It can be intimidating to select a forex trading platform when you 1st get started trading – right here are some attributes that any good forex trading platform need to have:
Safety
Does the forex broker give info about the security measures of its platform? Your trading and personal information ought to be encrypted, so that your income and identity are secure, regardless of whether you are paying and being paid by means of PayPal or online bank transfers.
The forex broker really should also offer tips on how to boost your on the web safety – I’d be pretty suspicious of one particular that did not simply because they might be creating themselves liable if there are any difficulties.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.five days a week, appear for some thing that you can use regularly. Even when the industry is closed, you want to be able to place orders to open when the marketplace does.
forex robot trading platform ought to also be effective – if it is slow then the costs at which you are trading could be out of date. A good forex trading platform ought to update quite a few instances a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that gives one-click trading will allow you to purchase or sell forex contract with one click, which means there is no want to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
straightforward to search for your marketplace, and, if you want to trade far more than forex, appear for 1 that also allows you to trade on shares, selections and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed applying various browsers and various sensible-telephone handsets.
Generally, does it do what you need to have? A excellent forex trading platform should be customisable to suit your trading method – does it permit automated trading, and does it allow you to micromanage each and every trade. The trading platform ought to be capable to alert you to fantastic trading opportunities, as well as accept complex orders, which includes the numerous stops and profits that the forex broker presents, so you can effortlessly minimise your risk though maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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?
Based 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 possibilities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in actual-time.
Market place Evaluation
Does your forex broker provide marketplace analyses, and is this offered making use of their trading platform or do you want to go to their site?
A fantastic forex trading platform should consist of marketplace evaluation tools, which includes news feeds, in-house investigation and third-party investigation. As information is energy, you want to be able to access as a lot of it as achievable, and to have access to it without having crawling the web for the data you want.
Any trading that provides market place evaluation ought to also have historical information readily available, so you can see how the forex was impacted when a related circumstance occurred.
Value
Is the platform no cost? A lot of on-line forex trading platforms presented by respected brokers are absolutely free, and your only fees will be if you make a loss.
If forex trading software program isn’t cost-free, or if there is a nominal charge, find out what the added advantages are. And, if it is not free of charge, is there a revenue-back guarantee if you are not happy with the software program?
Price tag, 2
Does the trading platform offer you the very same pip spreads as the broker has advertised, or do you have to have to phone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the obtain cost 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 acquire at 1.0579, the AUD only needs 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 prior to you produced a profit.
Client assistance
Is your forex broker just interested in finding you an account, or do they supply ongoing support for customers utilizing the trading platform?
You must be able to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that is not carrying out what you want.