It can be intimidating to opt for a forex trading platform when you first start trading – right here are some features that any excellent forex trading platform need to have:
Security
Does the forex broker give details about the security measures of its platform? Your trading and private information ought to be encrypted, so that your money and identity are secure, no matter if you are paying and getting paid by means of PayPal or on the web bank transfers.
The forex broker really should also give assistance on how to boost your online safety – I’d be really suspicious of one particular that didn’t since they may be generating themselves liable if there are any issues.
Also, are there backup systems exactly where your details can be stored in case of an IT difficulty?
When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.5 days a week, appear for one thing that you can use constantly. Even when the marketplace is closed, you want to be able to place orders to open when the industry does.
The trading platform should also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A fantastic forex trading platform must update many times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that gives 1-click trading will let you to purchase or sell forex contract with one click, which means there is no require 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 straightforward to have an understanding of, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
straightforward to search for your market, and, if you want to trade additional than forex, appear for 1 that also permits you to trade on shares, solutions and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed utilizing various browsers and unique smart-telephone handsets.
Essentially, does it do what you have to have? A great forex trading platform should really be customisable to suit your trading method – does it allow automated trading, and does it allow you to micromanage every single trade. The trading platform must be able to alert you to very good trading opportunities, as well as accept complex orders, including the different stops and earnings that the forex broker gives, so you can conveniently minimise your risk although maximising your earnings.
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 directly from the charts, or do you need to have to deal a ticket?
Depending 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 opportunities.
And, if you want to trade forex all through the day, it is vital that the charts are updated in true-time.
Marketplace Analysis
Does your forex broker supply market analyses, and is this out there using their trading platform or do you require to visit their website?
A excellent forex trading platform need to consist of marketplace analysis tools, including news feeds, in-residence analysis and third-celebration analysis. As information and facts is power, you want to be able to access as considerably of it as feasible, and to have access to it without the need of crawling the world-wide-web for the information you need to have.
Any trading that offers industry analysis need to also have historical information out there, so you can see how the forex was affected when a related circumstance occurred.
Value
Is the platform free of charge? A lot of on the net forex trading platforms presented by respected brokers are cost-free, and your only costs will be if you make a loss.
If forex trading software isn’t free of charge, or if there is a nominal charge, uncover out what the added benefits are. And, if it isn’t totally free, is there a cash-back assure if you are not pleased with the software?
Cost, 2
Does the trading platform present the similar pip spreads as the broker has advertised, or do you need to have to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the purchase price is 1.0579. For any spread, the value of the currency requires to make up the difference of the spread ahead of you can make a profit. So, in the instance, 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 4 pips just before you produced a profit.
Client support
Is your forex broker just interested in receiving you an account, or do they present ongoing support for consumers working with the trading platform?
You ought to be capable to e mail and/or telephone your broker with inquiries ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.