The best forex trading platform will be the one that satisfies both brokers and currency traders. Brokers need a forex trading platform that is reliable, flexible to their needs and easy for their customers to use. Traders give more importance to user-friendliness as well as reliability of the forex platform.
Forex Platforms for Brokers
Large financial organizations who are the key players in forex market have custom built trading platform for their use. Currency trading is a multi billion dollar business for these financial institutions and they want the best forex platform to ensure good returns on their investments. Usually these big players in forex market will take a look at the forex platforms of their competitors and then aim to develop a forex trading platform which is better than others. The expenditure of building a custom forex platform is definitely high. Since software development is process that mostly takes longer time period than estimated their can be always time delay in creating a custom forex platform.
Unlike large financial institutions, smaller brokers cannot usually have the funds for developing custom forex software platforms. As an alternative, the small brokers could buy a forex trading platform that is ready to use out of the box. However, many of these out of the box solutions are not reliable and experienced traders will identify this and may stay away from brokers who are using these solutions. Currency trading is a big business and if a brokerage company is not ready to invest money on a reliable trading platform the traders will not have confidence in that broker.
Finding the middle ground that works well for Fx brokers is to obtain a readily available forex platform and then have a programmer customize it for you. The software engineer could include more forex charts and add some technical analysis options which are not available with other brokers. Of course those additional forx charts and technical analysis functions should be useful for the traders. You may also modify the visual aspect of the trading platform by including your company logo and change the colors of the interface to match the company website etc. Thus a trader will feel that the broker is offering a unique forex trading platform without the broker spending huge amount of money for custom forex framework software.
Forex Platforms for Traders
Traders primarily seek for ease of use and accuracy of information which can directly affect the profitability. Usually small individual traders will utilize whatever trading platform their broker provides. For many traders the platform is more important factor than the cost when selecting a forex broker. Many traders go for brokers with a bigger spread for the sake of the accurate forex charts and signals (Forex Ambush 2.0) which they require to run a profitable forex trading system.
Many skilled traders who have developed their own profitable forex trading system might create automatic trading robots like Forex Derivative. The currency traders who employ automatic forex systems or forex EA for trading will need a forex platform on which their forex trading software can function. Nearly all of the widely used forex trading robots like Forex Autopilot and FAP Turbo are developed to run on the famous Metatrader 4 forex platform. Keep in mind that the trading robots can’t be installed directly on windows or Mac software. They require a forex platform like Metatrader 4 which is a software frame work which can be downloaded for free and installed on your PC prior to installing the robot.
Both manual trading systems like Forex Confidante and automated trading software have their advantages. Auto trading robots have the ability to open and close trades automatically when the software identifies a winning trade while manual trading works best when the market is controlled by human emotions. Many currency traders are now going for forex brokers who offer Metatrader4 platform since they can run these auto trading robots as well as perform live manual trading online.