forex robot can be intimidating to pick a forex trading platform when you 1st start off trading – right here are some capabilities that any excellent forex trading platform need to have:
Security
Does the forex broker offer details about the safety measures of its platform? Your trading and private data need to be encrypted, so that your funds and identity are secure, whether or not you are paying and getting paid by means of PayPal or on the net bank transfers.
The forex broker ought to also offer advice on how to increase your on-line safety – I’d be extremely suspicious of one that did not due to the fact they might be making themselves liable if there are any complications.
Also, are there backup systems where your info 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, five.5 days a week, look for some thing that you can use frequently. Even when the market is closed, you want to be in a position to place orders to open when the industry does.
The trading platform really should also be efficient – if it is slow then the prices at which you are trading may well be out of date. A good forex trading platform should update many occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that gives one-click trading will enable you to buy or sell forex contract with a single click, which suggests there is no need 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 easy to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
easy to search for your industry, and, if you want to trade much more than forex, appear for one that also permits you to trade on shares, alternatives 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 using diverse browsers and distinct intelligent-telephone handsets.
Basically, does it do what you have to have? A excellent forex trading platform must be customisable to suit your trading approach – does it let automated trading, and does it permit you to micromanage every trade. The trading platform should be capable to alert you to great trading opportunities, as effectively as accept complex orders, including the many stops and profits that the forex broker offers, so you can conveniently minimise your risk while maximising your income.
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 directly from the charts, or do you require to deal a ticket?
Based on your level of practical experience, you may 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 necessary that the charts are updated in genuine-time.
Market place Evaluation
Does your forex broker offer market analyses, and is this out there working with their trading platform or do you need to have to check out their web site?
A very good forex trading platform need to involve market evaluation tools, like news feeds, in-house investigation and third-celebration investigation. As facts is power, you want to be capable to access as a lot of it as probable, and to have access to it without crawling the net for the information you will need.
Any trading that gives market place analysis should really also have historical information offered, so you can see how the forex was impacted when a equivalent situation occurred.
Price tag
Is the platform free? Lots of on-line forex trading platforms provided by trustworthy brokers are free of charge, and your only expenses will be if you make a loss.
If forex trading computer software isn’t free, or if there is a nominal charge, locate out what the added rewards are. And, if it isn’t free, is there a revenue-back assure if you aren’t pleased with the application?
Price, two
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you need to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire 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 acquire value is 1.0579. For any spread, the price of the currency needs to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you obtain 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 three pip spread, the currency would have to move by 4 pips prior to you created a profit.
Buyer help
Is your forex broker just interested in obtaining you an account, or do they deliver ongoing help for customers working with the trading platform?
You should be in a position 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.