It can be intimidating to opt for a forex trading platform when you 1st start trading – right here are some features that any fantastic forex trading platform must have:
Safety
Does the forex broker offer you data about the security measures of its platform? Your trading and individual information ought to be encrypted, so that your income and identity are safe, irrespective of whether you are paying and getting paid by way of PayPal or online bank transfers.
The forex broker must also offer suggestions on how to raise your on the web security – I’d be pretty suspicious of 1 that did not mainly because they may possibly be producing themselves liable if there are any issues.
Also, are there backup systems exactly where your facts can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.5 days a week, appear for something that you can use regularly. Even when the industry is closed, you want to be capable to spot orders to open when the industry does.
forex robot trading platform need to also be effective – if it is slow then the prices at which you are trading could possibly be out of date.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 really update numerous instances a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that offers a single-click trading will allow you to purchase or sell forex contract with one click, which implies there’s no will need to deal a ticket, and you won’t miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to fully grasp, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your industry, and, if you want to trade additional than forex, appear for a single that also permits 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 using unique browsers and distinctive clever-telephone handsets.
Generally, does it do what you require? A excellent forex trading platform should be customisable to suit your trading method – does it permit automated trading, and does it allow you to micromanage just about every trade. The trading platform must be able to alert you to excellent trading possibilities, as well as accept complicated orders, like the several stops and earnings that the forex broker delivers, so you can easily minimise your risk when maximising your profits.
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 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 throughout the day, it is necessary that the charts are updated in actual-time.
Marketplace Evaluation
Does your forex broker present market analyses, and is this accessible utilizing their trading platform or do you want to take a look at their web page?
A superior forex trading platform should include market evaluation tools, which includes news feeds, in-property study and third-celebration research. As facts is energy, you want to be capable to access as a great deal of it as achievable, and to have access to it with no crawling the net for the information and facts you need to have.
Any trading that delivers market analysis should really also have historical information obtainable, so you can see how the forex was impacted when a comparable situation occurred.
Price
Is the platform totally free? Quite a few on the net forex trading platforms presented by respected brokers are totally free, and your only charges will be if you make a loss.
If forex trading application is not cost-free, or if there is a nominal charge, discover out what the added benefits are. And, if it isn’t absolutely free, is there a money-back assure if you aren’t happy with the application?
Price, 2
Does the trading platform provide the same pip spreads as the broker has advertised, or do you will need to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the buy and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the purchase cost is 1.0579. For any spread, the cost of the currency requires to make up the difference of the spread ahead of 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 made a profit.
Customer help
Is your forex broker just interested in receiving you an account, or do they supply ongoing help for clients employing the trading platform?
You must be in a position to email and/or telephone your broker with queries ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.