Forex trading software is a part of retail forex trading. The operative word is “retail” because it allows the general public to trade in currency. The same is via the utilization of internet connectivity and a software as a platform. Currently, it is estimated that 5% of all forex transactions is directly imputable to the same. This amounts to around 50 to 100 million in daily forex turnovers. The question is “would you like to be part of that?” If your answer is yes, then you need to understand a few things about forex trading software. Below are a few things you should look out for when shopping around for forex trading software.
Forex Trial Account
Think of a trial account as a starter kit. It allows you to gain familiarity with the trading platform, user interface and functionality. In most cases, the trial period lasts from 30 to 90 days. This is enough time for you to assess the software. Pay attention to the differences between trial account vs. paid account vs. premium account.
The current platform is popularly regarded as the third wave of forex retail software. This is a more user friendly and intuitive system. Prime examples of such are Multicharts and cTrader, Currensee, Zecco, FXState, etc. These software allow you to utilize social media and RSS feeds in order to provide faster and more accurate updates. Aside from functionality, you want to look into back end retail brokering. Simply put, you want a system that allows your broker to access your file, give you updates and tips BUT still gives you 100% discretion.
This may not necessarily be software related but experts agree that the best retail forex platforms also have the most reliable customer support system. This means that your waiting time is minimal; your representative is highly skilled, and easily understood. This may sound a bit stereotypical, but realistically speaking, you want a customer support representative who has neutral accent. This is regardless of where the call center is actually located.
Assess the Efficacy of Their System
Forex trading software allows you to get information. This information is as close to real time as possible. But is the raw data you are given access to relevant to your needs as a forex trader? Is the data accurate, and is the data timely? These are questions you need answered, preferably during the trial period. Remember, you do not need to have a fancy interface with dozens of charts. What you really need is relevant and accurate information.
Access to Raw Data
The worst kinds of forex platforms only provide you with analysis. This means THEIR analysis. What you want though is the option to double check the same. Therefore, you want access to raw data. And while you are at it, check how far their historical data goes.
Last but not the least, you look at how much the Forex trading software costs. Most providers will give you the option of monthly, quarterly, semi annual or annual payments. Most experts agree that it is better to go for the quarterly for your initial membership. This way, you can dump the same with very little regret.
Guest post by FXCC - Forex Trading Software