It can be intimidating to pick out a forex trading platform when you 1st start trading – here are some attributes that any very good forex trading platform really should have:
Security
Does the forex broker offer information about the safety measures of its platform? Your trading and personal information should really be encrypted, so that your dollars and identity are secure, irrespective of whether you are paying and becoming paid by way of PayPal or on the internet bank transfers.
The forex broker need to also supply tips on how to boost your on the internet safety – I’d be pretty suspicious of one particular that didn’t simply because they might be making themselves liable if there are any troubles.
Also, are there backup systems where your information can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, five.five days a week, look for some thing that you can use continuously. Even when the market place is closed, you want to be capable to location orders to open when the industry does.
The trading platform need to also be efficient – if it is slow then the costs at which you are trading could be out of date. A good forex trading platform really should update a number of instances a second.
One particular-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 1-click trading will enable you to purchase or sell forex contract with 1 click, which means there’s no need to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to have an understanding of, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
uncomplicated to search for your marketplace, and, if you want to trade a lot more than forex, look for 1 that also enables 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 the plan be accessed using different browsers and unique wise-telephone handsets.
Generally, does it do what you have to have? A great forex trading platform should really be customisable to suit your trading approach – does it let automated trading, and does it permit you to micromanage every trade. The trading platform must be able to alert you to fantastic trading opportunities, as effectively as accept complex orders, such as the several stops and earnings that the forex broker provides, so you can very easily minimise your threat while maximising your profits.
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 have to have to deal a ticket?
Based on your level of 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 forex robot want to trade forex all through the day, it is vital that the charts are updated in true-time.
Market Analysis
Does your forex broker supply marketplace analyses, and is this obtainable utilizing their trading platform or do you want to stop by their web page?
A superior forex trading platform should really contain market analysis tools, such as news feeds, in-house study and third-celebration investigation. As info is power, you want to be in a position to access as substantially of it as achievable, and to have access to it without having crawling the web for the data you want.
Any trading that presents market analysis ought to also have historical information accessible, so you can see how the forex was impacted when a related situation occurred.
Value
Is the platform totally free? A lot of online forex trading platforms offered by respected brokers are no cost, and your only charges will be if you make a loss.
If forex trading software isn’t totally free, or if there is a nominal charge, find out what the added advantages are. And, if it isn’t totally free, is there a revenue-back guarantee if you are not pleased with the application?
Price, two
Does the trading platform present the very same 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 in between the buy and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the get value is 1.0579. For any spread, the price tag of the currency desires to make up the difference of the spread ahead of you can make a profit. So, in the example, if you get at 1.0579, the AUD only requirements 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 help
Is your forex broker just interested in receiving you an account, or do they present ongoing assistance for consumers employing the trading platform?
You should really be able to e-mail and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that isn’t doing what you want.