Forex Platform – Complete Beginner’s Guide in 2022

How to choose the right broker for your Forex platform: selection criteria, advantages and disadvantages of trading with a Forex platform

Forex is considered to be a platform where currencies such as GBPUSD or EURUSD are traded by investors. However, to perform these operations, installation of a Forex platform is required. It is important to master your Forex platform for good market analysis. Find out in this article everything you need to know to choose your Forex platform.

Forex Platform - Complete Beginner's Guide in 2022

Forex Platform – What is Forex?

Forex or Foreign Exchange or Foreign Exchange is a currency market where investors trade virtual currencies. In fact, in finance, forex is a very popular market for traders and investors. Currencies in forex are always in pairs. Forex trading is done through a Forex platform.

Exchange rates vary depending on factors in the forex market. Therefore, each broker chooses its quote. There are several forex trading opportunities as trading can be done on all currency pairs. Generally, traders pay more attention to major currencies due to their frequent updates.

Forex platform: the currencies you can trade

  • Minor currency pairs – Currencies not pegged to the US dollar are the minor currency pairs. For example we have: EUR / GBP, EUR / CHR, GBP / CHF, CAD / JPY, NZN / JPY, AUD / NZD.
  • Major currency pairs – The currencies linked to the dollar and which are in forex are the main currency pairs. As major currencies, you can trade on forex platforms, EUR / USD, AUD / USD, NZD / USD, GBP / USD.
  • Exotic currency pairs – Exotic currency pairs are currencies of emerging economies. These include the Hong Kong dollar, the Singapore dollar, the Turkish lira, the Taiwan dollar.

Forex platform: the 7 best Forex brokers is a cheap forex platform. Founded in 2016, it offers 160 currency pairs in CFDs and has satisfied several clients. Additionally, provides its clients with educational guides and technical analysis tools for successful forex trading. Furthermore, the MetaTrader4 trading platform is accessible via this platform.

eToro: this platform has millions of users. It is very easy to use and intuitive to trade forex. It was launched in 2007 and is regulated by the FCA, CySEC and ASIC. Additionally, eToro offers a wide range of financial products and 47 currency pairs.

AvaTrade: is a reliable forex platform with advanced tools. Founded in 2006, it is one of the most popular platforms for forex trading. In addition, AvaTrade offers its clients a trading platform with MetaTrader5 and MetaTrader4, 50 currency pairs.

UFX: is regulated by CySEC and offers in addition to MetaTrader4, ParagonEx. The latter is a platform appreciated by its users. In addition, UFX offers a wide range of financial products, low transaction costs and consistent spreads across all accounts.

FXCM: is one of the best trading platforms for forex companies. Launched in 1999, it is based in London. FXCM uses various trading platforms such as Trading Station II, MetaTrader4, Mobile Trading Station II, FXCM Active Trader. This platform offers commodities, cryptocurrencies, and over 40 currency pairs.

MARKETS CI : is a popular forex platform. It offers commission-free trading, state-of-the-art trading tools and low trading fees.

Libertex: launched in 1997, it offers 49 currency pairs. This platform only takes into account transaction fees.

Forex Platform – Top 3 Forex Platforms for Beginners

  1. eToro

eToro is much more recommended for beginners. His broker’s system helps novice traders by copying experienced traders and following their trading insights. Furthermore, eToro is also a French forex platform.

  1. FXCM

For starters, FXCM offers a demo forex platform with virtual funds.


IC MARKETS has demo accounts where traders can start their training.

Advantages and disadvantages of trading with a Forex platform

Advantages of Forex

  • The market is available 24 hours a day.
  • Transactions are secure and tracked.
  • It offers an advantageous leverage effect.
  • It has the ability to follow quotes in real time.
  • It has considerable liquidity.
  • It has a reliable broker.

Disadvantages of Forex

  • There may be technical problems.
  • Collecting earnings can take a long time.
  • There is no more human contact.
  • Additional fees and charges may apply.

