It can be intimidating to pick out a forex trading platform when you first start out trading – here are some features that any excellent forex trading platform should really have:
Safety
Does the forex broker offer you information and facts about the safety measures of its platform? Your trading and personal data should really be encrypted, so that your dollars and identity are safe, no matter if you are paying and becoming paid by means of PayPal or on line bank transfers.
The forex broker ought to also give suggestions on how to enhance your on the net security – I’d be pretty suspicious of one that didn’t mainly because they could possibly be producing themselves liable if there are any issues.
Also, are there backup systems exactly where your data can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.five days a week, appear for one thing that you can use frequently. Even when the market is closed, you want to be in a position to spot orders to open when the industry does.
The trading platform should also be efficient – if it is slow then the prices at which you are trading may well be out of date. A very good forex trading platform should really update many occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that offers a single-click trading will enable you to acquire or sell forex contract with one particular click, which signifies there is no need to deal a ticket, and you will not miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it straightforward to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
simple to search for your market, and, if you want to trade additional than forex, appear for 1 that also makes it possible for you to trade on shares, possibilities and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed using unique browsers and distinctive clever-telephone handsets.
Fundamentally, does forex robot do what you want? A good forex trading platform really should be customisable to suit your trading technique – does it enable automated trading, and does it allow you to micromanage each and every trade. The trading platform really should be capable to alert you to good trading possibilities, as properly as accept complex orders, which includes the a variety of stops and profits that the forex broker delivers, so you can quickly minimise your risk while maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 want to deal a ticket?
Depending on your level of knowledge, you may 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 all through the day, it is vital that the charts are updated in genuine-time.
Market Analysis
Does your forex broker offer you industry analyses, and is this obtainable making use of their trading platform or do you need to take a look at their web-site?
A superior forex trading platform need to consist of market analysis tools, like news feeds, in-home analysis and third-party investigation. As details is energy, you want to be able to access as much of it as doable, and to have access to it without having crawling the online for the information you want.
Any trading that delivers marketplace evaluation should also have historical data accessible, so you can see how the forex was impacted when a similar scenario occurred.
Cost
Is the platform cost-free? Many on line forex trading platforms offered by reliable brokers are cost-free, and your only costs will be if you make a loss.
If forex trading computer software isn’t cost-free, or if there is a nominal charge, come across out what the added rewards are. And, if it is not totally free, is there a funds-back guarantee if you aren’t pleased with the computer software?
Price tag, 2
Does the trading platform provide the identical pip spreads as the broker has advertised, or do you have to have to phone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the purchase and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the obtain cost is 1.0579. For any spread, the value of the currency desires to make up the difference of the spread before you can make a profit. So, in the instance, if you buy 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 4 pips before you made a profit.
Customer help
Is your forex broker just interested in getting you an account, or do they supply ongoing support for prospects employing the trading platform?
You ought to be capable to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.