It can be intimidating to pick out a forex trading platform when you 1st get started trading – here are some functions that any good forex trading platform ought to have:
Security
Does the forex broker present information and facts about the security measures of its platform? Your trading and private data ought to be encrypted, so that your income and identity are safe, whether or not you are paying and getting paid via PayPal or on-line bank transfers.
The forex broker should really also give tips on how to raise your on the web safety – I’d be incredibly suspicious of one particular that didn’t mainly because they could possibly be creating themselves liable if there are any difficulties.
Also, are there backup systems exactly where your data can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.five days a week, look for something that you can use constantly. Even when the marketplace is closed, you want to be capable to spot orders to open when the market place does.
The trading platform should really also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A good forex trading platform must update a number of instances a second.
1-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 let you to buy or sell forex contract with one particular click, which suggests there’s no have to have to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your market place, and, if you want to trade far more than forex, look for one particular that also makes it possible for you to trade on shares, choices 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 different smart-telephone handsets.
Basically, does it do what you need? A good forex trading platform need to be customisable to suit your trading method – does it permit automated trading, and does it enable you to micromanage each trade. The trading platform need to be able to alert you to fantastic trading possibilities, as effectively as accept complicated orders, like the different stops and income that the forex broker delivers, so you can quickly minimise your threat whilst maximising your earnings.
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 need to deal a ticket?
Based on your level of knowledge, 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 throughout the day, it is essential that the charts are updated in true-time.
Market Analysis
Does your forex broker supply industry analyses, and is this available employing their trading platform or do you will need to pay a visit to their website?
A fantastic forex trading platform ought to include things like market analysis tools, which includes news feeds, in-residence investigation and third-celebration research. As information is energy, you want to be in a position to access as a great deal of it as attainable, and to have access to it without crawling the internet for the facts you require.
Any trading that gives market place analysis should really also have historical information readily available, so you can see how the forex was impacted when a equivalent situation occurred.
Cost
Is the platform free of charge? Several on-line forex trading platforms supplied by reputable brokers are cost-free, and your only costs will be if you make a loss.
If forex trading application is not free of charge, or if there is a nominal charge, come across out what the added advantages are. And, if forex robot isn’t free, is there a cash-back guarantee if you aren’t pleased with the software program?
Price tag, two
Does the trading platform supply the exact same pip spreads as the broker has advertised, or do you want to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the obtain 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 buy cost is 1.0579. For any spread, the price of the currency desires to make up the distinction of the spread before you can make a profit. So, in the example, if you acquire 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 3 pip spread, the currency would have to move by four pips ahead of you produced a profit.
Client assistance
Is your forex broker just interested in receiving you an account, or do they present ongoing help for prospects working with the trading platform?
You need to be in a position to e-mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that is not performing what you want.