It can be intimidating to decide on a forex trading platform when you first start out trading – here are some characteristics that any good forex trading platform need to have:
Security
Does the forex broker present data about the security measures of its platform? Your trading and individual information should be encrypted, so that your dollars and identity are safe, whether you are paying and becoming paid through PayPal or on the internet bank transfers.
The forex broker should really also give advice on how to raise your on the net safety – I’d be really suspicious of 1 that didn’t since they could be producing themselves liable if there are any complications.
Also, are there backup systems where your facts 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 marketplace, five.five days a week, appear for a thing that you can use regularly. Even when the market place is closed, you want to be in a position to place orders to open when the marketplace does.
The trading platform ought to also be efficient – if it is slow then the costs at which you are trading could possibly be out of date. A great forex trading platform really should update various occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that delivers one particular-click trading will allow you to obtain or sell forex contract with a single click, which implies there’s no need to have 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 realize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
easy to search for your marketplace, and, if you want to trade a lot more than forex, look for a single that also allows you to trade on shares, choices 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 making use of distinctive browsers and distinct intelligent-telephone handsets.
Generally, does it do what you require? A good forex trading platform should be customisable to suit your trading strategy – does it let automated trading, and does it permit you to micromanage each and every trade. The trading platform should really be capable to alert you to superior trading opportunities, as effectively as accept complex orders, such as the several stops and earnings that the forex broker delivers, so you can effortlessly minimise your danger although maximising your earnings.
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 straight from the charts, or do you will need to deal a ticket?
Depending on your level of knowledge, you could 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 crucial that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker offer market analyses, and is this accessible working with their trading platform or do you require to stop by their website?
forex robot trading platform must contain industry analysis tools, including news feeds, in-residence study and third-celebration study. As information and facts is energy, you want to be able to access as significantly of it as feasible, and to have access to it without having crawling the world wide web for the information and facts you require.
Any trading that offers market evaluation should also have historical information obtainable, so you can see how the forex was impacted when a related situation occurred.
Price
Is the platform free? Numerous on the internet forex trading platforms provided by reputable brokers are free of charge, and your only fees will be if you make a loss.
If forex trading application isn’t absolutely free, or if there is a nominal charge, find out what the added rewards are. And, if it isn’t no cost, is there a cash-back assure if you aren’t happy with the computer software?
Value, 2
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you require to phone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the get 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 obtain cost is 1.0579. For any spread, the price of the currency requires 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 three pip spread, the currency would have to move by 4 pips just before you produced a profit.
Consumer assistance
Is your forex broker just interested in getting you an account, or do they supply ongoing assistance for buyers using the trading platform?
You really should be in a position to email and/or phone your broker with questions ranging from putting trades to the button on your trading platform that is not doing what you want.