It can be intimidating to choose a forex trading platform when you very first start out trading – right here are some attributes that any excellent forex trading platform should have:
Safety
Does the forex broker present data about the security measures of its platform? Your trading and personal data should be encrypted, so that your income and identity are safe, no matter whether you are paying and becoming paid via PayPal or on the web bank transfers.
The forex broker should really also provide advice on how to enhance your on line safety – I’d be very suspicious of a single that did not since they may possibly be generating themselves liable if there are any issues.
Also, are there backup systems exactly 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 marketplace, five.5 days a week, appear for some thing that you can use continuously. Even when the industry is closed, you want to be in a position to place orders to open when the marketplace does.
The trading platform should also be efficient – if it is slow then the costs at which you are trading may well be out of date. A excellent forex trading platform must update various occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that delivers 1-click trading will enable you to acquire or sell forex contract with a single click, which implies there’s no need 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 effortless to have an understanding of, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
easy to search for your marketplace, and, if you want to trade additional than forex, appear for a single that also makes it possible for 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 utilizing unique browsers and various wise-telephone handsets.
Generally, does it do what you need? forex robot trading platform should really be customisable to suit your trading tactic – does it allow automated trading, and does it enable you to micromanage every trade. The trading platform really should be capable to alert you to good trading opportunities, as nicely as accept complicated orders, like the many stops and earnings that the forex broker delivers, so you can easily minimise your threat even though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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 have to have to deal a ticket?
Depending on your level of expertise, you could 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 throughout the day, it is important that the charts are updated in genuine-time.
Marketplace Analysis
Does your forex broker give market analyses, and is this offered applying their trading platform or do you have to have to go to their internet site?
A fantastic forex trading platform should involve industry evaluation tools, such as news feeds, in-house research and third-party research. As facts is energy, you want to be able 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 data you have to have.
Any trading that gives market place evaluation should also have historical information readily available, so you can see how the forex was impacted when a comparable situation occurred.
Price tag
Is the platform absolutely free? Many on line forex trading platforms provided by trustworthy brokers are no cost, and your only expenses will be if you make a loss.
If forex trading software program is not cost-free, or if there is a nominal charge, obtain out what the added rewards are. And, if it is not no cost, is there a money-back assure if you aren’t content with the software program?
Price, two
Does the trading platform provide the very same pip spreads as the broker has advertised, or do you have to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the get 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 obtain price is 1.0579. For any spread, the price tag of the currency desires to make up the difference of the spread before you can make a profit. So, in the instance, if you invest in 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 three pip spread, the currency would have to move by four pips just before you created a profit.
Customer help
Is your forex broker just interested in having you an account, or do they provide ongoing help for customers employing the trading platform?
You ought to be capable to email 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.