You would have thought that one of the biggest banks in the World with a reputation to take care of would produce one of the best and most trustworthy trading platforms that you can find, but this is not the case as of July 2013.
Forex Charting On The Barclays Platform.
If there is any type of trading that requires charting then that’s forex trading, there are many very good charting packages out there, the standard being set by Metatrader 4, MT4 is an excellent charting tool and is freely available. The Barclays platform however is poor, very poor by any standard, the charting facility is weak, it has none of the features that you would expect as standard nowadays, like basic trendlines and indicators, you don’t even have different timeframes, you only have a tick chart, no candlesticks, no line bars, just a basic tick chart, the platform in itself is an embarrassment to Barclays.
Forex Trading On The Barclays Platform.
Actual trading on the platform is not that hot either, executing forex trades can be confusing and it’s difficult to work out what your total risk per trade is. The speed of execution leaves a lot to be desired too, usually FX brokers execute trades in an instant, not with Barclays. But worse than that, the platform simply just does not work properly, I executed a CFD trade and it stooped my trade out at nowhere near where the price had been, if it’s like this on demo, I perish the thought of how it would perform with real money, it just isn’t safe.
Forex Broker Support.
The top forex brokers offer instant support, usually through a live chat facility, and on the whole support is excellent, if sometimes not the trading. Not so with Barclays, you can e-mail support and they promise to get back to you within 48rs, and this is by no means acceptable in the first instance, when you have a lot of money riding on trades, you expect an immediate service. When you do actually get a reply, don’t expect anything worthwhile, I couldn’t execute a trade because the platform would give me either an error saying I was staking too much or an error saying it was too little. All Barclays did was point me to the guide about how much you can stake, while this was clearly a bug in the system that they wouldn’t even acknowledge that was possible, when I suggested this I received no further reply.
Forex Software Standards.
On the whole the standard of forex trading software is excellent, but the kind of platform that Barclays provide is like a beta version of a project in development. It does not even have proper error messages, when you make an incorrect entry for instance you get a messages saying something like ‘Error 442- please contact support’. All in all the whole thing is an embarrassment to Barclays, but I expect that many unsuspecting aspiring investor will fall into the trap of opening an account with a trusted bank expecting a solid and trusty system, but in fact that is far from the reality.