forex robot can be intimidating to decide on a forex trading platform when you initial start trading – right here are some characteristics that any great forex trading platform should have:
Safety
Does the forex broker offer you information and facts about the security measures of its platform? Your trading and individual information really should be encrypted, so that your revenue and identity are safe, whether or not you are paying and becoming paid by way of PayPal or on line bank transfers.
The forex broker should really also give tips on how to raise your on line safety – I’d be quite suspicious of one that did not because they may well be making themselves liable if there are any troubles.
Also, are there backup systems where your details can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.five days a week, look for something that you can use consistently. Even when the marketplace is closed, you want to be capable to spot orders to open when the marketplace does.
The trading platform ought to also be efficient – if it is slow then the prices at which you are trading may be out of date. A fantastic forex trading platform must update several occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that provides 1-click trading will permit you to acquire or sell forex contract with a single click, which suggests there’s no will need to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to realize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
quick to search for your industry, and, if you want to trade much more than forex, appear for one particular that also enables you to trade on shares, selections and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed using unique browsers and various smart-telephone handsets.
Basically, does it do what you require? A superior forex trading platform really should be customisable to suit your trading strategy – does it enable automated trading, and does it permit you to micromanage each trade. The trading platform should really be capable to alert you to superior trading opportunities, as well as accept complicated orders, including the various stops and earnings that the forex broker gives, so you can conveniently minimise your risk even though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how effortless is it to navigate? And, if you want to trade from your iPhone or Blackberry, can you access these from your handset? And, can you trade straight from the charts, or do you need to have to deal a ticket?
Based on your level of experience, you might want a charting package with a pattern recognition tool that will monitor the markets on your behalf, and could even let you know when the chart patterns are indicating trading possibilities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in actual-time.
Industry Evaluation
Does your forex broker present industry analyses, and is this obtainable using their trading platform or do you will need to take a look at their site?
A fantastic forex trading platform should really involve market evaluation tools, like news feeds, in-residence investigation and third-party analysis. As data is energy, you want to be capable to access as a great deal of it as possible, and to have access to it without having crawling the internet for the facts you have to have.
Any trading that delivers industry evaluation really should also have historical information available, so you can see how the forex was affected when a comparable scenario occurred.
Price tag
Is the platform cost-free? Lots of on the net forex trading platforms provided by trustworthy brokers are totally free, and your only expenses will be if you make a loss.
If forex trading software isn’t totally free, or if there is a nominal charge, discover out what the added advantages are. And, if it isn’t cost-free, is there a revenue-back guarantee if you are not happy with the computer software?
Price tag, two
Does the trading platform provide the same pip spreads as the broker has advertised, or do you require to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the invest in and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the invest in value is 1.0579. For any spread, the value of the currency wants to make up the difference of the spread prior to you can make a profit. So, in the instance, if you get at 1.0579, the AUD only demands to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a 3 pip spread, the currency would have to move by four pips ahead of you produced a profit.
Client support
Is your forex broker just interested in having you an account, or do they supply ongoing support for buyers applying the trading platform?
You should really be capable to email and/or phone your broker with inquiries ranging from placing trades to the button on your trading platform that is not doing what you want.