It can be intimidating to pick out a forex trading platform when you initially get started trading – here are some attributes that any excellent forex trading platform must have:
Safety
Does the forex broker provide information and facts about the security measures of its platform? Your trading and personal information must be encrypted, so that your income and identity are secure, no matter if you are paying and becoming paid by means of PayPal or on line bank transfers.
The forex broker ought to also present suggestions on how to increase your on-line safety – I’d be pretty suspicious of 1 that didn’t because they could be making themselves liable if there are any issues.
Also, are there backup systems exactly where your details 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 marketplace, five.five days a week, appear for some thing that you can use regularly. 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The trading platform must also be efficient – if it is slow then the prices at which you are trading might be out of date. A very good forex trading platform really should update a number of occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that delivers 1-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 value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your market place, and, if you want to trade far more than forex, appear for a single that also makes it possible for 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 program be accessed utilizing diverse browsers and various sensible-phone handsets.
Basically, does it do what you want? A good forex trading platform must be customisable to suit your trading method – does it allow automated trading, and does it let you to micromanage each and every trade. forex robot trading platform ought to be able to alert you to great trading possibilities, as well as accept complex orders, including the many stops and income that the forex broker delivers, so you can easily minimise your danger whilst maximising your profits.
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 need to deal a ticket?
Depending on your level of expertise, 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 opportunities.
And, if you want to trade forex all through the day, it is important that the charts are updated in actual-time.
Market Evaluation
Does your forex broker provide industry analyses, and is this accessible using their trading platform or do you require to pay a visit to their website?
A good forex trading platform must include things like market evaluation tools, which includes news feeds, in-home research and third-party research. As info is power, you want to be in a position to access as a lot of it as attainable, and to have access to it devoid of crawling the world-wide-web for the information and facts you need to have.
Any trading that delivers market place analysis need to also have historical data readily available, so you can see how the forex was impacted when a comparable predicament occurred.
Price
Is the platform free? Quite a few on the internet forex trading platforms offered by reliable brokers are free of charge, and your only fees will be if you make a loss.
If forex trading computer software is not no cost, or if there is a nominal charge, find out what the added rewards are. And, if it is not free, is there a money-back guarantee if you are not content with the computer software?
Price tag, 2
Does the trading platform supply the very same pip spreads as the broker has advertised, or do you need to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the get cost is 1.0579. For any spread, the price of the currency needs to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you obtain at 1.0579, the AUD only needs 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 4 pips prior to you created a profit.
Buyer support
Is your forex broker just interested in finding you an account, or do they deliver ongoing help for prospects utilizing the trading platform?
You must be able to email and/or phone your broker with queries ranging from putting trades to the button on your trading platform that is not performing what you want.