It can be intimidating to choose a forex trading platform when you 1st begin trading – here are some characteristics that any great forex trading platform should have:
Security
Does the forex broker supply info about the security measures of its platform? Your trading and personal data should be encrypted, so that your funds and identity are safe, irrespective of whether you are paying and becoming paid by means of PayPal or on line bank transfers.
The forex broker should really also supply guidance on how to boost your online security – I’d be pretty suspicious of one that did not since they may possibly be generating themselves liable if there are any complications.
Also, are there backup systems exactly where your data 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 market place, five.5 days a week, look for anything that you can use continuously. Even when the marketplace is closed, you want to be able to location orders to open when the marketplace does.
The trading platform must also be efficient – if it is slow then the costs at which you are trading may be out of date. A great forex trading platform really should update quite a few times a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that presents one particular-click trading will allow you to obtain or sell forex contract with one particular click, which suggests there’s no require 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 effortless to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
easy to search for your market, and, if you want to trade a lot more than forex, look for one particular that also makes it possible for you to trade on shares, alternatives and indices.
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 diverse browsers and distinct intelligent-phone handsets.
Essentially, does it do what you will need? A very good forex trading platform ought to be customisable to suit your trading strategy – does it allow automated trading, and does it permit you to micromanage every trade. forex robot trading platform really should be capable to alert you to excellent trading possibilities, as properly as accept complex orders, which includes the numerous stops and income that the forex broker gives, so you can easily minimise your threat whilst maximising your income.
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 will need to deal a ticket?
Depending on your level of experience, you may possibly 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 genuine-time.
Market Analysis
Does your forex broker give marketplace analyses, and is this offered applying their trading platform or do you want to visit their web page?
A great forex trading platform should really involve market evaluation tools, like news feeds, in-home analysis and third-celebration investigation. As info is power, you want to be capable to access as significantly of it as feasible, and to have access to it with no crawling the online for the information you need.
Any trading that gives market place analysis need to also have historical information obtainable, so you can see how the forex was impacted when a related scenario occurred.
Price
Is the platform free? Lots of on-line forex trading platforms provided by trustworthy brokers are free, and your only expenses will be if you make a loss.
If forex trading computer software isn’t absolutely free, or if there is a nominal charge, find out what the added positive aspects are. And, if it is not totally free, is there a funds-back guarantee if you aren’t happy with the application?
Price tag, 2
Does the trading platform offer you the similar pip spreads as the broker has advertised, or do you have to have to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among 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 get value is 1.0579. For any spread, the cost of the currency desires to make up the difference of the spread before you can make a profit. So, in the instance, 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 four pips prior to you produced a profit.
Client assistance
Is your forex broker just interested in finding you an account, or do they present ongoing assistance for consumers making use of the trading platform?
You ought to be in a position to e mail and/or phone your broker with questions ranging from placing trades to the button on your trading platform that is not doing what you want.