Forex is the biggest market in the world that attracts tens of thousands of new traders every day. Global currency trading market became accessible from every corner of the world thanks to the powerful Forex trading platforms.
What is basically a Forex trading platform? Simply put, it is the trading software or a program that provides currency traders with trade execution, trading analysis and order placement. Such platforms are offered by various online Forex brokers.
Choosing a good platform for currency trading has always been a confusing task for novice traders. In this article, we will address the specific trading needs of newbies and determine the best Forex platform for beginners currently available.
How to select the FX platform for starters
First of all, the platform should not be complex. The easier is the platform, the more chance that the novice trader will quickly master all its features without reading an extremely long guide. Complex trading platforms can be great, but they tend to overwhelm starters with a big amount of information, multiple screens and technical indicators that the user might not even understand. Although MetaTrader 4 is frequently recommended as one of the popular Forex platforms for beginners, it is not really friendly to inexperienced traders.
Moreover, it is significant to find a platform that offers a pleasant design and seamless performance. The trader must feel comfortable with the software to achieve the best results. If the platform is lagging, then obviously the trader might lose profitable opportunities. Additionally, for beginners, it is rather good when everything is visible on the single screen to ensure the full control of the trading decisions.
Those who are starting out at Forex trading do not need a lot of trading instruments. Diverse trading platforms can have an enormous arsenal of tradable assets, however it is unlikely that the novice trader will be eager to try them all. Instead, Forex trading platform for starters should help beginners learn to specialize in particular instruments.
Another point to mention in this article is leverage. It is not a secret that leverage is a double-edged sword. Traders can make a substantial profit using high leverage, but if they fail losses can exceed any previous expectations. Therefore, we advise Forex beginners to look for platforms that offer low leverage. It is key for survival in the currency trading market until solid experience and knowledge are accumulated.
Truly good Forex trading platform for starters must come up with mobile versions, which make FX trading more flexible. This means that beginners will be able to trade not only sitting in front of the computer, but using their iOS or Android devices to spot on lucrative opportunities while being on the go.
Last point here but not least important is the availability of launching the platform using a demo account. Since newbies definitely need time to practice before being involved in live trading, the demo account is a must-have feature. Besides, it is certainly the best way to test the platform and get accustomed to it in a risk-free way.
Now when the major criteria are covered, we encourage you to read about best Forex trading program for beginners in 2016.
Plus500 platform: Main features
Plus500 is our number-one choice for the platform tailored for the online currency trading. The platform corresponds to all the industry standards we have mentioned above. Plus500 offers an outstanding experience for all traders, including novices. Let’s see what is special about this platform further.
Plus500 broker offers its proprietary trading software, which is considered to be the best trading platform for starters. Traders are not only provided with an access to the desktop application, but can also choose Plus500 WebTrader. The web-based platform does not require any software to download, although swift Internet connection is highly recommended. In addition, Plus500 platform enables trading on the move by providing the trader with apps for iPhones, iPads, Android smartphones and tablets. All versions of Plus500 platform support 32 languages.
Plus500 offers two accounts to access the platform – Real and Demo. Unlike the majority of its competitors, Plus500 does not offer demo account just for some months. Instead, it delivers an unlimited demo account for all traders. Hence, Plus500 platform ensures that all beginners have the best conditions to improve their trading skills as long as they consider necessary. This definitely makes Plus500 stand out as the best online platform for beginners. On top of that, demo account can be launched on all versions of Plus500 platform.
The overall design of the platform is clear and user-friendly. Beginner traders will never be overloaded with the information and they do not need to switch between different windows and screens. All the critical data that the novice trader may require is displayed on a single screen, making trade execution an easy task to perform. Plus500 platform has inbuilt real-time quotes. We should also mention charting as inalienable part of the Forex platform. Charting package offered is quite modest. The platform does not allow to show several graphs on the same screen, which might disappoint advanced Forex traders. However, simplified charting makes the trading process pretty straightforward for inexperienced traders. Users can still enjoy a great library of technical indicators.
Please note that Plus500 charges no fees for using the platform and no commissions for order execution or any other services apply. The only cost associated with trading FX at Plus500 is the price of the spread. The absence of extra fees proves that Plus500 is best Forex trading platform for beginner. On a side note, spreads at Plus500 are fixed and tight – just 2 pips for the popular EUR/USD currency pair. We should admit that such policy seems to work quite well, as novice traders actively join Plus500.
If there are any problems with Plus500 platform such as lags, delays in execution because of the software issues and so on – all users can contact customer support. It is accessible via email and phone.
Plus500 Platform: Trading Instruments and Risk Management
Plus500 platform provides a constant access to all major currency pairs. The total number of Forex pairs available is 50.
An additional positive aspect of Plus500 platform to mention in this article is risk management. Plus500 is the best FX platform for beginners, because it allows traders to set guaranteed Limit orders and Stop-Loss orders that can substantially reduce the risks. However, guaranteed orders will always widen the spread. Additionally, the platform is equipped with price alerts that will notify the trader in case the market reaches a particular price level. The price alert does not act as a stop order, as it keeps the position open. It is up to the trader whether to undertake any decision based on the price alert or not.
Beside risk management tools previously described, Plus500 platform offers trailing stops. Trailing stop ensures the extra protection of the profits, which makes this tool similar to a Limit order.
Maximum leverage for FX trading at Plus500 platform is 1:100, which is not so high. As we have mentioned above, newbies do not really require high leverage as it might be very risky because they lack sufficient knowledge. Hence, this makes Plus500 a perfect choice as low leverage mitigates the risks of loss in the trades.
Plus500 Platform: Bonus
Plus500 has several promotions that might be particularly valuable for those who are only starting out at Forex. Read about bonus offers of the best FX platform for starters below.
The first bonus worth mentioning here is $25 No Deposit Bonus. The bonus is issued to all traders upon the live account registration and phone verification. This is a great opportunity to have an insight into Plus500 platform in a real trading environment without committing any extra funds. Hence, both beginners and advanced currency traders can enjoy free money, but in order to withdraw $25 certain volume requirements have to be met. In addition, the profit generated with bonus funds can be withdrawn anytime.
The second promotion is Plus500 Deposit Bonus. As the name suggests, the bonus is granted to traders when they make their first deposit. This promo is truly generous, because the bonus that Plus500 broker might give can be as high as $10,000. The amount of money granted to the user depends on the size of the initial deposit.
Forex trading beginners definitely have their own prerequisites that have to be met by a software provider. The perfect Forex trading platform for novice traders should be intuitive and easy-to-use. Additionally, the platform should have all the necessary tools that will help the inexperienced traders make their first steps to successful Forex trading. However, the platform should not overburden newbies with tons of indicators, screens that can cause a lot of confusion at the beginning.
What is the best Forex platform for beginners? In our opinion, the best FX platform available for starters right now is Plus500.