It can be intimidating to decide on a forex trading platform when you first start out trading – right here are some features that any very good forex trading platform need to have:
Safety
Does the forex broker present data about the security measures of its platform? Your trading and private information need to be encrypted, so that your money and identity are secure, whether you are paying and getting paid through PayPal or on line bank transfers.
The forex broker should also offer tips on how to raise your online safety – I’d be incredibly suspicious of 1 that did not mainly because they may possibly be making themselves liable if there are any issues.
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 market, five.five days a week, look for a thing that you can use frequently. Even when the market place is closed, you want to be able to spot orders to open when the marketplace does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading may well be out of date. A good forex trading platform need to update several occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that offers one-click trading will enable you to purchase or sell forex contract with 1 click, which signifies there’s no have to have to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
straightforward to search for your marketplace, and, if you want to trade a lot more than forex, look for 1 that also allows you to trade on shares, possibilities and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed employing different browsers and diverse sensible-phone handsets.
Essentially, does it do what you require? A great forex trading platform should be customisable to suit your trading technique – does it allow automated trading, and does it let you to micromanage every trade. The trading platform must be able to alert you to excellent trading opportunities, as properly as accept complex orders, such as the different stops and earnings that the forex broker gives, so you can quickly minimise your danger whilst maximising your income.
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 forex robot trade straight from the charts, or do you need to have to deal a ticket?
Based on your level of expertise, you might 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 crucial that the charts are updated in true-time.
Industry Evaluation
Does your forex broker give market place analyses, and is this available utilizing their trading platform or do you require to go to their web-site?
A superior forex trading platform should really include market analysis tools, including news feeds, in-house research and third-celebration study. As info is energy, you want to be capable to access as much of it as attainable, and to have access to it without the need of crawling the internet for the info you need to have.
Any trading that provides market place analysis really should also have historical information accessible, so you can see how the forex was affected when a comparable circumstance occurred.
Cost
Is the platform totally free? Lots of on line forex trading platforms provided by reputable brokers are no cost, and your only expenses will be if you make a loss.
If forex trading software program isn’t totally free, or if there is a nominal charge, come across out what the added benefits are. And, if it isn’t totally free, is there a cash-back assure if you are not happy with the software program?
Price tag, 2
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you need to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the purchase and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the invest in price is 1.0579. For any spread, the cost of the currency wants to make up the distinction of the spread before you can make a profit. So, in the example, if you invest in 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 four pips just before you produced a profit.
Consumer help
Is your forex broker just interested in obtaining you an account, or do they present ongoing assistance for consumers employing the trading platform?
You really should be able to email and/or phone your broker with queries ranging from putting trades to the button on your trading platform that is not doing what you want.