Trying to Choose a Reliable Forex Platform? This Article Will Help You out!
If you are only starting your trading career, pay close attention to your software. Most brokers recommend particular systems, but not all of them may suit your trading needs. Here is a brief guide to help you identify the best trading software in Malaysia.
Classification of Terminals
All trading platforms may be divided into several categories. First, platforms may be compatible with different devices. MetaTrader 4 and MetaTrader 5 come in three versions each. You may install software on your desktop computer, use a web-based terminal in browsers, or get an app for your tablet or smartphone.
If you are planning to switch devices during the day, pay close attention to cross-platform functionality. It will allow you to manage positions from different systems as you see fit. This is possible because all of them communicate to the same cloud-based servers and exchange data instantaneously.
Secondly, there are universal and proprietary solutions. Some environments, such as MT4 and MT5, are recommended by many brokers, as they are versatile and user-friendly. Some companies invest in their own systems. For example, the FXTM broker in Malaysia has its own app called the FXTM Trader. It gives clients access to 250+ instruments provided by the company worldwide. Here are four critical criteria.
Fundamental and Technical Analysis
Some traders look at the market from a fundamental perspective. Their peers focus on indicators and timeframes on price charts. Neither approach is better by default. Your choice should depend on your own style and preferences.
If you are planning to rely on fundamentals, you need instant access to relevant news, alerts, and possibly an economic calendar that summarizes key announcements. All these features may be found on Metatrader 5. On the other hand, a technical analyst needs dozens of indicators, graphic objects, adjustable time frames, etc. These needs are also accommodated by Metatrader 5. This trading platform in Malaysia has 44 analytical objects and unlimited charts.
Stability of Performance
When trades are interrupted, their outcome may be disappointing. You wouldn’t like to make a loss due to a technical glitch, would you? Make sure the platform is compatible with your OS, and you have enough memory on the device to support it.
Additionally, look for brokers that offer a VPS – virtual private servers. These create an electronic copy of your trading machine that runs on the broker’s server 24/7. In case of disruptions like power outages or system crashes, your trades will still be executed the way you planned.
A VPS is important for all traders. It is more than protection against unstable Internet or blackouts. It also renders your connection secure, so funds and sensitive data are safeguarded.
Efficient Support 24/5
Make sure the broker is responsive, and you may reach out to support 24 hours a day at least 5 days a week. The more communication channels are available – the better. For instance, live chat allows you to receive assistance in real-time. It is also convenient if support is reachable from within the app or trading platform.
Range of Instruments
You do not have to trade Forex all your life. As you gain experience, it is reasonable and advisable to expand your interests and competency. Using the most versatile platforms, users may connect to a range of markets. Thereby, they diversify their exposure and limit risk. When your results in one domain are disappointing, you can still make a profit elsewhere. For instance, the FXTM Traders give access to CFDs, spot metals, and more.
Sometimes, Less is More
Some platforms are more sophisticated than others. For example, while MT4 is focused on Forex trades, MT5 or FTXM Trader are ideal for holders of diverse portfolios. Therefore, think about your own needs. Do not choose a terminal just because your friend, co-worker, or some random guy on the Internet uses it. Everyone’s trading journey is different.
If you are a complete beginner, opt for a relatively uncomplicated interface, so you can easily navigate the system. In the future, you may want to add more assets. Remember, though, that switching between different software providers is a hassle. Consider systems that are flexible enough to meet these changing needs. For instance, you can easily relocate from MT4 to MT5, as they were both designed by MetaQuotes Software.
