It can be intimidating to opt for a forex trading platform when you very first begin trading – right here are some attributes that any very good forex trading platform must have:
Safety
Does the forex broker supply data about the security measures of its platform? Your trading and personal information ought to be encrypted, so that your income and identity are secure, no matter whether you are paying and getting paid by way of PayPal or on the web bank transfers.
The forex broker really should also supply tips on how to enhance your on-line security – I’d be very suspicious of 1 that didn’t since they may be making themselves liable if there are any troubles.
Also, are there backup systems where your information and facts 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 market place, five.five days a week, look for some thing that you can use continuously. Even when the market is closed, you want to be capable to location orders to open when the marketplace does.
The trading platform really should also be efficient – if it is slow then the costs at which you are trading might be out of date. A fantastic forex trading platform should update several times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that offers one-click trading will permit you to get or sell forex contract with one particular click, which implies there is no need to have to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
quick to search for your market, and, if you want to trade much more than forex, appear for 1 that also enables you to trade on shares, possibilities 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 applying unique browsers and various smart-telephone handsets.
Generally, does it do what you want? A good forex trading platform ought to be customisable to suit your trading approach – does it enable automated trading, and does it permit you to micromanage each trade. The trading platform must be able to alert you to excellent trading possibilities, as effectively as accept complicated orders, including the various stops and income that the forex broker gives, so you can quickly minimise your threat whilst maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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 require to deal a ticket?
Depending on your level of experience, 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 possibilities.
And, if you want to trade forex all through the day, it is important that the charts are updated in real-time.
Market Evaluation
Does your forex broker provide market analyses, and is this accessible working with their trading platform or do you have to have to stop by their internet site?
A good forex trading platform should involve industry analysis tools, which includes news feeds, in-residence research and third-party study. As facts is power, you want to be capable to access as much of it as doable, and to have access to it without crawling the world wide web for the information and facts you have to have.
Any trading that presents marketplace analysis ought to also have historical data offered, so you can see how the forex was affected when a related situation occurred.
Value
Is the platform free? Lots of on the web forex trading platforms offered by trustworthy brokers are free, and your only fees will be if you make a loss.
If forex trading software is not cost-free, or if there is a nominal charge, discover out what the added added benefits are. And, if it isn’t free, is there a dollars-back guarantee if you are not satisfied with the software program?
Price, two
Does the trading platform supply the very 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 invest in and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the purchase value is 1.0579. For forex robot , the value of the currency demands to make up the difference of the spread before you can make a profit. So, in the example, 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 ahead of you produced a profit.
Consumer help
Is your forex broker just interested in finding you an account, or do they present ongoing assistance for consumers using the trading platform?
You need to be able to e-mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not performing what you want.