When choosing the best UK Forex trading platform one can spell the difference between reaping good benefits and not seeking returns on one’s investments. A good trade platform is a passport to success in the financial market and you should take it seriously. You need to understand that if someone got benefited from a particular trading platform does not mean that you would also gain profits.
The trading needs vary from one trader to another and what seems like a fruit to someone might turn poison for you. Every trading has different needs and demands. You need to understand yours and find a platform that matches with your existing needs. You should understand that a good trading platform is your first step in the journey towards Forex market. A right platform can catapult your career to stardom and hence you should be extremely cautious in selecting the one for yourself.
Top 3 Brokers Offering the Best Forex Trading Platforms for the UK
If you are someone who hails from the UK and looking for a broker that can give access to the best trading platform, then your search ends over here. Mentioned below are 3 of the best-rated brokers in the Forex industry that offers the finest trading platform that is ideally suitable for both novice as well as skilled traders. These brokers are rated one of the best in the Forex industry and they have a long and glorious history to vouch for their credentials. Given below is a short preview of the trading platform feature offered by the broker concerned:
- IronFx: It is an award winning FX broker which is regulated by several bodies like FCA, ASIC and CySec. It has 40 different offices all around the world and boasts of 15 different types of trading platforms. The software offered for trade is simple, practical, easy to use and has been designed keeping the industry in mind. You will be able to trade without the least bit of slippage and with the highest level of accuracy. It offers MT4 platform across Windows and Mac based system. It comes equipped with front end terminal functions and back office reporting. It offers mobile trading as well for Android and iOS operating system. All you need is to download the application and start trading from your smartphone.
- Plus500: It is one of the top 10 FX brokers that have carved a niche for itself in the financial industry. It was founded in 1999 and its headquarters is located in London. It offers a single solitary platform because it does not want to be partial to the different class of traders. It offers an in-house trading platform that has been scientifically developed by industry experts. It is available in 3 different versions namely downloadable, web-based and for mobile trading. No matter what version you opt for the features remain the same. You need not have to regroup the data when you opt for a swap.
- IC Markets: It is one of the pioneer brokers that have taken the market by storm with its sheer diligence and state of the art features. It is an ECN based broker with head office located in Australia. The broker offers two types of trading platforms namely MetaTrader4 and MetaTrader5. Apart from that, it offers CTrader platform keeping in mind of the ECN environment. The platform is known for great trade execution and high-speed connectivity. You can place trade quickly and offers tight spreads. It is easy to use and has been designed keeping the novice and rookie traders in mind. With the help of PAMM trading account, you can get directly connected to your MetaTrader4 platform and start making live trades.
So without wasting any further time, you can select any of the aforementioned brokers and begin trading. Thousands of traders have opened their account with the aforementioned brokerage firms and have benefited greatly. So what is keeping you behind? Open a trading account with any of the 3 brokers mentioned above and give your Forex career the necessary boost.
How to Choose the Best UK Forex Trading Platform
When you delve deeper into the market, you will come across numerous trading platforms with myriad features and other benefits. Some of the platforms will be web based while some will offer trade across mobile devices. Some are suited to small traders while the others are ideal for big investment firms. Most of the times, the trading platform is available free of cost and if you want to get additional features then you need to bear the expenses.
There are certain important traits that you must bear in mind while choosing a trading platform. It should have a graphical interface with easy to use navigation features. You should be able to access real-time as well as historic data so that all kinds of information are available at fingertips while trading into Forex. At the same time, it should have all the important web tools and other charts so that one can trade without any hassles.
There are certain questions you need to ask the broker when you select a platform for FX trading. Some of them are discussed under the following headings:
- Can the platform be used for trading from charts?
- Is it possible to access the historic data?
- Can one opt for backtesting using the platform?
- Is the interface ideal for the newbie traders?
- Is demo account available to test the trading platform?
- Does platform allow integration of other software like MS Excel?
The aforementioned are the basic and most important traits you will find in a good trading platform. If you get an answer to any of the aforementioned questions as No, then you need to move along and search for a broker whose trade platform matches with the above features.
