Research-driven, and heavily reliant on strong analysis, Forex trading requires high levels of accuracy to succeed in. Be it the strategy implemented or the platform used, to win at the currency exchange, traders have to demonstrate precision! This is what makes trading platforms an indispensable element in Forex. These platforms connect traders with the markets, and equip them with the necessary information to combat each deal!
Chart analysis, studying past price movements, and speculating future market actions is a huge part of Forex trading. Since this field is one that works on the basis of trends, it is crucial to know each currency's current, past and future status, before moving into the markets. Trading platforms are software that allows players to monitor and place trades.
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| Various Types of Forex Trading Platforms You Could Try in South Africa |
However, the most prominent advantage of these is the features they provide, that help in conduct trades in a more immaculate manner. From real-time quotes to an array of charting tools, with a solid trading platform, you can equip yourself with the most precise of information and data to ace all your trades.
There will be several trading platforms at your disposal, but these 4 top all charts:
1) MetaTrader 4: Undoubtedly one of the most used Forex trading platforms; MetaTrader 4 is incredibly efficient, as is powerful. MT4 provides users with one of the best user experiences to be found on various platforms. Available in various languages, MT4 doesn't limit itself to one tongue!
What truly makes this platform so widely-used is its Expert Advisor provision. Not all traders have the time to spend on each trade. Some choose to automate the process, while only spending time to set the parameters. The EAs take care of the trade, from monitoring to placing one.
With MT4 not using up too much of your computer's resource, you can be sure that it is an overall performer!
2) eSignal: Beginners are bound to feel overwhelmed by the various elements a platform will offer, not to mention the general chaotic nature of Forex they have to bear. Applauded by several for being the fastest trading platform, eSignal is suitable for beginners, intermediates, and professionals alike! From providing live-stream quotes to real-time data, eSignal serves as the perfect trading companion. All these stellar features aside, there is one that makes this Forex trading platform stand out - it allows traders to back-test strategies before implementing them!
With its wide array of scanning and speculation tools, traders can see the effectiveness of the strategies they make, before using them on live markets.
3) Forex Trader Desktop: Used by thousands globally, for its flexible and swift nature, Forex Trader Desktop offers a plethora of immensely helpful features. Using the Strategy Wizard, you are provided automatic trading signals and customized trades. Add this up with the provision of advanced technical analysis tools, and you are all set to embark on an incredibly lucrative trading career! Starting off, the one thing beginners need is support.
While Forex trading professionals can handle sticky situations, novices are less equipped to do so. Forex Trader provides live support to its traders, making sure no hassle leaves them inert!
4) Currenex: With over 100 currency pairs offered, this Forex trading platform is one of the best picks for hardcore, large-volume traders. As a Currenex user, you can access immense liquidity levels. Owing to its anonymous nature, traders can access several liquidity sources. This dynamic platform equips traders with the means to analyze markets chronologically, and update their Forex trading strategies accordingly.
There is complete transactional anonymity and confidentiality, allowing traders to participate freely and hold large positions freely.
Still having trouble deciding? Here are 4 factors to look for before selecting a trading platform:
1) Responsiveness: Working in the fast-moving environment of Forex trading in South Africa, your decisions will have to be based on accurate calculations, and also have to be made swiftly. Too much delay will cause the opportunity to pass!
2) Reliability: A common trait for any product or service, the data generated by your trading platform has to be reliable and precise.
3) Easy-to-use Interface: Even if you are a professional, working on a congested platform, with unnecessary features that only take up space, can be troublesome. User-friendliness is one of the crucial factors to look for!
4) Quality of Tools: Charting tools provided should be immaculate in the information provided, swift in delivery, and reliable.
5) Security of User Data: On a Forex trading platform, you will be entering a lot of personal information, and possibly working with huge amounts of money. The safety of your information and capital should never be compromised!
When you find a Forex trading platform that checks all these 5 criteria, you are set to dominate the markets! Forex trading in South Africa grows competitive by the minute, without proper aid, winning will be close to impossible. Call WesternFX today, and avail our world-class brokerage! With our experienced brokers by your side and an impeccable platform to work on, you will ace every deal you make!
