It can be intimidating to pick out a forex trading platform when you initially start out trading – right here are some features that any great forex trading platform should have:
Safety
Does the forex broker offer info about the security measures of its platform? Your trading and personal information need to be encrypted, so that your dollars and identity are safe, irrespective of whether you are paying and getting paid through PayPal or on the net bank transfers.
The forex broker really should also offer tips on how to increase your on the net safety – I’d be incredibly suspicious of 1 that did not because they could possibly be creating themselves liable if there are any problems.
Also, are there backup systems exactly where your data can be stored in case of an IT problem?
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.5 days a week, appear for anything that you can use continually. Even when the marketplace is closed, you want to be capable to spot orders to open when the industry 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platform should really also be effective – if it is slow then the rates at which you are trading could possibly be out of date.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 superior forex trading platform need to update quite a few occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that offers a single-click trading will let you to obtain or sell forex contract with 1 click, which means there’s no need to have to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it straightforward to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
straightforward to search for your industry, and, if you want to trade extra than forex, appear for a single that also makes it possible for you to trade on shares, alternatives and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed utilizing distinctive browsers and various smart-phone handsets.
Basically, does it do what you need to have? A excellent forex trading platform should be customisable to suit your trading technique – does it permit automated trading, and does it enable you to micromanage each trade. The trading platform really should be able to alert you to superior trading possibilities, as nicely as accept complicated orders, which includes the different stops and earnings that the forex broker provides, so you can conveniently minimise your danger although maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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?
Depending on your level of expertise, you could 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 necessary that the charts are updated in true-time.
Marketplace Analysis
Does your forex broker present market place analyses, and is this offered employing their trading platform or do you require to stop by their web site?
A good forex trading platform ought to include things like market analysis tools, like news feeds, in-house analysis and third-celebration investigation. As information is power, you want to be able to access as a great deal of it as probable, and to have access to it with no crawling the web for the data you require.
Any trading that presents industry evaluation should really also have historical information accessible, so you can see how the forex was impacted when a comparable scenario occurred.
Cost
Is the platform absolutely free? Lots of on line forex trading platforms presented by trustworthy brokers are no cost, and your only charges will be if you make a loss.
If forex trading computer software is not cost-free, or if there is a nominal charge, obtain out what the added rewards are. And, if it isn’t no cost, is there a funds-back guarantee if you aren’t content with the application?
Cost, 2
Does the trading platform offer 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 difference between the purchase and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the buy value is 1.0579. For any spread, the price tag of the currency requirements to make up the distinction of the spread ahead of you can make a profit. So, in the instance, if you invest in 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 4 pips before you produced a profit.
Buyer support
Is your forex broker just interested in having you an account, or do they present ongoing support for customers employing the trading platform?
You need to be capable to e mail and/or telephone your broker with questions ranging from placing trades to the button on your trading platform that is not doing what you want.