MoneyMakingForex.com

Online Forex Platforms

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Lots and Lots

There are more online trading platforms for forex then you can shake a stick at. Naturally, they are not all unique. Many are white-labeled from other brokers or from software developers. Still there are many, many flavors out there.

Just do a search for "forex brokers" and see for yourself. There are bunches of them from all over the globe. Now that said, how do you pick a good platform? As I'm sure you know, they are not all created equal. So what should you look for?

Two Things

If you find out that these two things are good, you can be sure that you have made a good choice. The two things are:

• They're uptime.
• The quality of the broker.

So, write (email) to their customer support and ask. You should also do this if their uptime isn't posted on their website. You see, you are giving them another test here. How long does it take for them to give an answer back to you? Furthermore, how polite is the response?

Carefully evaluate the response you get. Does it seem like they are being unclear? Are they trying to hide something? Do they make it sound overly complicated? These are warning signs.

Okay, so you've got the uptime question settled (at least for now). Next you need to determine the quality of the broker itself behind the platform. Do some searches online. See what others are saying.

Understand that just because people have bad things to say about them doesn't mean that they are bad. Many times traders who aren't any good will blame the broker for their losses, when in reality it was their own fault.

It is naturally a good sign if you find only positive comments online about a given broker. Also in your quest to determine if they are any good, closely scrutinize their homepage. Does it have hype on it about how easy the currency market is to trade? Do they talk about getting rich? Is there anything along those lines on their website? If so, I'd drop them right there. You want an honest broker. If they lie about the easy of fast riches, what else might they lie about that you won't know about until it's too late? Remember, trading is about slow gains over time the pile up, not about being a millionaire by tomorrow afternoon.

Ultimate Test

So, what's the ultimate test? Move to the front of the class if you said actually using the platform. First demo it. Since you're just checking out the platform, you don't need to do this long. Just see if you like it. Is it intuitive to you?

If so, great. Now the final test. Deposit the minimum you can with the broker. Place several small orders at deferent times. See how it all works. Watch the charts to see if they try any dishonest practices like "spiking".

In case you're not familiar with spiking, it's the broker making the price move a very large amount in a short period of time to take out stops. You can confirm spiking by looking at other charts to see if they have a similar thing happen. If not, the broker probably is guilty. Start the search for another.

Well, that's how to determine which online platform is the best to use.