Although most of you already know what a trading platform is, let us quickly look back at it.
What is a Forex Trading Platform?
A forex trading platform is a technology that allows trading through a financial institution like a forex courier, such as opening, closing, and controlling market positions.
Specific tools or markets such as stocks, currencies, options, futures markets, can be these trading platforms.
Most of them are offered at a subscription fee for forex trading platforms, like MT4/MT5. On rare occurrences, however, certain fx trading platforms, in particular, new ones, are freely available in exchange for commissions on a certain monthly number of trade.
Business people worldwide use a wide range of advertising outlets depending on the style and size of their business. However, MT4/MT5 from MetaQuotes is popular with 15 million users among the majority of traders in the world. This is because of MT4’s easy to use, robust and at the same time versatile trading platforms.
In addition, there are no strings attached to the MT4/MT5 in that there are no quotas for trading volume to meet. This is also why MT4/MT5 is universally offered by most forex brokers.
How to choose your Forex Brokerage on the right trading platform?
The selection of the right trading platform is essential as a forex brokerage. It has to be based on the characteristics and charges. Here’s a list of things to look for while selecting your brokerage’s trading platform.
1. Customization and white-labeling
This is an important lesson for mass retailers to borrow. Because the white-labeled products sell, Giant retail stores sold their own branded food at a much lower price.
The concept here is the same, Retail or FinTech. Simply subscribe to and market a product developed by a single firm. It provides you with a ready-to-use solution, without having to spend a lot of time and money.
A white-label forex trading software also increases the visibility of your fx brokering and enhances your existing customers ‘ loyalty.
Look for a software provider for forex that not only offers white label forex solutions, but that can also be customized to your business needs.
Each of your customers can have a special trading style. There may be people who prefer to use a desktop trading platform while others may choose an internet trader or even a smartphone trader.
Regardless of the position of the trading platform, the platform is extremely stable and reliable. This can be a dealer or a breaker with passionate traders making large, popular businesses as they always pursue a forex-trading platform that never or rarely crashes.
User Experience & Flawless Trading
It is important to note that future clients will have much more interaction than they would with your brokerage or website with these business platforms. The user experience is, therefore, the factor in determining how long your customers stay.
A trading platform that allows you to place an order or close a business immediately with one click is ideal whether it is a desktop, mobile or web. Not to mention the quick opening in one click of a few graphs.
Besides one-click trading, stop-loss and overall navigation management are advantages which a trader can take into account. Furthermore, it is essential to have easy access to and application if a platform offers several diagrams and tools.
4. Support & Updates
It is important that you choose one where support is included free of charge in the choice of a Forex technology provider. If you are confronted with questions or questions, a technology partner providing key-to-head solutions in Forex.
A partner with a powerful technology team such as LaunchFXM can also fix issues and immediately deploy new software updates.
5. Platform Availability & Accessibility
You must offer your customers the freedom to trade from anywhere at every time in this day and age. Trading platforms must, therefore, be accessible on Web, mobile and tablet devices.
This is not only a convenience value for your clients but also a boost to your forex brokerage company’s overall growth and income.
A Forex software provider like LaunchFXM can deliver intuitive Forex trading platforms accessible as a web-based, smartphone (iOS or Android) trader or tablet. In addition, in terms of look and feel and functionality, they can be fully customized and branded according to your liking.
The importance of partnering with a provider that not only offers complete customized trade platforms but also has immense API capabilities can not be emphasized.
Veterans in the LaunchFXM technology team met many customers ‘ API needs in terms of forex technology. All external plugins, custom development, and APIs can be integrated flawlessly in any of your existing systems, and communications with the trading platforms must be ensured.
7. Variety Of Assets
A broad range of tools such as big and small monetary pairs, cryptocurrencies, indexes, stocks, forexes, energy, metals, commodities, and futures will be offered by an ideal forex technology provider.
8. Trading Simulation & Demo Capabilities
Many traders want to test their trading strategies in advance so that they work without losing real money. A good technology provider for Fx must be able to offer hypothetically testing simulations and demo capabilities. A feature like this, on the other hand, serves as a space for amateur traders.
9. Tools & Charting Capability
Cartography capability is one of the trading platform’s most important features. Most forex traders use the graph to visually test price changes on diagrams.
Another important feature to search is whether your provider allows a trade to directly be placed from the chart.
Moreover, traders employ techniques for analyzing pricing predictions. Werkzeuge likes retracing Fibonacci, Gann signal and more help in analyzing it.
10. Costs and Pricing Models
In the decision-making process, costs and demand dynamics play an important role. A platform company like LaunchFXM will charge a flat rate for your subscription and will not tax you on trading volumes. This feature should be the main concern when assessing cost choices since it can be consumed in your earnings.
The above features and more are provided by LaunchFXM. Request a free demonstration today to fully explore all the exciting possibilities!
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