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How to Choose the Best Trading Platform for Forex Trading?

Trading the Forex market is one of the best ways to develop an additional source of income and ensure financial freedom for you and your family. As the most experienced traders will tell you; Comprehensive trader education and a good trading platform are the top two prerequisites for success in Forex trading.

Currently, there are several online Forex platforms available on the market. Some examples include the ubiquitous MetaTrader4 for retail traders, Currenex for institutions and high-frequency traders, and various proprietary broker platforms. Each of these platforms has its own advantages and disadvantages and is generally designed to target a particular type of trader (novice, professional, technical trader, reseller, etc.). If you are looking for Forex Trading in Kenya then you can search over the internet.

Since this can be very confusing, especially for newbies, let's take a close look at some of the main features that go into creating an ideal trading platform.

1. Speed and reliability

The most crucial aspect of a good trading platform is its ability to display accurate price information consistently. Even a small delay in the displayed prices can lead to new quotes and losses. Similarly, a good platform should have minimal system downtime to allow for smooth and seamless business activity without major disruptions.

Use the demo version of a platform to see if streaming price quotes and trade execution time are to your liking. Also, try to find out if the Forex broker offers a "no re-quote / no price change" guarantee.

2. Ability to trade multiple types of assets in different markets

Since the Forex market does not work in isolation, it is obvious that there are several correlations between various Forex currency pairs and other asset classes. For example, the Australian dollar (AUD) has a very strong positive correlation with the S&P 500, the Canadian dollar has a positive correlation with the price of crude oil, etc.