It can be intimidating to select a forex trading platform when you first start off trading – here are some characteristics that any good forex trading platform must have:
Security
Does the forex broker offer you information about the safety measures of its platform? Your trading and individual data really should be encrypted, so that your revenue and identity are secure, regardless of whether you are paying and getting paid through PayPal or on-line bank transfers.
The forex broker should really also present tips on how to boost your on-line safety – I’d be really suspicious of one particular that did not because they may well be generating themselves liable if there are any difficulties.
Also, are there backup systems where your data can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, look for something that you can use consistently. Even when the marketplace is closed, you want to be capable to location orders to open when the market does.
The trading platform must also be efficient – if it is slow then the costs at which you are trading could be out of date. A superior forex trading platform should update a number of instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that provides 1-click trading will let you to buy or sell forex contract with a single click, which suggests there is no have to have 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 understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your marketplace, and, if you want to trade a lot more than forex, appear for one particular that also makes it possible for you to trade on shares, choices 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 employing distinct browsers and unique clever-phone handsets.
Fundamentally, does it do what you require? A superior forex trading platform need to be customisable to suit your trading technique – does it permit automated trading, and does it enable you to micromanage each trade. The trading platform should be capable to alert you to superior trading opportunities, as effectively as accept complicated orders, which includes the several stops and income that the forex broker gives, so you can simply minimise your threat even though maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 need to deal a ticket?
Depending on your level of knowledge, you may possibly 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 real-time.
forex robot
Does your forex broker offer market place analyses, and is this offered working with their trading platform or do you require to visit their internet site?
A excellent forex trading platform should consist of market place analysis tools, including news feeds, in-residence analysis and third-party study. As data is energy, you want to be in a position to access as a great deal of it as achievable, and to have access to it without the need of crawling the world wide web for the information you will need.
Any trading that offers market place evaluation need to also have historical data obtainable, so you can see how the forex was affected when a similar predicament occurred.
Value
Is the platform free? Many online forex trading platforms provided by respected brokers are cost-free, and your only costs will be if you make a loss.
If forex trading software isn’t free of charge, or if there is a nominal charge, obtain out what the added advantages are. And, if it is not free, is there a money-back guarantee if you aren’t satisfied with the application?
Cost, 2
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you require to phone to get the finest 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 value is 1.0578 and the get cost is 1.0579. For any spread, the price tag of the currency requirements to make up the distinction of the spread ahead of 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 three pip spread, the currency would have to move by four pips before you produced a profit.
Client assistance
Is your forex broker just interested in having you an account, or do they provide ongoing assistance for customers applying the trading platform?
You should be capable to e mail 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.