It can be intimidating to opt for a forex trading platform when you first start out trading – here are some attributes that any good forex trading platform should have:
Safety
Does the forex broker offer you data about the safety measures of its platform? Your trading and private information should really be encrypted, so that your dollars and identity are secure, no matter whether you are paying and getting paid by way of PayPal or on the net bank transfers.
The forex broker should really also offer you guidance on how to increase your online safety – I’d be really suspicious of one that didn’t because they could possibly be creating themselves liable if there are any challenges.
Also, are there backup systems exactly where your information can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.5 days a week, appear for some thing that you can use frequently. Even when the industry is closed, you want to be able to location orders to open when the industry does.
The trading platform should really also be efficient – if it is slow then the prices at which you are trading might be out of date. A excellent forex trading platform should really update many occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that delivers a single-click trading will let you to buy or sell forex contract with one particular click, which means there is no need to have to deal a ticket, and you will not miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your market, and, if you want to trade much more than forex, appear for a single that also allows 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 system be accessed making use of distinctive browsers and different intelligent-phone handsets.
Fundamentally, does it do what you require? A fantastic forex trading platform ought to be customisable to suit your trading technique – does it enable automated trading, and does it let you to micromanage every single trade. The trading platform must be capable to alert you to great trading opportunities, as effectively as accept complex orders, like the many stops and profits that the forex broker provides, so you can very easily minimise your danger while maximising your earnings.
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 straight from the charts, or do you need to have to deal a ticket?
Based on your level of 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 crucial that the charts are updated in actual-time.
Industry Evaluation
Does your forex broker offer you marketplace analyses, and is this readily available working with their trading platform or do you need to check out their website?
A great forex trading platform should really contain market evaluation tools, including news feeds, in-residence analysis and third-party investigation. As details is energy, you want to be in a position to access as a lot of it as possible, and to have access to it without the need of crawling the web for the facts you need.
Any trading that presents marketplace evaluation ought to also have historical data offered, so you can see how the forex was affected when a related predicament occurred.
Is the platform free? A lot of on the web forex trading platforms offered by reputable brokers are free of charge, and your only costs will be if you make a loss.
If forex trading application isn’t totally free, or if there is a nominal charge, obtain out what the added benefits are. And, if it isn’t totally free, is there a money-back guarantee if you are not happy with the computer software?
Price, two
Does the trading platform give the identical pip spreads as the broker has advertised, or do you want to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the invest in and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the obtain price tag is 1.0579. For any spread, the price 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 desires 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.
Client assistance
Is your forex broker just interested in acquiring you an account, or do they provide ongoing support for shoppers working with the trading platform?
You really should be capable to e-mail and/or phone your broker with inquiries ranging from putting trades to the button on your trading platform that is not carrying out what you want.