Finding the best FX trading platform can be a challenge for both brokers and traders. Brokers will want software that is reliable, adaptable to their needs and easy for their clients to use. Traders are also looking for ease of use with good technical information.
Forex Platforms For Brokers
Many forex brokers, especially the larger organizations, will have a trading platform custom built for them. This is big business and a brokerage company will usually sneak a look at all of the platforms that competitors are using and then try to build something better. The cost of this is sure to be high. It can take a long time too. Software development, like construction, is something that always seems to take longer than expected.
Smaller brokers cannot usually afford to have all of the software designed for them from scratch. Instead, they may buy an FX trading platform that they can use out of the box. However, experienced traders will recognize this and may avoid such brokers. It is hard for traders to have confidence in a company that does not appear to be investing any resources in its trading software.
A compromise that works well for many brokers is to take a pre designed package and then have somebody customize it for you. The look of the program can be altered to include your logo, company colors and other factors. Better still, you could add more charts and offer any the technical analysis that traders are looking for but cannot get elsewhere. This way you can give the appearance of offering a unique trading platform without the cost of full scale software development.
Forex Platforms For Traders
Individual traders will generally use whatever software their broker provides. The platform is an important consideration when looking for a broker. For some traders, it is more important than cost. They may accept a bigger spread for the sake of the exact charts or information that they need to operate a system that they know is profitable.
In addition, traders who use automated systems or robots to trade the foreign exchange market will need a software platform on which their robot can operate. Experienced traders who have developed a profitable system of their own sometimes design a robot to automate their system for their own use. Most of the popular robots or expert advisors run on the Metatrader 4 platform. You need to download this for free in order to use most of the forex robots that you can buy today.
Automated trading software has many advantages, including the ability to automatically open and close trades when the market favors your system. Many forex traders are now moving into the world of robots and Metatrader 4 is probably the best FX trading platform for those traders.
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