ParagonEX is an advanced online trading platform for the forex market. What makes them different from their competition is that they’ve integrated front and back office applications to support the whole dealing process. They also feature educational materials and news feeds to keep their traders updated about the current financial market happenings.
Trade Speed and Reaction
The ParagonEX platform loads quickly on the browser and doesn’t use too much system resourced. It‘s very light to use and all throughout the test, I never encountered any delays or hiccups with the interface. I haven’t experienced any requotes even when the markets moved very quickly and prices were changing rapidly. In fact, I had no issues with slippages and all of my trades were executed when I placed my orders.
ParagonEX’s intuitive interface is extremely easy to use although there’s nothing really innovative about it. It’s very organized and doesn’t have any annoying widgets to start with. All the vital information that are needed for trading can be found on the main window and action buttons can be easily clicked since these are strategically placed on the right side of the screen. I find the specialized “My Favorites” section very convenient to use since I can have a customized list of my preferred assets. There’s also a tools area which has integrated news, advanced charts and autochartlist sections.
The platform features a user-friendly charting system which has all the information needed following currency markets. Historical prices can be viewed from 1 minute to 1 month and there’s also a direct link to the Autochartist system that can be used for various automated technical analysis functions. It would have been better though if they have integrated it already within the system instead of opening it in another window.
ParagonEX’s platform is very simple to navigate and doesn’t have any visual frills. The main interface is very easy to understand and even has some informational tooltips to properly guide newbie traders. On the left column there’s a menu to view the assets by sector or based on popularity and there’s even an option to build a customized list. The middle column is the section where the assets can be viewed including the corresponding sell and buy prices while the right column is where the position size and orders can be configured.
The ParagonEX platform features everything that is needed for foreign exchange trading. It’s easy to place a stop loss upon opening a position and there’s even an option to either enter the amount that I am comfortable to risk or the rate that I want to trade before the stop loss is executed. This can be accomplished by clicking on the Order button which can be found on the upper right hand corner of the trading box.
It’s easy to keep track of the open, limited and closed positions since there is a direct link on the left column of the screen. Details about the open positions include the deal ID, asset, direction, open time, deal amount, expiration date, stop loss, take profit, open rate, market rate and profit & loss.
In general, the ParagonEX platform is pretty straightforward and very convenient to use. It’s easy to select and execute a trade and perform market analysis without the need to switch to multiple windows. The charting package is adequate while the overall platform structure and design are clearly geared toward the basics which is something that most forex traders are looking for.
Average Score: 8/10