It can be intimidating to select a forex trading platform when you 1st start out trading – here are some features that any excellent forex trading platform should really have:
Security
Does the forex broker offer info about the security measures of its platform? Your trading and individual data should really be encrypted, so that your revenue and identity are secure, irrespective of whether you are paying and becoming paid by means of PayPal or on the net bank transfers.
The forex broker should really also present suggestions on how to enhance your on the internet security – I’d be quite suspicious of a single that didn’t mainly because they could possibly be generating themselves liable if there are any issues.
Also, are there backup systems where your details can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.5 days a week, appear for something that you can use continuously. Even when the marketplace is closed, you want to be able to place orders to open when the industry does.
The trading platform need to also be effective – if it is slow then the prices at which you are trading may well be out of date. A good forex trading platform should really update several times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that gives one-click trading will permit you to purchase or sell forex contract with one particular click, which suggests 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 understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
uncomplicated to search for your marketplace, and, if you want to trade far more than forex, appear for 1 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 program be accessed using distinct browsers and diverse intelligent-phone handsets.
Fundamentally, does it do what you will need? A great forex trading platform must be customisable to suit your trading approach – does it allow automated trading, and does it permit you to micromanage just about every trade. The trading platform really should be in a position to alert you to fantastic trading possibilities, as effectively as accept complicated orders, such as the various stops and income that the forex broker delivers, so you can easily minimise your danger even though maximising your profits.
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 directly from the charts, or do you require to deal a ticket?
Based on your level of expertise, 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 forex robot want to trade forex throughout the day, it is vital that the charts are updated in actual-time.
Marketplace Analysis
Does your forex broker present market analyses, and is this obtainable employing their trading platform or do you want to pay a visit to their internet site?
A good forex trading platform really should involve market place evaluation tools, which includes news feeds, in-residence investigation and third-party investigation. As data is energy, you want to be capable to access as significantly of it as feasible, and to have access to it with out crawling the online for the facts you will need.
Any trading that provides market place evaluation should really also have historical data out there, so you can see how the forex was impacted when a equivalent predicament occurred.
Price tag
Is the platform free of charge? Numerous on line forex trading platforms supplied by reputable brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading software program isn’t totally free, or if there is a nominal charge, locate out what the added benefits are. And, if it is not cost-free, is there a money-back assure if you aren’t delighted with the software?
Value, two
Does the trading platform offer you the very same pip spreads as the broker has advertised, or do you need to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the invest in and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the acquire price tag is 1.0579. For any spread, the price tag of the currency requires to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you get 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 three pip spread, the currency would have to move by 4 pips before you made a profit.
Client assistance
Is your forex broker just interested in obtaining you an account, or do they supply ongoing help for clients utilizing 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 isn’t carrying out what you want.