As the market reach of forex continuously increases, the number of new traders today also grows. Before, forex trading platforms were only limited to currency trading. But now, many platforms also offer services to stocks, shares, CFDs, cryptocurrencies, and other commodities traders can trade. Among the available trading platforms for forex, MetaTrader is one of the most preferred and recommended by brokers and professional traders.
There are now two types of MetaTrader, MetaTrader 4 and MetaTrader 5. Both have incredible features designed to cater to the trading needs of forex traders. Aside from MetaTrader, many other trading platforms have competitive features that many brokers use and recommend. Some even have great features, like MetaTrader 4 but are not famous yet because of poor marketing with traders.
Though a platform’s features are exceptional, that would vary depending on what a trader is looking for in a trading platform. Most of the time, new traders are specific about a platform’s features before starting. After all, what their trading platform has to offer affects their overall trading journey. In this post, let’s discuss what new traders look for in a trading platform.
1. Transparent Fees Structure
One of the things that many online financial users are careful with is the fee structure. When online trading and financial services were new, there were many charges concerns. One of which is additional fee charges that platforms don’t disclose immediately. Today, many scams circulate online, particularly in financial trading services. That’s why traders ensure broker’s fee requirements are transparent when looking for a trading platform. Some claim they don’t require fees, but when a trader starts trading, hidden charges will credit to their accounts. No one likes hidden charges, and forex traders are no exception.
2. Trader Assistance
Another thing that traders look for in a trading platform is customer assistance. It’s not a secret that forex can be an overwhelming and challenging market, especially for beginners. That’s why having reliable and attentive trader assistance in a trading platform is a must. Since we’re talking about new traders, it’s a given that they’re likely to ask many questions, have clarifications from time to time, and require assistance when using the platform. That’s why from their perspective, having reliable trader assistance on a trading platform is a must.
3. User-Friendly Interface
I mentioned earlier that the forex market can be overwhelming to new traders. That’s why a trading platform with a user-friendly interface is the best choice for them. When you first look at a trading platform, the charts, data, currency pairs, and analysis can be overwhelming. But like everything in life, navigating gets easier once you familiarise yourself and know the platform better. However, there are also some cases when traders don’t find a platform’s feature beneficial to their trading use. Some platforms’ interface can also be confusing, especially if it has many control panels that lead a trader to different windows. Learning and trading in forex can be extra challenging if that’s the case.
4. Competitive Market Data Analysis and Rates
Another thing traders look for in a trading platform is its market data analysis and rates. The reason many forex brokers exist is they set competitive prices and market data analyses that entice traders to trade with them. Aside from the trading platform, the rates and data a platform provides are what new traders are after. Competitive market data and rates are critical because traders rely on those two when buying, selling, or trading. Rates are becoming crucial, too, since many platforms post overpriced rates to take advantage of their traders.
5. Enticing Product Offerings
Even though most forex platforms are just about opening a trading account and using them for a trader’s trading activity, some platforms provide enticing product offerings that engage traders. Product offerings include rate discounts, currency pair trades, and enabling platform features that benefit traders’ trading accounts. From time to time, forex platforms offer product promotions that help their audience grow and encourage their traders to open and retain multiple trading accounts with them.
6. An Established Reputation
When looking for a company to transact with, people always look for the best reputable one. Usually, when a business has many users, they’re more likely to have a strong reputation because many people have tried and tested their products or services. The same goes for trading platforms. Most new traders decide to open accounts with forex brokers that use the trading platform they like, have competitive rates, and have many users. Most of the time, those three are the ones that comprise a broker’s reputation, hence, also affecting the reputation of the trading platform they’re using.
7. A Reliable Community for New Traders
Last but not least is a reliable community for new traders. One of the reasons many traders stay with a broker is the camaraderie they get with the traders’ community. Having people you can talk to about trading helps and makes your journey fun because you learn from their mistakes, experiences, and successes. That’s why most trading businesses have CRM systems or Customer Relationship Management systems where they can manage client relationships and maintain a positive and supportive trading environment for their traders.
A Navigable Platform will entice a new trader
Overall, if a platform is navigable, provides accurate and real-time data charts and analysis, and has competitive trading rates, it will undoubtedly entice new traders. But then again, every trader has specific needs and requirements. That’s why their choice of platform would vary on whether a platform meets those requirements.