“The choice of platform is always a tough decision for Forex traders before they enter the market. Normally, traders are looking for low-spread platforms, licensed platforms such as the FCA license in the UK, or platforms with high leverage ratio. However, the above characteristics are never the paramount factors for choosing platform services for Forex trading.” Charles Choi – King Lecturer of the Kingacademic.
After delving into the Forex market for many years, Charles Choi experienced and investigated thoroughly into various services provided by Forex platforms. He concluded that the spread count, license validity and leverage ratio are considerations but not the utmost concern for choosing platform for Forex trading. Instead, the business model and the structure of operation ranked the first priority.
The business models of trading platforms can be classified into STP (Straight Through Processing) and MM (market maker). Normally, it should be highlighted in the company website, or else you can directly send an email for clarification. However, whether they are telling the truth, i.e. whether these platforms are using the real STP model is hard to tell. If a platform is operating with both the MM model and the STP model, it is highly recommended.
Indeed, a platform using the real STP model shall demonstrate stable pricing but the drawback is Slipping. In order to compensate the drawback, using a well structured trading platform is highly recommended. Traders may take the global listing in stock market as a reference of the company size.
Thorough preparation is needed in order to make the right choice in trading platform selection, which allows traders to step into the gateway for the future success in Forex trading. There are thirteen essential questions which must be clarified with the trading companies before traders opening an account, and these questions are highlighted and covered in the course of Forex trading in Kingacademic by Charles Choi.
About Charles Choi – Kingacademic
Charles Choi is the king lecturer of Kingacademic which provides all-rounded education services in area of investment, Forex training, digital marketing, Amazon selling and entrepreneurship. Charles Choi is an expertise in digital marketing in Hong Kong. He worked in a large company for many years and brought 9 figures of sales to that company. Due to his expertise in digital marketing, Charles Choi merged the element of digital into Forex trading. He brought Forex trading into a new era by integrating various digital tools into traditional manual trading. The powerful combination enhances precision in Forex trading.