It can be intimidating to opt for a forex trading platform when you 1st begin trading – here are some capabilities that any fantastic forex trading platform need to have:
Security
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and individual data need to be encrypted, so that your income and identity are secure, irrespective of whether you are paying and getting paid via PayPal or on line bank transfers.
The forex broker should really also give assistance on how to raise your on line safety – I’d be incredibly suspicious of a single that did not simply because they may be generating themselves liable if there are any challenges.
Also, are there backup systems exactly where your information 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 market place, five.5 days a week, look for one thing that you can use continuously. Even when the market place is closed, you want to be able to location orders to open when the marketplace does.
The trading platform should also be efficient – if it is slow then the rates at which you are trading might be out of date. A superior forex trading platform should really update quite a few times a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that provides 1-click trading will allow you to get or sell forex contract with one click, which signifies there’s no want 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 simple to realize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
quick to search for your marketplace, and, if you want to trade extra than forex, look for one particular 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 plan be accessed working with distinctive browsers and various sensible-telephone handsets.
Essentially, does it do what you want? A excellent forex trading platform ought to be customisable to suit your trading tactic – does it enable automated trading, and does it enable you to micromanage every single trade. The trading platform should really be capable to alert you to good trading opportunities, as effectively as accept complex orders, like the different stops and income that the forex broker offers, so you can conveniently minimise your threat whilst 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?
Depending on your level of experience, 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 throughout the day, it is important that the charts are updated in true-time.
Does your forex broker provide industry analyses, and is this accessible making use of their trading platform or do you want to take a look at their web-site?
A very good forex trading platform should really include marketplace analysis tools, such as news feeds, in-home investigation and third-party study. As data is energy, you want to be able to access as a great deal of it as probable, and to have access to it without having crawling the online for the information and facts you require.
Any trading that delivers industry analysis must also have historical information accessible, so you can see how the forex was affected when a similar situation occurred.
Value
Is the platform totally free? Lots of on the web forex trading platforms provided by respected brokers are free, and your only charges will be if you make a loss.
If forex trading software is not cost-free, or if there is a nominal charge, locate out what the added advantages are. And, if it is not absolutely free, is there a dollars-back assure if you are not pleased with the software program?
Cost, two
Does the trading platform offer you the same pip spreads as the broker has advertised, or do you need to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the purchase and sell value 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 price is 1.0579. For any spread, the price of the currency wants to make up the difference of the spread before you can make a profit. So, in the example, if you acquire at 1.0579, the AUD only desires to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a three pip spread, the currency would have to move by 4 pips prior to you created a profit.
Client assistance
Is your forex broker just interested in receiving you an account, or do they offer ongoing assistance for customers utilizing the trading platform?
You really should be able to e-mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that is not doing what you want.