It can be intimidating to pick a forex trading platform when you very first start out trading – here are some options that any great forex trading platform really should have:
Security
Does the forex broker provide details about the security measures of its platform? Your trading and private data should really be encrypted, so that your funds and identity are safe, regardless of whether you are paying and becoming paid through PayPal or on the web bank transfers.
The forex broker must also present advice on how to increase your on-line safety – I’d be incredibly suspicious of one that didn’t simply because they might be creating themselves liable if there are any issues.
Also, are there backup systems exactly where your information can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.5 days a week, look for a thing that you can use frequently. Even when the marketplace is closed, you want to be able to spot orders to open when the market does.
The trading platform should really also be effective – if it is slow then the rates at which you are trading could possibly be out of date. A good forex trading platform should really update a number of instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that provides 1-click trading will enable you to acquire or sell forex contract with one click, which indicates there is no have to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
easy to search for your industry, and, if you want to trade more than forex, look for 1 that also enables you to trade on shares, solutions 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 distinct browsers and diverse smart-phone handsets.
Fundamentally, does it do what you need to have? A fantastic forex trading platform ought to be customisable to suit your trading tactic – does it let automated trading, and does it enable you to micromanage each and every trade. The trading platform need to be capable to alert you to fantastic trading possibilities, as nicely as accept complex orders, like the numerous stops and income that the forex broker offers, so you can very easily minimise your threat although maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward is it to navigate? And, if forex robot 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 have to have to deal a ticket?
Depending on your level of practical experience, you may well 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 necessary that the charts are updated in actual-time.
Market place Evaluation
Does your forex broker supply industry analyses, and is this out there using their trading platform or do you need to have to go to their web site?
A very good forex trading platform ought to include industry analysis tools, which includes news feeds, in-residence study and third-celebration study. As information is power, you want to be in a position to access as considerably of it as doable, and to have access to it with no crawling the web for the information you have to have.
Any trading that gives market analysis should really also have historical data accessible, so you can see how the forex was affected when a similar scenario occurred.
Cost
Is the platform no cost? Quite a few on line forex trading platforms offered by reputable brokers are no cost, and your only expenses will be if you make a loss.
If forex trading software program isn’t no cost, or if there is a nominal charge, find out what the added positive aspects are. And, if it is not cost-free, is there a money-back assure if you aren’t delighted with the software?
Price, two
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you will need to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in 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 buy value is 1.0579. For any spread, the value of the currency needs to make up the difference of the spread ahead of you can make a profit. So, in the example, if you obtain at 1.0579, the AUD only requires 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 four pips just before you created a profit.
Consumer assistance
Is your forex broker just interested in having you an account, or do they deliver ongoing assistance for customers using the trading platform?
You really should be in a position to email and/or telephone your broker with inquiries ranging from putting trades to the button on your trading platform that is not undertaking what you want.