It can be intimidating to decide on a forex trading platform when you very first commence trading – right here are some characteristics that any superior forex trading platform ought to have:
Safety
Does the forex broker offer you information about the security measures of its platform? Your trading and personal information must be encrypted, so that your revenue and identity are safe, whether you are paying and getting paid by means of PayPal or on line bank transfers.
The forex broker must also offer you guidance on how to boost your on the net security – I’d be incredibly suspicious of a single that did not for the reason that they could be generating themselves liable if there are any difficulties.
Also, are there backup systems exactly 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 market, 5.5 days a week, look for some thing that you can use frequently. Even when the market place is closed, you want to be capable to spot orders to open when the industry does.
The trading platform should really also be efficient – if it is slow then the rates at which you are trading may possibly be out of date. A superior forex trading platform really should update various instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that delivers one-click trading will permit you to obtain or sell forex contract with 1 click, which signifies there’s no will need to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple 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 market, and, if you want to trade more than forex, appear for 1 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 plan be accessed making use of various browsers and distinct intelligent-phone handsets.
Generally, does it do what you require? A good forex trading platform really should be customisable to suit your trading method – does it allow automated trading, and does it let you to micromanage just about every trade. The trading platform must be able to alert you to superior trading possibilities, as nicely as accept complicated orders, like the many stops and profits that the forex broker delivers, so you can very easily minimise your threat when maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 have to have to deal a ticket?
Based on your level of encounter, 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 all through the day, it is essential that the charts are updated in true-time.
Market Evaluation
Does your forex broker offer you market analyses, and is this out there working with their trading platform or do you have to have to stop by their website?
A excellent forex trading platform must consist of market place analysis tools, like news feeds, in-house investigation and third-party study. As details is energy, you want to be capable to access as considerably of it as doable, and to have access to it with out crawling the web for the data you have to have.
Any trading that presents marketplace evaluation should really also have historical information offered, so you can see how the forex was impacted when a comparable scenario occurred.
Price tag
Is the platform cost-free? Numerous on the net forex trading platforms provided by reputable brokers are absolutely free, and your only fees will be if you make a loss.
If forex trading software is not free of charge, or if there is a nominal charge, discover out what the added positive aspects are. And, if forex robot is not absolutely free, is there a cash-back guarantee if you are not happy with the application?
Price, two
Does the trading platform present the very same 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 difference amongst the buy and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the invest in price tag is 1.0579. For any spread, the value of the currency requirements to make up the difference of the spread prior to you can make a profit. So, in the example, if you acquire 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 four pips prior to you created a profit.
Consumer support
Is your forex broker just interested in acquiring you an account, or do they provide ongoing support for shoppers employing the trading platform?
You need to be capable to email 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.