It can be intimidating to opt for a forex trading platform when you first start trading – here are some characteristics that any great forex trading platform really should have:
Safety
Does the forex broker offer you information about the safety measures of its platform? Your trading and private data must be encrypted, so that your dollars and identity are safe, whether or not you are paying and becoming paid through PayPal or on line bank transfers.
The forex broker must also offer guidance on how to increase your on-line safety – I’d be really suspicious of a single that did not because they could possibly be generating themselves liable if there are any challenges.
Also, are there backup systems exactly where your 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, five.5 days a week, look for one thing that you can use continuously. Even when the industry is closed, you want to be capable to spot orders to open when the market does.
The trading platform should also be effective – if it is slow then the prices at which you are trading could possibly be out of date. A very good forex trading platform should update numerous times 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 gives one-click trading will enable you to acquire or sell forex contract with 1 click, which indicates there’s no will 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 quick to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
uncomplicated to search for your industry, and, if you want to trade additional than forex, look for 1 that also permits 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 forex robot be accessed using various browsers and diverse intelligent-phone handsets.
Basically, does it do what you require? A superior forex trading platform must be customisable to suit your trading approach – does it let automated trading, and does it allow you to micromanage every trade. The trading platform should really be able to alert you to very good trading opportunities, as properly as accept complicated orders, like the various stops and profits that the forex broker offers, so you can easily minimise your threat even though maximising your earnings.
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 straight from the charts, or do you have to have to deal a ticket?
Depending on your level of experience, 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 throughout the day, it is crucial that the charts are updated in true-time.
Market Analysis
Does your forex broker supply market place analyses, and is this readily available utilizing their trading platform or do you need to have to go to their site?
A fantastic forex trading platform should really include marketplace evaluation tools, which includes news feeds, in-house study and third-party study. As information is power, you want to be in a position to access as a great deal of it as achievable, and to have access to it devoid of crawling the internet for the information and facts you need to have.
Any trading that presents marketplace evaluation really should also have historical information accessible, so you can see how the forex was impacted when a similar circumstance occurred.
Cost
Is the platform totally free? A lot of on line forex trading platforms supplied by reliable brokers are cost-free, and your only charges will be if you make a loss.
If forex trading computer software isn’t no cost, or if there is a nominal charge, find out what the added advantages are. And, if it is not totally free, is there a income-back assure if you aren’t pleased with the application?
Value, two
Does the trading platform give the same pip spreads as the broker has advertised, or do you need to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between 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 obtain price is 1.0579. For any spread, the value of the currency desires to make up the distinction of the spread prior to you can make a profit. So, in the example, if you acquire at 1.0579, the AUD only requires 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 4 pips just before you produced a profit.
Customer help
Is your forex broker just interested in getting you an account, or do they deliver ongoing support for consumers utilizing the trading platform?
You must be in a position to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.