It can be intimidating to pick out a forex trading platform when you initial commence trading – here are some characteristics that any fantastic forex trading platform must have:
Security
Does the forex broker give info about the safety measures of its platform? Your trading and personal information should be encrypted, so that your income and identity are safe, regardless of whether you are paying and being paid through PayPal or online bank transfers.
The forex broker really should also give advice on how to increase your on-line safety – I’d be incredibly suspicious of one particular that did not due to the fact they could be producing themselves liable if there are any issues.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT problem?
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 a thing that you can use regularly. Even when the marketplace is closed, you want to be able to spot orders to open when the market place does.
The trading platform should really also be efficient – if it is slow then the prices at which you are trading may be out of date. A superior forex trading platform need to update quite a few occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that delivers one particular-click trading will enable you to purchase or sell forex contract with 1 click, which implies there is no have to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
easy to search for your marketplace, and, if you want to trade more than forex, appear for 1 that also allows you to trade on shares, choices 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 employing distinct browsers and diverse wise-phone handsets.
Basically, does it do what you have to have? A superior forex trading platform really should be customisable to suit your trading tactic – does it allow automated trading, and does it permit you to micromanage every trade. The trading platform should really be able to alert you to excellent trading possibilities, as properly as accept complicated orders, including the many stops and profits that the forex broker provides, so you can conveniently minimise your danger whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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 will need to deal a ticket?
Based on your level of practical experience, you could possibly 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 opportunities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker give marketplace analyses, and is this obtainable working with their trading platform or do you have to have to take a look at their website?
A great forex trading platform really should include marketplace analysis tools, which includes news feeds, in-home investigation and third-celebration investigation. As forex robot is energy, you want to be capable to access as significantly of it as attainable, and to have access to it devoid of crawling the world wide web for the facts you want.
Any trading that gives market place evaluation ought to also have historical information out there, so you can see how the forex was affected when a equivalent circumstance occurred.
Value
Is the platform free of charge? Many on the internet forex trading platforms offered by reputable brokers are absolutely free, and your only costs will be if you make a loss.
If forex trading application isn’t free, or if there is a nominal charge, discover out what the added benefits are. And, if it isn’t free, is there a cash-back assure if you aren’t satisfied with the computer software?
Value, 2
Does the trading platform give the very same pip spreads as the broker has advertised, or do you require to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the buy and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the get value is 1.0579. For any spread, the value of the currency requirements to make up the distinction of the spread ahead of you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only requires 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 made a profit.
Buyer help
Is your forex broker just interested in getting you an account, or do they provide ongoing assistance for customers applying the trading platform?
You should be in a position to e-mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not performing what you want.