An important decision for new entrants into the world of online foreign exchange trading, is choosing the best forex trading platform for beginners, as will be explained in this article. We will focus on why the Alpha Trader and MetaTrader4 trading platforms offered by WorldWideMarkets are the most ideal.
Due to the enormous amount of competition among brokers and the vast amount of money spent on marketing and advertising, the ability to decipher the best forex trading platform for beginners is becoming an arduous task.
Understanding The Best Forex Trading Platforms For Beginners
Learning a new trading platform and the basic mechanics of online forex trading, whether in a demo or live forex trading account, requires initial research, examination, and applying oneself to take the time to make sense of the features and terminology which can vary from one platform to the next.
The consequences of choosing the wrong platform, can lead to a negative initial experience and for beginners to shun away from trading, believing that it is either too complex, or difficult to be successful with over time.
Forex Blog considers the platforms listed below as best suited for beginners and even advanced traders, ranking a multitude of criteria, beyond fancy looks, in order to best help traders succeed
Why AlphaTrader and MetaTrader are Best
Forex Blog recommends the online brokerage worldwidemarkets.com, as traders can choose from the company’s own developed proprietary technology found within the Alpha Trader platform, and which can lead to a positive customer experience, when compared to trying to intuitively figure out other trading platforms.
For traders keen on using automated trading tools, such as expert advisors (EA’s) found within the MetaTrader platform, WorldWideMarkets also offers MetaTrader4 (MT4) which is one of the most popular trading platforms used in the retail foreign exchange market, and developed by MetaQuotes Software Corporation.
Brokerage Behind Platform is Important Too
While many brokerages offer platforms such as the MetaTrader4, as described above, not all brokerages are created equal, and therefore the company plugging in prices and execution capabilities into the software is equally important to consider, as the broker will affect the overall platform trading experience, as well as holding client’s funds in a margin account.
In addition, the back office functionality with regards to reporting and the level of detail provided within customer statements and trading history, are critical features that must be available in order for clients to not only understand their trading account history, but also when troubleshooting various scenarios or trading conditions.
WorldWideMarkets has developed one of the most detailed reporting capabilities into its trading platforms, which makes both of its offerings the best forex trading platforms for beginners, not only due to the ease of use, standards of trading execution, and reporting described earlier, but also because of the company’s own credibility in supporting the platforms, including the technical expertise of the research team of Harvard trained Astrophysicists.
Best Way To Learn How to Use AlphaTrader and/or MetaTrader
Forex Blog has several detailed posts on how to get started with understanding more about foreign exchange, as well as how traders can develop a forex trading system, and how to be successful in trading over time, using a systematic approach.
Several detailed PDFs are also available with regards to installing and operating the forex trading platforms, provided by WorldWideMarkets.
For traders that already have prior experience with online forex trading in foreign exchange markets, opening a live forex trading account using either of the platforms described in this post can be the best way to take advantage of some of the best trading platforms available.
Beginners that have already started or preparing to begin can open a forex demo trading account, for the purpose of understanding the software, and in advance of live trading.