It can be intimidating to choose a forex trading platform when you very first start out trading – here are some attributes that any very good forex trading platform should have:
Safety
Does the forex broker supply information about the security measures of its platform? Your trading and private information should be encrypted, so that your dollars and identity are safe, regardless of whether you are paying and being paid by means of PayPal or on the internet bank transfers.
The forex broker should really also offer you guidance on how to increase your on the net safety – I’d be pretty suspicious of 1 that did not because they might be creating themselves liable if there are any problems.
Also, are there backup systems 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 one thing that you can use consistently. Even when the industry is closed, you want to be able to place orders to open when the market place does.
The trading platform should also be efficient – if it is slow then the prices at which you are trading may be out of date. A very good forex trading platform ought to update various instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that presents one-click trading will permit you to obtain or sell forex contract with a single click, which signifies there is no need 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 quick to have an understanding of, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
effortless to search for your industry, and, if you want to trade extra than forex, appear for 1 that also permits you to trade on shares, selections and indices.
Exactly 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 unique smart-telephone handsets.
Basically, does it do what you need to have? A fantastic forex trading platform really should be customisable to suit your trading strategy – does it enable automated trading, and does it allow you to micromanage each trade. The trading platform must be in a position to alert you to great trading opportunities, as nicely as accept complicated orders, like the various stops and profits that the forex broker provides, so you can very easily minimise your threat when maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how effortless is it to navigate? And, if metatrader 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 need to have 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 throughout the day, it is essential that the charts are updated in actual-time.
Market place Evaluation
Does your forex broker offer you market place analyses, and is this accessible utilizing their trading platform or do you will need to take a look at their internet site?
A great forex trading platform should include marketplace analysis tools, which includes news feeds, in-house study and third-celebration analysis. As information and facts is energy, you want to be capable to access as considerably of it as probable, and to have access to it without the need of crawling the world-wide-web for the facts you require.
Any trading that presents marketplace evaluation must also have historical information accessible, so you can see how the forex was affected when a related circumstance occurred.
Price
Is the platform free? Lots of on the net forex trading platforms supplied by reputable brokers are free, and your only costs will be if you make a loss.
If forex trading software is not free, or if there is a nominal charge, discover out what the added rewards are. And, if it is not free, is there a money-back guarantee if you are not pleased with the computer software?
Price, two
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you have to have to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the buy and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the purchase cost is 1.0579. For any spread, the price tag of the currency wants to make up the distinction of the spread before you can make a profit. So, in the instance, if you get 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 made a profit.
Customer support
Is your forex broker just interested in receiving you an account, or do they offer ongoing assistance for customers working with the trading platform?
You should really be in a position to e-mail and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that isn’t performing what you want.