It can be intimidating to select a forex trading platform when you very first begin trading – here are some characteristics that any superior forex trading platform should have:
Safety
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and individual information must be encrypted, so that your cash and identity are secure, whether you are paying and getting paid by means of PayPal or on-line bank transfers.
The forex broker should also offer you advice on how to improve your on the net security – I’d be quite suspicious of one that did not simply because they may possibly be making themselves liable if there are any troubles.
Also, are there backup systems exactly where your info can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.five days a week, look for anything that you can use continually. Even when the marketplace is closed, you want to be in a position to place orders to open when the market place does.
The trading platform must also be effective – if it is slow then the prices at which you are trading may possibly be out of date. A good forex trading platform must update quite a few instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that offers one-click trading will permit you to get or sell forex contract with 1 click, which means there is no will need to deal a ticket, and you won’t miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
straightforward to search for your marketplace, and, if you want to trade additional than forex, appear for a single that also permits 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 the system be accessed applying unique browsers and distinct intelligent-telephone handsets.
Fundamentally, does it do what you will need? A superior forex trading platform should be customisable to suit your trading method – does it permit automated trading, and does it permit you to micromanage just about every trade. The trading platform should really be capable to alert you to great trading possibilities, as properly as accept complicated orders, which includes the various stops and earnings that the forex broker presents, so you can effortlessly minimise your threat 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 want to deal a ticket?
Based on your level of practical experience, you may well 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 necessary that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker present marketplace analyses, and is this available applying their trading platform or do you need to have to check out their website?
A excellent forex trading platform should really contain marketplace analysis tools, which includes news feeds, in-property analysis and third-celebration study. As details is energy, you want to be in a position to access as a lot of it as possible, and to have access to it devoid of crawling the world wide web for the information you require.
Any trading that provides market analysis need to also have historical data out there, so you can see how the forex was affected when a similar situation occurred.
Price
Is the platform no cost? Many on line forex trading platforms presented by respected brokers are free, and your only expenses will be if you make a loss.
If forex trading 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 money-back guarantee if you aren’t delighted with the software program?
Price tag, two
Does the trading platform offer you the exact same pip spreads as the broker has advertised, or do you have to have to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire 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 tag of the currency needs to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you buy at 1.0579, the AUD only wants 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.
forex robot
Is your forex broker just interested in acquiring you an account, or do they provide ongoing assistance for consumers making use of the trading platform?
You should really be capable to e-mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not carrying out what you want.