It can be intimidating to select a forex trading platform when you very first start out trading – here are some features that any good forex trading platform need to have:
Security
Does the forex broker offer you info about the security measures of its platform? Your trading and personal information should really be encrypted, so that your funds and identity are secure, irrespective of whether you are paying and being paid via PayPal or on the net bank transfers.
The forex broker ought to also offer suggestions on how to increase your on-line safety – I’d be incredibly suspicious of 1 that didn’t mainly because they could be creating themselves liable if there are any issues.
Also, are there backup systems where your information and facts can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.5 days a week, appear for some thing that you can use frequently. Even when the market place is closed, you want to be capable to location orders to open when the market place does.
The trading platform really should also be effective – if it is slow then the costs at which you are trading might be out of date. A fantastic forex trading platform should update a number of instances a second.
One particular-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 one-click trading will permit you to buy or sell forex contract with 1 click, which means there is no want 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 simple to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
simple to search for your market, and, if you want to trade more than forex, appear for a single that also allows 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 forex robot be accessed utilizing unique browsers and distinct sensible-telephone handsets.
Essentially, does it do what you require? A great forex trading platform need to be customisable to suit your trading tactic – does it enable automated trading, and does it allow you to micromanage just about every trade. The trading platform must be in a position to alert you to excellent trading possibilities, as properly as accept complicated orders, like the various stops and income that the forex broker gives, so you can conveniently minimise your threat although maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 will need to deal a ticket?
Based on your level of encounter, you might 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 throughout the day, it is essential that the charts are updated in true-time.
Marketplace Analysis
Does your forex broker give market analyses, and is this available using their trading platform or do you have to have to pay a visit to their website?
A great forex trading platform really should consist of market analysis tools, such as news feeds, in-residence research and third-celebration analysis. As facts is power, you want to be able to access as a great deal of it as doable, and to have access to it with out crawling the internet for the facts you need.
Any trading that offers industry evaluation should also have historical information obtainable, so you can see how the forex was impacted when a comparable predicament occurred.
Cost
Is the platform absolutely free? Quite a few on-line forex trading platforms presented by trustworthy brokers are totally free, and your only costs will be if you make a loss.
If forex trading software isn’t totally free, or if there is a nominal charge, uncover out what the added benefits are. And, if it is not no cost, is there a income-back assure if you aren’t happy with the computer software?
Price tag, 2
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you have to have 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 invest in and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the invest in value is 1.0579. For any spread, the cost of the currency requires to make up the difference of the spread just before you can make a profit. So, in the instance, 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 ahead of you produced a profit.
Consumer assistance
Is your forex broker just interested in receiving you an account, or do they offer ongoing help for prospects using the trading platform?
You need to be able to e-mail and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.