It can be intimidating to decide on a forex trading platform when you 1st start out trading – here are some attributes that any superior forex trading platform must have:
Security
Does the forex broker give information about the safety measures of its platform? Your trading and private information need to be encrypted, so that your money and identity are secure, no matter whether you are paying and getting paid through PayPal or on-line bank transfers.
The forex broker really should also provide suggestions on how to improve your on the internet safety – I’d be incredibly suspicious of 1 that did not mainly because they may be making themselves liable if there are any troubles.
Also, are there backup systems where your facts 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, appear for something that you can use constantly. Even when the market place is closed, you want to be able to spot orders to open when the market place does.
The trading platform really should also be efficient – if it is slow then the costs at which you are trading may possibly be out of date. A very good forex trading platform really should update many instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that delivers one-click trading will allow you to obtain or sell forex contract with 1 click, which suggests 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 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 market, and, if you want to trade additional than forex, look for 1 that also allows you to trade on shares, alternatives 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 unique browsers and unique clever-phone handsets.
Essentially, does it do what you need? A fantastic forex trading platform should really be customisable to suit your trading technique – does it let automated trading, and does it let you to micromanage every trade. The trading platform ought to be in a position to alert you to excellent trading possibilities, as well as accept complicated orders, such as the different stops and profits that the forex broker presents, so you can simply minimise your threat whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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 practical experience, you might 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 throughout the day, it is vital that the charts are updated in real-time.
Market Analysis
Does your forex broker offer marketplace analyses, and is this available employing their trading platform or do you want to go to their web page?
A fantastic forex trading platform should involve market evaluation tools, like news feeds, in-property study and third-celebration research. As information and facts is power, you want to be in a position to access as significantly of it as attainable, and to have access to it without crawling the world-wide-web for the details you want.
Any trading that delivers marketplace analysis need to also have historical information obtainable, so you can see how the forex was impacted when a similar circumstance occurred.
Value
Is the platform no cost? Many on-line forex trading platforms offered by reputable brokers are totally free, and your only costs will be if you make a loss.
If forex trading software program is not totally free, or if there is a nominal charge, come across out what the added rewards are. And, if it isn’t free of charge, is there a revenue-back assure if you are not satisfied with the application?
Price, 2
Does the trading platform give the identical pip spreads as the broker has advertised, or do you need to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the get and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the get value is 1.0579. For any spread, the price tag of the currency needs to make up the difference of the spread before you can make a profit. So, in the example, if you purchase at 1.0579, the AUD only demands 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 before you made a profit.
Consumer assistance
Is your forex broker just interested in obtaining you an account, or do they supply ongoing assistance for prospects making use of the trading platform?
You ought to be able to email and/or phone your broker with questions ranging from placing trades to the button on your trading platform that is not doing what you want.