Currency trading is quite popular among traders. However, an important aspect of trading in this market is choosing the right platform. In this article, you’ll get your answer on how to select the best currency trading platform in 2024. Let’s get started.
Criteria to Select the Best Currency Trading Platform
Currency trading through options and futures can be done for four combinations such as the US Dollar-Indian Rupee, Euro-Indian Rupee, British Pound-US Dollar, etc. For real-time trading and ease of execution, here are some of the checkboxes you need to know to choose the best currency market trading platform.
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Choose an Authorized Stockbroker
Firstly, open the forex trading account with an authorized stockbroker, the one who is SEBI registered. Also, check whether you can easily execute the trades on their web platform and the app. Dhan is one such platform that not only offers you a forex trading app but also its cutting-edge trading platform.
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Look for Available Currencies Pairs
Check out the list of currency pairs available on the selected stockbroker’s platform. Also, check the availability of both currency options and currency futures. Dhan fulfills such requirements where you can get all the currency pairs including four Indian Rupee pairs and three cross-currency pairs.
Finding currencies according to your market outlook is important, so you need to look out for a platform that provides you with ease to find suitable currency pairs.
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Check Out the Margin Pledge Feature
The margin pledge feature is very important to check because this helps you trade with a higher amount than the actual money you have in your demat. You just need to pledge your existing held shares and the platform provides instant margin funding in a few minutes. This is an important feature to consider.
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Access to TradingView Charts
TradingView Charts allows you to directly place orders on charts and you can use multiple features and indicators on the chart itself. Dhan provides you access to the TradingView charts on their own platform and that too for free of cost. Dhan has integration with TradingView, which traders can leverage in the forex market.
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Supported Technical Analysis Tools
Technical analysis tools are essential for currency trading. They help traders analyze financial markets and make informed decisions. These tools use historical price data to predict future price movements.
They include various charts (like candlestick, bar, and line charts), indicators (like moving averages, RSI, and MACD), and patterns. Traders use these tools to identify trends, support and resistance levels, and trading signals.
Dhan provides a comprehensive set of technical analysis tools to facilitate effective market analysis.
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Asset variety
While you are looking for a platform for trading currencies, it is good to have access to more than that. This could include various asset classes like stocks, bonds, commodities, indices, cryptocurrencies, and a wide range of currency pairs.
A platform with a broad asset variety allows traders to diversify their portfolios, which can help spread risk and potentially increase opportunities for profit. It enables traders to take advantage of different market conditions and trends.
Therefore, when choosing a trading platform, consider the variety of assets it offers to ensure it aligns with your trading interests and strategies.
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Types of Trading Orders Supported
Trading orders are instructions given by traders on how to buy or sell currencies. Different types include market orders (buy/sell at the best available price), limit orders (buy/sell at a specific price or better), stop orders (buy/sell once a certain price is reached), and others.
A good platform should support a variety of these orders, providing flexibility to the trader’s strategy.
This feature allows traders to execute trades under different market conditions, enhancing their trading experience and potential for profit.
Conclusion
Selecting a currency trading platform for 2024 requires you to look for multiple specifications right from a registered stockbroker. You need to check out the availability of different types of currency pairs, and margin pledge functionality. Also, you can go with a platform that provides the features of easy trading such as custom strategy builder, TradingView Charts, and flash trade. If you are looking for such a platform, consider Dhan, which is one of the best share market app.
