Trading the Forex market is one of the best ways to develop an additional source of income and ensure financial freedom for you and your family. As the most experienced traders will tell you; Comprehensive trader education and a good currency trading in South Africa are the top two prerequisites for success in Forex trading. Currently, there are several online Forex platforms available on the market.
Since this can be very confusing, especially for newbies, let's take a close look at some of the main features that go into creating an ideal trading platform.
1. Speed and reliability
The most crucial aspect of a good trading platform is its ability to display accurate price information consistently. Even a small lag in the displayed prices can lead to losses and new quotes. Similarly, a good platform should have minimal system downtime to allow for smooth and seamless business activity without major disruptions.
2. Market analysis
Most Forex traders use technical analysis to trade the Forex market. Therefore, a good platform must have self-updating charts that allow the trader to analyze market data in multiple time frames (1H, 4H, Daily, Weekly, etc.)
3. Ability to trade multiple types of assets in different markets
Since the Forex market does not work in isolation, it is obvious that there are several correlations between various Forex currency pairs and other asset classes. For example, the Australian dollar (AUD) has a very strong positive correlation with the S&P 500, the Canadian dollar has a positive correlation with the price of crude oil, etc.
With this in mind, it is very important to choose a Forex trading platform that allows you to seamlessly trade multiple asset classes such as stocks, commodities, currencies, debt, options, etc. The AI platform that allows you to trade highly liquid CFDs is a bonus.