It can be intimidating to choose a forex trading platform when you very first start off trading – here are some features that any excellent forex trading platform must have:
Safety
Does the forex broker supply data about the safety measures of its platform? Your trading and personal data ought to be encrypted, so that your money and identity are safe, regardless of whether you are paying and getting paid by way of PayPal or on the internet bank transfers.
The forex broker should also present guidance on how to boost your on the net safety – I’d be quite suspicious of one particular that didn’t mainly because they could be generating themselves liable if there are any troubles.
Also, are there backup systems exactly where your info 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 market, five.five days a week, appear for a thing that you can use frequently. Even when the industry is closed, you want to be in a position to location orders to open when the industry does.
The trading platform must also be efficient – if it is slow then the rates at which you are trading may well be out of date. A excellent forex trading platform ought to update many instances a second.
A single-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 let you to purchase or sell forex contract with a single click, which suggests there is no require 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 easy to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your marketplace, and, if you want to trade far more than forex, appear for 1 that also allows you to trade on shares, possibilities and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed applying various browsers and various intelligent-phone handsets.
Essentially, does it do what you have to have? A excellent forex trading platform really should be customisable to suit your trading technique – does it enable automated trading, and does it enable you to micromanage every trade. The trading platform ought to be able to alert you to superior trading opportunities, as nicely as accept complicated orders, like the many stops and profits that the forex broker gives, so you can very easily minimise your danger while maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 need to deal a ticket?
Based on your level of expertise, you may 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 all through the day, it is necessary that the charts are updated in genuine-time.
Market place Evaluation
Does your forex broker offer you market analyses, and is this available utilizing their trading platform or do you need to have to stop by their internet site?
A fantastic forex trading platform ought to include things like marketplace evaluation tools, including news feeds, in-residence analysis and third-party analysis. As facts is power, you want to be in a position to access as a great deal of it as doable, and to have access to it with no crawling the web for the facts you will need.
Any trading that offers marketplace analysis should also have historical data accessible, so you can see how the forex was affected when a comparable situation occurred.
Value
Is the platform no cost? Several online forex trading platforms offered by reliable brokers are absolutely free, and your only charges will be if you make a loss.
If forex trading software is not no cost, or if there is a nominal charge, discover out what the added rewards are. And, if it is not no cost, is there a revenue-back guarantee if you aren’t satisfied with the software?
Price tag, 2
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you need to have to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the buy and sell value 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 is 1.0579. For any spread, the price 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 acquire 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 ahead of you created a profit.
Is your forex broker just interested in finding you an account, or do they offer ongoing assistance for shoppers applying the trading platform?
You ought to be able to e-mail and/or phone your broker with inquiries ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.