It can be intimidating to pick out a forex trading platform when you very first start off trading – here are some attributes that any superior forex trading platform must have:
Safety
Does the forex broker offer you information and facts about the safety measures of its platform? Your trading and private data should be encrypted, so that your cash and identity are secure, no matter if you are paying and getting paid through PayPal or online bank transfers.
The forex broker need to also give tips on how to raise your on line security – I’d be quite suspicious of one particular that did not because they may be making themselves liable if there are any problems.
Also, are there backup systems exactly where your information can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex robot is a 24-hour a day marketplace, five.5 days a week, appear for one thing that you can use frequently. Even when the industry 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The trading platform must also be efficient – if it is slow then the prices at which you are trading could be out of date. A excellent forex trading platform must update various times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that presents one-click trading will permit you to purchase or sell forex contract with one particular click, which signifies there is no need to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to understand, 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 permits you to trade on shares, selections 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 distinctive browsers and different smart-phone handsets.
Basically, does it do what you have to have? A good forex trading platform must be customisable to suit your trading strategy – does it enable automated trading, and does it allow you to micromanage every single trade. The trading platform really should be able to alert you to excellent trading opportunities, as nicely as accept complex orders, like the several stops and earnings that the forex broker offers, so you can quickly minimise your risk when maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 have to have to deal a ticket?
Based on your level of practical experience, 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 throughout the day, it is necessary that the charts are updated in actual-time.
Market place Analysis
Does your forex broker give market place analyses, and is this out there making use of their trading platform or do you require to stop by their website?
A fantastic forex trading platform should consist of market place evaluation tools, such as news feeds, in-house analysis and third-party research. As facts is energy, you want to be in a position to access as substantially of it as probable, and to have access to it with no crawling the online for the info you need.
Any trading that offers marketplace analysis should really also have historical data readily available, so you can see how the forex was affected when a related situation occurred.
Price
Is the platform absolutely free? Lots of on the web forex trading platforms supplied by respected brokers are free, and your only costs will be if you make a loss.
If forex trading software is not free of charge, or if there is a nominal charge, locate out what the added positive aspects are. And, if it isn’t free of charge, is there a income-back guarantee if you are not happy with the software program?
Value, two
Does the trading platform supply the very same pip spreads as the broker has advertised, or do you require to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the buy and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the buy price is 1.0579. For any spread, the price of the currency wants to make up the difference of the spread before you can make a profit. So, in the instance, if you buy at 1.0579, the AUD only wants 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 just before you created a profit.
Client support
Is your forex broker just interested in finding you an account, or do they offer ongoing support for customers using the trading platform?
You must be in a position to email and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t doing what you want.