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23.07.2021

5 Criteria for Choosing a Trading Platform

The choice of a trading terminal should be based on specific parameters. In this case, the selection process will not take you too long.

Reliability

The reliable operation of a trading platform is the most crucial criterion for a Forex broker. Reliability includes parameters such as:

◻ Instant order execution

◻ Low slippage

◻ Delay-free depositing and so on

Trading Instruments

Let’s say you plan to attract not only novice traders but also experienced investors. So, naturally, you need a platform that offers the maximum variety of trading instruments.

However, you shouldn’t chase too many indicators and tools. In this case, the choice of software overloaded with unnecessary indicators can negatively affect your business.

Therefore, preference should be given to software products like X5, JForex, or NT. These are universal solutions and have a demo account option. Simply put, they are perfect for both beginners and experienced clients.

End-User Convenience

If you want to attract as many traders as possible, you should consider such a criterion as the ease of using the trading platform. The more convenient the trading terminal is, the more orders a client can place – the more profit you can make.

For example, one-click trading from a chart provides tremendous benefits for a broker. Thus, you can position your brokerage business as a platform that offers users to:

◻ Make a deposit less than in a minute

◻ Quickly open a deal

◻ Earn profit in a few clicks, even without prior experience in Forex trading

The ease of using the online Forex trading platform also implies an intuitive interface and easy navigation.

For example, the X5 platform developers took care of simplifying complex exchange terms. Thus, the X5 platform is a perfect solution for attracting customers. It has both a clear interface and a simple trading process.

Data Processing Speed

Some brokers do not pay attention to such an essential aspect as slippage. However, if you plan to organize a high-margin Forex business, this issue should not be ignored. Instead, you should make sure that the difference between the prices when opening and executing a trade is minimal for your clients.

Imagine that a user is trading a highly volatile instrument. In this case, the difference between the price of opening a position and the instrument’s purchase price can be radically different. As a result, users might refuse to use the services of such a broker as the trading platform cannot execute the order at the initial price value.

Software Developers

There are tons of trading platforms. However, they can be roughly divided into two main categories – made by:

  1. Brokers
  2. Professional developing companies

In both cases, the functionality and set of analytical tools will be different.

A trading platform developed by a brokerage company has functions adapted to the needs of a specific project. As a result, its functionality is limited and looks too sophisticated. Nevertheless, with rare exceptions, such software is not suitable for a broad pool of users.

Examples of such platforms include, but are not limited to:

⚫ FXCM

⚫ Alpari

⚫ Dukascopy

⚫ eToro

⚫ Plus500

⚫ XTB, etc

A trading platform created by a specialized software developing studio is a more progressive solution. Platforms like X5 or Ninja Trader have more than just a professional toolbox or a demo account option. They are also one-stop solutions for novice and seasoned users.

More importantly, integrator companies that install such software always consider the specifics of a brokerage project. For example, the X5 has some unique features, including:

Intuitive depositing

Trading from charts

Simplified and intuitive terminology

Options for setting markups, swaps, and other parameters that affect the profit from a brokerage business

The Importance of Choosing a Forex Platform

Building an effective brokerage business largely depends on the right choice of specialized software. Therefore, buying a trading platform is one of the most critical stages. The selection of trading software should not be based solely on tempting advertising slogans. However, relying only on intuition is also not the best option.

If you want a brokerage company to bring stable profits, then you need to choose a trading terminal that will:

⚫ Meet your requests

⚫ Cover your target audience

⚫ Be able to integrate with other elements of trading software

Conclusions

Online Forex trading is impossible without a specialized trading platform. If you plan to organize a high-margin brokerage company, you should not rely on your intuition when choosing a platform.

Some trading platforms are designed exclusively for professional investors and may seem overly complicated for novice users. What’s more, a trading terminal for experienced users is a more complex and time-consuming way of business development.

Therefore, it is recommended to choose X5 – a universal software solution. You’ll be able to provide your clients with a convenient and highly functional tool allowing them to:

◻ Trade from the chart in one click

◻ Quickly deposit a trading account

◻ Easy to navigate the trading terminal

◻ Open a demo account and check the full functionality of the software

◻ Use more than 3000 trading instruments and more

Profit Center FX is a top-level software integrator specializing in Forex brokers, CFDs, and crypto providers. Contact us today, and we’ll provide you with comprehensive information about the quick and smooth integration of specialized software for brokerage businesses.

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