It can be intimidating to choose a forex trading platform when you 1st start trading – here are some functions that any excellent forex trading platform ought to have:
Safety
Does the forex broker provide data about the safety measures of its platform? Your trading and private information need to be encrypted, so that your funds and identity are safe, whether you are paying and getting paid by means of PayPal or on the net bank transfers.
The forex broker should also offer advice on how to improve your on the net security – I’d be very suspicious of 1 that didn’t for the reason that they could possibly be generating themselves liable if there are any challenges.
Also, are there backup systems where your info can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, 5.five days a week, look for some thing that you can use constantly. Even when the market is closed, you want to be capable to spot orders to open when the industry does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading may be out of date. A superior forex trading platform should 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 fast opportunity. A platform that provides one-click trading will allow you to buy or sell forex contract with one particular click, which implies there’s no require 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 effortless to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
straightforward to search for your marketplace, and, if you want to trade additional than forex, appear for 1 that also permits you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed employing distinct browsers and unique smart-telephone handsets.
Basically, does it do what you require? A excellent forex trading platform should really be customisable to suit your trading approach – does it permit automated trading, and does it allow you to micromanage every single trade. The trading platform ought to be able to alert you to fantastic trading possibilities, as effectively as accept complex orders, which includes the various stops and profits that the forex broker delivers, so you can easily minimise your danger even though 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 directly from the charts, or do you need to have to deal a ticket?
Depending on your level of knowledge, 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 possibilities.
And, if you want to trade forex all through the day, it is crucial that the charts are updated in genuine-time.
Market Analysis
Does your forex broker offer you industry analyses, and is this readily available applying their trading platform or do you want to stop by their web-site?
A great forex trading platform should really consist of market place evaluation tools, including news feeds, in-house analysis and third-party investigation. As information is power, you want to be capable to access as much of it as achievable, and to have access to it without having crawling the internet for the information you will need.
Any trading that offers industry analysis should really also have historical information readily available, so you can see how the forex was affected when a equivalent situation occurred.
Cost
Is the platform cost-free? Numerous on line forex trading platforms presented by trustworthy brokers are no cost, and your only costs 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 positive aspects are. And, if forex robot is not no cost, is there a dollars-back assure if you are not satisfied with the software program?
Price tag, two
Does the trading platform supply the exact same pip spreads as the broker has advertised, or do you need to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the purchase value is 1.0579. For any spread, the price tag of the currency wants to make up the difference of the spread just before you can make a profit. So, in the instance, if you get 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 four pips just before you created a profit.
Consumer assistance
Is your forex broker just interested in obtaining you an account, or do they offer ongoing help for clients using the trading platform?
You really should be able to e-mail and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that is not undertaking what you want.