It can be intimidating to opt for a forex trading platform when you initially start off trading – here are some functions that any fantastic forex trading platform should have:
Security
Does the forex broker present information about the security measures of its platform? Your trading and personal information should really be encrypted, so that your revenue and identity are secure, no matter whether you are paying and being paid through PayPal or on the internet bank transfers.
The forex broker should really also offer guidance on how to improve your on the web safety – I’d be pretty suspicious of 1 that did not simply because they may well be creating themselves liable if there are any challenges.
Also, are there backup systems where your information and facts 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, 5.5 days a week, look for a thing that you can use continuously. Even when the market is closed, you want to be capable to place 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The trading platform should also be efficient – if it is slow then the prices at which you are trading may possibly be out of date. A very good forex trading platform must update many instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that offers a single-click trading will let you to purchase or sell forex contract with 1 click, which suggests there is no need to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
uncomplicated to search for your market, and, if you want to trade extra than forex, appear for 1 that also enables you to trade on shares, solutions 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 distinctive intelligent-phone handsets.
Essentially, does forex robot do what you need to have? A excellent forex trading platform need to be customisable to suit your trading strategy – does it permit automated trading, and does it allow you to micromanage every single trade. The trading platform need to be in a position to alert you to great trading possibilities, as nicely as accept complex orders, including the a variety of stops and income that the forex broker gives, so you can easily minimise your threat while maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 directly from the charts, or do you require to deal a ticket?
Based on your level of experience, you may well 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 vital that the charts are updated in real-time.
Industry Evaluation
Does your forex broker offer industry analyses, and is this accessible applying their trading platform or do you require to take a look at their web page?
A very good forex trading platform need to consist of marketplace analysis tools, such as news feeds, in-house analysis and third-celebration study. As information is energy, you want to be in a position to access as a lot of it as probable, and to have access to it without having crawling the web for the information you need to have.
Any trading that gives market place analysis should really also have historical data obtainable, so you can see how the forex was affected when a related situation occurred.
Value
Is the platform cost-free? Quite a few online forex trading platforms supplied by trustworthy brokers are no cost, and your only expenses will be if you make a loss.
If forex trading software is not free of charge, or if there is a nominal charge, discover out what the added rewards are. And, if it isn’t absolutely free, is there a cash-back assure if you aren’t pleased with the computer software?
Cost, two
Does the trading platform provide the very same pip spreads as the broker has advertised, or do you need to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the get and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the invest in price tag is 1.0579. For any spread, the price of the currency demands to make up the difference of the spread before you can make a profit. So, in the example, if you buy 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 4 pips just before you created a profit.
Customer assistance
Is your forex broker just interested in acquiring you an account, or do they give ongoing support for shoppers employing the trading platform?
You must be able to email and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that is not performing what you want.