It can be intimidating to decide on a forex trading platform when you initially begin trading – here are some characteristics that any very good forex trading platform should have:
Safety
Does the forex broker offer you facts about the security measures of its platform? Your trading and private information should be encrypted, so that your cash and identity are safe, no matter whether you are paying and getting paid by means of PayPal or online bank transfers.
The forex broker need to also provide tips on how to enhance your on the net security – I’d be very suspicious of one particular that did not due to the fact they may be generating themselves liable if there are any troubles.
Also, are there backup systems where your details 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 industry, five.5 days a week, appear for a thing that you can use frequently. Even when the industry is closed, you want to be capable to place orders to open when the industry does.
The trading platform ought to also be efficient – if it is slow then the rates at which you are trading could be out of date. A very good forex trading platform should update various occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that gives one-click trading will enable you to purchase or sell forex contract with 1 click, which signifies there is no require 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 easy to comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
straightforward to search for your industry, and, if you want to trade additional than forex, look for one particular that also enables 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 program be accessed using different browsers and distinct clever-telephone handsets.
Essentially, does it do what you want? A good forex trading platform really should be customisable to suit your trading strategy – does it permit automated trading, and does it enable you to micromanage each and every trade. The trading platform need to be capable to alert you to very good trading possibilities, as nicely as accept complex orders, including the many stops and earnings that the forex broker gives, so you can quickly minimise your threat while 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 directly from the charts, or do you want to deal a ticket?
Depending on your level of knowledge, you could 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 essential that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker give industry analyses, and is this available making use of their trading platform or do you require to go to their web page?
A great forex trading platform must include market evaluation tools, like news feeds, in-home research and third-celebration research. As forex robot and facts is energy, you want to be capable to access as substantially of it as attainable, and to have access to it devoid of crawling the world wide web for the data you have to have.
Any trading that provides market place analysis really should also have historical data offered, so you can see how the forex was impacted when a equivalent scenario occurred.
Cost
Is the platform absolutely free? Lots of on the net forex trading platforms offered by reliable brokers are free, and your only expenses will be if you make a loss.
If forex trading software program is not cost-free, or if there is a nominal charge, come across out what the added positive aspects are. And, if it isn’t cost-free, is there a revenue-back guarantee if you aren’t satisfied with the software?
Price tag, two
Does the trading platform present the exact same pip spreads as the broker has advertised, or do you need to have to phone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the get 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 acquire value is 1.0579. For any spread, the cost 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 desires 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 four pips before you produced a profit.
Buyer support
Is your forex broker just interested in getting you an account, or do they provide ongoing support for clients using the trading platform?
You should really be in a position to e mail and/or phone your broker with queries ranging from putting trades to the button on your trading platform that isn’t performing what you want.