Heather McLean
Heather McLean

Traders checklist: Will your FX platform give you that edge?

Before a trader can start making money in FX, they must first choose a trading platform from which to work. This is no simple or even relatively easy task such as deciding on a new car or a lawnmower. From broker, to type of service, to checklist of needs and wants, to individual trading style, the choices facing traders are varied and can be quite complex.

Before potential customers evaluate an FX platform, they should first evaluate the providing broker themselves, claims Farooq Muzammal, head of foreign exchange and bullion at MAREX Financial. He states: “Success in this area relies on ensuring you have done comprehensive due diligence on your broker, ensured that you have evaluated your own trading style, and found a broker where you have safety of funds and a good stable platform to execute.” Go for broker In terms of today’s regulatory environment, Hayel Abu-Hamdan, head of business development for North America and Asia-Pacific at MIG Investments, comments that the length of time the broker has been around is important. “As some trading platforms are now relatively cheap, there are forex brokers popping up everywhere. The market is transparent these days so the bad ones are soon found out.”He adds: “Counterparty risk is a big thing in the institutional world but it is far more critical in the professional trader...continued

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