It can be intimidating to decide on a forex trading platform when you initial get started trading – here are some features that any excellent forex trading platform ought to have:
Safety
Does the forex broker supply information and facts about the security measures of its platform? Your trading and personal information should really be encrypted, so that your money and identity are secure, whether you are paying and becoming paid through PayPal or online bank transfers.
The forex broker must also provide assistance on how to improve your online security – I’d be really suspicious of a single that did not mainly because they may possibly be producing themselves liable if there are any complications.
Also, are there backup systems exactly where your data can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.5 days a week, appear for one thing that you can use constantly. Even when the marketplace is closed, you want to be able to location orders to open when the industry does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading may well be out of date. A fantastic forex trading platform must update several instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that delivers one particular-click trading will let you to obtain or sell forex contract with 1 click, which suggests there’s no have to have to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to fully grasp, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
effortless to search for your industry, and, if you want to trade extra than forex, look for one that also allows 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 plan be accessed making use of diverse browsers and distinctive intelligent-telephone handsets.
Basically, does it do what you require? A very good forex trading platform should be customisable to suit your trading method – does it enable automated trading, and does it allow you to micromanage every single trade. The trading platform should be capable to alert you to great trading possibilities, as effectively as accept complicated orders, including the several stops and profits that the forex broker offers, so you can easily minimise your threat though maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how simple is it to navigate? And, if forex robot 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 will need to deal a ticket?
Depending on your level of encounter, 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 opportunities.
And, if you want to trade forex throughout the day, it is necessary that the charts are updated in real-time.
Market Analysis
Does your forex broker offer you industry analyses, and is this obtainable using their trading platform or do you need to have to take a look at their web page?
A good forex trading platform must involve market place evaluation tools, like news feeds, in-residence investigation and third-celebration investigation. As facts is power, you want to be in a position to access as substantially of it as achievable, and to have access to it with out crawling the world wide web for the data you require.
Any trading that offers marketplace analysis must also have historical data accessible, so you can see how the forex was impacted when a equivalent situation occurred.
Value
Is the platform free? Lots of online forex trading platforms provided by trustworthy brokers are totally free, and your only charges will be if you make a loss.
If forex trading computer software isn’t free of charge, or if there is a nominal charge, uncover out what the added positive aspects are. And, if it is not totally free, is there a funds-back guarantee if you are not delighted with the application?
Price, two
Does the trading platform offer the very same pip spreads as the broker has advertised, or do you have to have to telephone to get the finest 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 invest in value is 1.0579. For any spread, the price tag of the currency needs to make up the difference of the spread prior to you can make a profit. So, in the instance, if you buy 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 four pips before you produced a profit.
Consumer assistance
Is your forex broker just interested in finding you an account, or do they deliver ongoing support for prospects using the trading platform?
You ought to be in a position to e-mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not doing what you want.