It can be intimidating to pick a forex trading platform when you very first start off trading – right here are some options that any great forex trading platform need to 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 money and identity are secure, no matter whether you are paying and becoming paid by way of PayPal or on line bank transfers.
The forex broker should also provide guidance on how to improve your online safety – I’d be quite suspicious of a single that did not due to the fact they may be creating themselves liable if there are any challenges.
Also, are there backup systems where your information can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.five days a week, appear for something that you can use continually. Even when the market place is closed, you want to be in a position to location orders to open when the marketplace does.
The trading platform really should also be effective – if it is slow then the costs at which you are trading could possibly be out of date. A fantastic forex trading platform ought to update numerous 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 opportunity. A platform that provides a single-click trading will enable you to acquire 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 tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it straightforward to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your market place, and, if you want to trade more than forex, look for one that also makes it possible for 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 working with various browsers and different wise-phone handsets.
Essentially, does it do what you want? A very good forex trading platform need to be customisable to suit your trading tactic – does it permit automated trading, and does it permit you to micromanage every trade. The trading platform must be in a position to alert you to superior trading opportunities, as nicely as accept complex orders, such as the many stops and income that the forex broker presents, so you can quickly minimise your danger while maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how simple 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 deal a ticket?
Depending on your level of encounter, you may 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 important that the charts are updated in actual-time.
Marketplace Analysis
Does your forex broker supply marketplace analyses, and is this obtainable utilizing their trading platform or do you need to check out their site?
A superior forex trading platform must include industry analysis tools, which includes news feeds, in-home analysis and third-celebration research. As details is energy, you want to be able to access as considerably of it as probable, and to have access to it with no crawling the online for the information and facts you want.
Any trading that presents market evaluation must also have historical information accessible, so you can see how the forex was affected when a similar predicament occurred.
Cost
Is the platform free of charge? Quite a few 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 isn’t absolutely free, or if there is a nominal charge, find out what the added benefits are. And, if forex robot isn’t absolutely free, is there a money-back assure if you are not happy with the software program?
Cost, 2
Does the trading platform supply the 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 between the obtain and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the buy cost is 1.0579. For any spread, the cost of the currency wants to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you buy at 1.0579, the AUD only wants 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 before you produced a profit.
Buyer support
Is your forex broker just interested in acquiring you an account, or do they deliver ongoing help for customers using the trading platform?
You must be able to email and/or phone your broker with inquiries ranging from placing trades to the button on your trading platform that is not carrying out what you want.