6 Point Criteria while Choosing the Best UK Forex Trading Platform
Forex trading is getting popular with every passing day and the demand of the brokers is increasing. This has led to the proliferation of myriad trade platform in the financial market of United Kingdom. It is to be noted that the trading platform is the very backbone of FX trade and hence is one of the most important factors while opening a trading account with a given merchant. With so many platforms, it is quite difficult for a newbie trader to select the best one for themselves and they are often left befuddled. Nothing can be disastrous that getting stuck with a bad trade platform. So in this regard, there are 6 important criteria discussed below that can help in reviewing the overall reliability and sustainability of the platform:
- Timeliness: The platform must be equipped with the sophisticated system and another state of the art facilities that can help you get real time quotes. It will help you to check the trading account and your trade position with other traders in real time scenario. The platform should be open 24 hours a day all throughout the week so that you can trade whenever you feel like. Moreover, with real-time information, you will be in full control of the funds and invest properly. Also, make sure that the trade executions are fast else it would impact your trades in a negative manner.
- Ease of Use: An ideal trading platform is something that does not require any software download or installation. Look for a platform where you can start trading immediately and is compatible with your Windows or Mac based system. You should not be asked to download any propriety software because most of the time will be consumed in learning how to use the software. You should be able to access the platform from any PC that has got an internet connection. Also, make sure that mobile trading is available because it would enable you to trade even when you are travelling or not have the luxury to sit in front of the computer.
- Payments: The platform should have an easy mechanism where one can deposit and withdraw money with unnecessary hassles. If you transfer any funds, it should immediately show or reflect in your trading account. Some of the best trading platforms allow features like depositing money for margins and paying premiums using credit cards. In this way, you would be saved from the dilemma of making physical deposits by attending your local bank. It not only saves time but you will be able to focus your resources for the betterment of trading.
- Trading Rate: There are few platforms that allow freezing option when it comes to buying or selling any assets for a few seconds irrespective of price movement. It means that the rate you see and freeze is the rate you get. There is no lagging and it can really go a long way in boosting profit. Make sure that your choice of broker is offering this particular feature and you should try to make the most out of it.
- Spreads: There are certain brokerage firms that adopt variable spreads. It might look nice when the market is quiet but once it gets busy the broker starts widening the spread. So you must make sure that the spreads are competitive and fixed because it would help you to stay into profits. It is extremely benefiting when you are making use of the stop-loss for your trade strategy. So the thing is that you need to opt for a platform that is either offering no spreads or tighter spreads.
- Technical Support: You should know that Forex market is open 24-hours all 7 days a week. It is imperative that your choice of the broker must be able to provide customer service throughout the weekdays without any break. Make sure that it incorporates features like live chat and email because it would enable speedy settlement of your doubts and queries regarding trading.
3 Necessary Steps
When you have access to the best and state-of-the-art trading platform, it would eliminate the risks of failure and you would not lose your important money. Your success will be guaranteed and your competitors will be left far behind. But before you delve any deeper in your quest for an appropriate platform, you need to keep the following things in mind:
- Master the System: Since you would be placing trades in UK Forex market, it would be imperative on your part to learn how the market works. You should be able to understand the industry and this would enable you to manage things effectively.
- Find Your Style: Every trader has their own style and you need to discover yours. It would be the stepping stone to your success. So understand your approach and ask yourself whether you want to trade for short term or have long terms goals in mind.
- Knowledge is Key: There are different types of platform and you should have the knowledge how each of them works. It would help in switching from one platform to the other one without any hassles and make the most out of the market.
Conclusion
The entire concept of the trading platform is designed to bestow the traders with quick opportunities for an effortless trading. Your success in the Forex market is dependent on the fact what kind of platform you choose for FX trade. Take your time and research well before you finally make your choice. It is advised that you open a demo account with the broker concerned.
It will give you an opportunity to delve deep and get accustomed with the platform. If you find it satisfactory, you can go ahead and open a live trading account. If you don’t find the platform useful, you can go ahead and choose any other broker. The list mentioned above provides a good resource of brokers who offer the best Forex trading platform for the UK. You can open a trading account with any of the brokers and take your Forex career to greater heights!
