It can be intimidating to pick a forex trading platform when you initially start out trading – here are some attributes that any superior forex trading platform need to have:
Safety
Does the forex broker give data about the safety measures of its platform? Your trading and personal data need to be encrypted, so that your funds and identity are secure, regardless of whether you are paying and being paid through PayPal or online bank transfers.
The forex broker really should also present advice on how to increase your on the internet security – I’d be incredibly suspicious of 1 that didn’t simply because they might be producing themselves liable if there are any difficulties.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, appear for some thing that you can use regularly. Even when the market place is closed, you want to be capable to location orders to open when the market place does.
The trading platform ought to also be effective – if it is slow then the prices at which you are trading could be out of date. A great forex trading platform ought to update quite a few times a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that presents one particular-click trading will enable you to obtain or sell forex contract with a single click, which indicates there is no want to deal a ticket, and you will not miss the price tag 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
straightforward to search for your market, and, if you want to trade extra than forex, look for 1 that also makes it possible for you to trade on shares, selections and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can forex robot be accessed utilizing distinctive browsers and various clever-telephone handsets.
Fundamentally, does it do what you have to have? A great forex trading platform must be customisable to suit your trading strategy – does it allow automated trading, and does it let you to micromanage just about every trade. The trading platform ought to be in a position to alert you to very good trading possibilities, as properly as accept complex orders, such as the a variety of stops and income that the forex broker provides, so you can simply minimise your danger while 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 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 possibilities.
And, if you want to trade forex all through the day, it is critical that the charts are updated in true-time.
Industry Evaluation
Does your forex broker provide industry analyses, and is this accessible using their trading platform or do you need to pay a visit to their internet site?
A superior forex trading platform should really consist of industry analysis tools, like news feeds, in-residence study and third-party analysis. As information is power, you want to be able to access as a great deal of it as doable, and to have access to it without crawling the web for the facts you have to have.
Any trading that offers marketplace analysis need to also have historical information readily available, so you can see how the forex was affected when a equivalent situation occurred.
Value
Is the platform free? Quite a few on line forex trading platforms provided by trustworthy brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading computer software is not totally free, or if there is a nominal charge, discover out what the added benefits are. And, if it is not cost-free, is there a revenue-back assure if you are not pleased with the application?
Price tag, 2
Does the trading platform offer the identical pip spreads as the broker has advertised, or do you need to have to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the get 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 cost is 1.0579. For any spread, the price tag of the currency needs to make up the distinction of the spread prior to you can make a profit. So, in the instance, if you obtain 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 3 pip spread, the currency would have to move by 4 pips ahead of you made a profit.
Customer assistance
Is your forex broker just interested in receiving you an account, or do they supply ongoing support for customers utilizing the trading platform?
You should really be capable to e-mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that is not performing what you want.