It can be intimidating to choose a forex trading platform when you initially commence trading – right here are some attributes that any good forex trading platform really should have:
Security
Does the forex broker provide information and facts about the safety measures of its platform? Your trading and individual data ought to be encrypted, so that your funds and identity are secure, whether or not you are paying and being paid by way of PayPal or on the web bank transfers.
The forex broker need to also offer you guidance on how to increase your on the web safety – I’d be incredibly suspicious of a single that didn’t due to the fact they could be making themselves liable if there are any complications.
Also, are there backup systems exactly where your information and facts 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, five.five days a week, look for something that you can use constantly. Even when the industry is closed, you want to be able to place orders to open when the industry does.
The trading platform really should also be effective – if it is slow then the prices at which you are trading might be out of date. A excellent forex trading platform should really update many occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that offers a single-click trading will let you to buy or sell forex contract with one click, which signifies there is no have to have to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to realize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
quick to search for your marketplace, and, if you want to trade extra than forex, appear for 1 that also permits you to trade on shares, possibilities 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 employing distinct browsers and various smart-phone handsets.
Generally, does it do what you will need? A excellent forex trading platform should be customisable to suit your trading tactic – does it permit automated trading, and does it enable you to micromanage every trade. The trading platform should really be in a position to alert you to excellent trading opportunities, as effectively as accept complex orders, including the several stops and earnings that the forex broker offers, so you can conveniently minimise your danger although maximising your profits.
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 straight from the charts, or do you will need to deal a ticket?
Based 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 all through the day, it is critical that the charts are updated in genuine-time.
Does your forex broker present marketplace analyses, and is this out there utilizing their trading platform or do you need to pay a visit to their web page?
A fantastic forex trading platform really should consist of market evaluation tools, like news feeds, in-house research and third-celebration analysis. As information and facts is power, you want to be capable to access as a lot of it as probable, and to have access to it without having crawling the online for the facts you will need.
Any trading that presents marketplace analysis should also have historical information available, so you can see how the forex was affected when a related scenario occurred.
Value
Is the platform totally free? Numerous online forex trading platforms supplied by reliable brokers are absolutely free, and your only costs will be if you make a loss.
If forex trading software isn’t free, or if there is a nominal charge, discover out what the added benefits are. And, if it isn’t free, is there a dollars-back guarantee if you are not content with the computer software?
Cost, two
Does the trading platform offer you the exact same pip spreads as the broker has advertised, or do you require to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the buy and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the get price tag 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 get at 1.0579, the AUD only demands to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a 3 pip spread, the currency would have to move by 4 pips prior to you created a profit.
Buyer help
Is your forex broker just interested in obtaining you an account, or do they offer ongoing assistance for prospects working with the trading platform?
You should 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 performing what you want.