It can be intimidating to decide on a forex trading platform when you very first start trading – right here are some characteristics that any great forex trading platform really should have:
Safety
Does the forex broker offer information about the safety measures of its platform? Your trading and personal data ought to be encrypted, so that your income and identity are safe, no matter if you are paying and getting paid via PayPal or on the internet bank transfers.
The forex broker really should also offer you advice on how to enhance your online security – I’d be incredibly suspicious of a single that didn’t simply because they might be producing themselves liable if there are any difficulties.
Also, are there backup systems 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, 5.five days a week, appear for a thing that you can use continually. Even when the market is closed, you want to be capable to spot orders to open when the market place does.
The trading platform should really also be efficient – if it is slow then the costs at which you are trading may well be out of date. A superior forex trading platform should update a number of times 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 gives 1-click trading will permit you to obtain or sell forex contract with one particular click, which suggests there is no require to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
easy to search for your market, and, if you want to trade much more than forex, appear for 1 that also makes it possible for you to trade on shares, alternatives 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 using different browsers and unique wise-phone handsets.
Basically, does it do what you will need? A excellent forex trading platform should be customisable to suit your trading strategy – does it let automated trading, and does it let you to micromanage each and every trade. The trading platform need to be capable to alert you to fantastic trading opportunities, as properly as accept complex orders, such as the many stops and profits that the forex broker gives, so you can effortlessly minimise your risk although maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated is it to navigate? And, if forex robot 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 require to deal a ticket?
Depending on your level of expertise, you could 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 throughout the day, it is critical that the charts are updated in actual-time.
Industry Analysis
Does your forex broker offer marketplace analyses, and is this readily available utilizing their trading platform or do you will need to check out their website?
A superior forex trading platform ought to consist of industry analysis tools, like news feeds, in-property investigation and third-celebration research. As details is power, you want to be able to access as much of it as probable, and to have access to it without crawling the world wide web for the details you require.
Any trading that offers marketplace evaluation should also have historical data readily available, so you can see how the forex was impacted when a similar situation occurred.
Price tag
Is the platform cost-free? Several online forex trading platforms provided by reliable brokers are free of charge, and your only fees will be if you make a loss.
If forex trading software program is not absolutely free, or if there is a nominal charge, obtain out what the added rewards are. And, if it is not free of charge, is there a dollars-back assure if you aren’t happy with the application?
Cost, 2
Does the trading platform supply the same pip spreads as the broker has advertised, or do you require to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the buy and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the obtain price is 1.0579. For any spread, the value of the currency requirements to make up the distinction of the spread prior to you can make a profit. So, in the instance, 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 ahead of you made a profit.
Client help
Is your forex broker just interested in getting you an account, or do they deliver ongoing support for buyers applying the trading platform?
You need to be in a position to email and/or phone your broker with questions ranging from putting trades to the button on your trading platform that is not undertaking what you want.