How to Choose the Right Broker for Your Forex Platform – Selection Criteria

Safety – Security is very important to any platform. As a secure broker allows you to protect your data and be protected from hacking by a secure system. To do this, your site must be preceded by an icon and start with https: //.

Broker Regulation – Before you start investing in forex, it is important to check if your broker is regulated. With the diversification of platforms, few of them are in order. For example, to have a French forex platform, you need to be licensed by the financial market authorities and the Bank of France.

Broker trading spreads and commissions – When you make a trade, you are faced with spreads or commissions. Each spread or commission varies depending on the type of online broker. So, make sure you choose a broker that offers you affordable commissions and spreads.

Broker interface and software – To allow beginners easy access, a forex trading platform should be intuitive. In this way, it will be easier to trade on the markets. Also ensure the availability of curves to allow market analysis.

The reputation of the broker – In order to choose the best broker for your forex platform, it is important to take into account its reputation with investors. To achieve this, you can consult reviews, read comments on the sites or consult guides.

Currency Diversity – In order for a broker to make money online easily, they need to be able to offer a variety of currencies.

Forex platform – 4 tips before investing

To invest in forex, you can give three different types of orders to your trade: leverage, stop loss and take profit. To avoid the dangers of the market, you need to better parameterize your functions.

  • Choose the best broker

The performance of your trading activity depends on the quality of your broker. Hence, it is important to choose your broker wisely for forex trading. You can compare different brokers to choose your forex platform.

  • Before trying leverage, dominate the market

While leverage can make you earn more, it can also make you lose your investment fund. It is therefore necessary to analyze the market situations well before addressing it.

  • Be aware of market news

Currencies can vary depending on a state’s economy and politics. When a currency is under threat, investors find it difficult to seize opportunities. It is therefore important to be informed about the news on the currency market. This way you can predict trends and take advantage of them.

Disadvantages after investing on a Forex platform

The risk of losing everything with leverage – With leverage you can lose on the market. So make sure you pay attention to the leverage in your forex market.

The instability of the currency market – With market volatility, your currency can go up or down. Investors are therefore unable to dominate the currency market. Therefore, it can therefore cause inconvenience to traders.

Impact factors – Impact factors can affect the value of a forex trading currency. Parameters such as the social situation, inflation, deficit, purchasing power, political issues can change the value of a currency.

Forex App – Forex Platform Download

AvaTrade – AvaTrade offers an AvaSocial mobile app available on Android and iOS.

eToro eToro offers a reliable and powerful mobile application on Android and iOS.

MetaTrader4 – The MetaTrader4 forex trading platform can be downloaded for free for Android via Google Play, iPhone via App Store and iOS devices. Furthermore, MT4 is an online forex trading platform that offers a free demo account for beginners. MetaTrader4 is also an independent forex trading platform.

MetaTrader5 – MetaTrader5 is a free forex trading platform available on Android, iPhone and iOS.

In short, forex is a currency market that requires the use of a platform for market analysis. There are several forex trading platforms that offer currencies. Several parameters must be taken into consideration to have the best forex trading platform.

Read also:

Investment money – The complete guide to investing money in 2022
Step by step guide for Grow your money in 2022
Financial investment – Complete guide to investing effectively in 2022
Invest in commodities – Complete guide
Investment that pays off – Complete guide in 2022
Invest 10,000 euros – The Guide to Profitability in 2022
Earn money on the Internet – Tutorial to make money on the Internet in 2022
MT4 broker – Complete guide for amateur and professional traders
CFD Broker – The complete guide in 2022
ETF broker – Know everything to better choose your tracker broker
The complete guide to Invest in Africa in 2022
CFD account – Full tutorial on CFD accounts in 2022
Investment funds – Full tutorial on investment funds
Invest in oil – Complete tutorial on oil investments
Euronext indices – Complete guide in 2022
how to get rich in 2022? Explanation, methods and suggestions

Written by Elisoa ANDRIAMAHANINA on 06/03/2022 modified on 06/03/2022 – 01:16

stock market glossary

Leave a Comment