

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