It can be intimidating to choose a forex trading platform when you initial get started trading – here are some features that any good forex trading platform need to have:
Safety
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and personal information really should be encrypted, so that your revenue and identity are safe, regardless of whether you are paying and being paid through PayPal or on the net bank transfers.
The forex broker should really also give assistance on how to enhance your on the net security – I’d be incredibly suspicious of 1 that did not for the reason that they could be generating themselves liable if there are any issues.
Also, are there backup systems where your info can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex robot is a 24-hour a day industry, 5.five days a week, look for a thing that you can use consistently. Even when the industry is closed, you want to be capable to place orders to open when the market place does.
The trading platform really should also be efficient – if it is slow then the rates at which you are trading may possibly be out of date. A good forex trading platform should really 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 speedy opportunity. A platform that offers one-click trading will permit you to get or sell forex contract with one click, which means there is no have to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it straightforward to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your market, and, if you want to trade more than forex, appear for a single that also permits you to trade on shares, possibilities and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed utilizing various browsers and diverse sensible-phone handsets.
Generally, does it do what you need? A good forex trading platform need to be customisable to suit your trading tactic – does it allow automated trading, and does it enable you to micromanage just about every trade. The trading platform really should be capable to alert you to superior trading opportunities, as effectively as accept complex orders, including the different stops and profits that the forex broker offers, so you can easily minimise your danger though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 will need to deal a ticket?
Based on your level of encounter, you could 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 crucial that the charts are updated in actual-time.
Market Evaluation
Does your forex broker supply market analyses, and is this readily available making use of their trading platform or do you have to have to check out their web-site?
A good forex trading platform really should involve market evaluation tools, which includes news feeds, in-house investigation and third-celebration analysis. As details is power, you want to be able to access as substantially of it as doable, and to have access to it with out crawling the world-wide-web for the details you will need.
Any trading that offers market analysis must also have historical information obtainable, so you can see how the forex was affected when a similar scenario occurred.
Price tag
Is the platform totally free? Lots of on line forex trading platforms supplied by reputable brokers are absolutely free, and your only costs will be if you make a loss.
If forex trading computer software isn’t absolutely free, or if there is a nominal charge, locate out what the added positive aspects are. And, if it is not no cost, is there a money-back assure if you aren’t pleased with the application?
Cost, 2
Does the trading platform supply the similar pip spreads as the broker has advertised, or do you want to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the acquire and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the purchase cost is 1.0579. For any spread, the value of the currency wants to make up the distinction of the spread prior to you can make a profit. So, in the instance, if you purchase 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 three 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 having you an account, or do they present ongoing help for buyers applying the trading platform?
You really should be capable to email and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that is not carrying out what you want.