As promised, I will be reviewing various trading platforms. Today, I’m starting with Forex.com’s FOREXTrader, focusing mainly on their practice accounts. Hopefully, it will give those of you who are interested in Forex and would like to test drive some of these accounts to see if it appeals to you. Usually, the practice account platforms mirror the platform for live accounts. You won’t have to download a new application to trade in your live account but sometimes, the companies will offer features that are exclusive to live accounts.
To sign up for a practice account, you must go to the website and on the top right corner, the button for a FREE PRACTICE ACCOUNT is visible in orange. The account is active for 30 days with a balance of $50,000 to paper trade(demo trade) with.Click on the button and you will be directed to the sign-up page which asks a few details(8 to be exact) that must filled out. They ask for your telephone number but not to worry, they do not bombard you with many phone calls. When I signed up for their demo account, they called me once asking if I needed help figuring out the platform. They are actually very good with customer service, any questions you have, they’re ready and willing to help which is a PLUS. After clicking the ‘Get Started’ button, the page contains the download for the trading platform and also your login information. Follow the prompts and download the program to your computer to begin using your demo account. Very simple process overall.
Open the FOREXTrader platform and login.
Ok, so here’s where the real review starts: When the platform appears, there is quite a few things to take in. There is a dealing panel which shows several currency pairs and the spreads, not all that are available though. You can find those under ‘EDIT’ —> ‘Trading Preferences’ —> Rates, where you can add or delete whichever currency pairs appear on the platform. Entering an order is an easy one-click action which can be performed right from the dealing panel. Just enter the number of lots you want to trade, and click either ‘BUY’ or ‘SELL’ on the spread to enter a trade depending on if you’re going long or shorting. To exit a trade, you must click the opposite action of the one taken to enter the trade. For example, if you clicked ‘BUY’ to go long on EUR/USD, to exit, clicking ‘SELL’ will liquidate the trade.
Next, there is a chart where you will be able to do whatever technical analysis you want. It is a decent charting system considering that payment is not required to see and use the information provided. Several charts in tabs and switch between them as you wish and there is a long list of indicators, such as SMA, MACD, Stochastics etc., that may be helpful for those like such overlays. Practically everything on the chart is customizable so it is up to you to set and rearrange settings to your liking. On the bottom left-side, live market news and updates are available. I’m sure you guys are tired of hearing(figuratively) me talking about economic data yadda yadda yadda but this is a really great feature, better than most news offering by other platforms. There is also a window above the news where you can view the current market rates for each pair, your open positions, and the activity log. Below the chart, is a window where ACTIVE ORDERS are visible, this is where you can keep track of your stop loss and limit orders and also control when you want the orders to expire.
FINAL THOUGHTS: Overall, this practice account has a wide array of features that any trader, no matter how advanced, could find useful. The platform is easy to use and I like the fact that it is all-in-one. No separate window for charting, everything is right before your eyes. Also, as I mentioned before, live support is always willing and able to help you by answering any questions you have and with technical support. There are links to ‘Live Chat’ with Forex specialists and contact info under the ‘Help’ dropdown list at the top of the platform page. Under ‘Reports’, it is easy to track all your transactions and account history and which is nice to have right at your fingertips. Can’t think of many cons about this platform, besides that sometimes the charts can be unreliable and show smaller increments of time than that of the timeframe you selected. For example, if I’m looking at the 1 hour candlestick chart, there have been a few occasions that 15 min candles are shown instead of 1 hour candles and of course, it can be frustrating. This is why some traders have a more savvy, in depth charting service that they use(and pay good money for) instead of using the free charts on most platforms. For demo accounts though, why complain? FOREXTrader is a great platform to start paper trading on.
**Hope everyone enjoyed my review. I tried to touch on many aspects of the platform that in my opinion, should be useful to you all. In case anyone was wondering, I am writing this on my own initiative, I haven’t been paid to review any of these programs. This is all my honest feedback and I am not soliciting anyone to use ForexTrader or any of forex.com’s services.
Any questions or comments, I’d love to hear them. Thanks so much for reading! 🙂