It can be intimidating to decide on a forex trading platform when you first commence trading – here are some functions that any superior forex trading platform should have:
Safety
Does the forex broker provide facts about the safety measures of its platform? Your trading and personal data need to be encrypted, so that your money and identity are secure, whether you are paying and being paid by way of PayPal or on the net bank transfers.
The forex broker must also offer you suggestions on how to boost your on-line security – I’d be very suspicious of a single that didn’t for the reason that they may well be producing themselves liable if there are any challenges.
Also, are there backup systems where your information 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.5 days a week, look for some thing that you can use constantly. Even when the industry is closed, you want to be able to spot orders to open when the marketplace does.
The trading platform should really also be efficient – if it is slow then the costs at which you are trading might be out of date. A excellent forex trading platform should update a number of times a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that offers 1-click trading will allow you to obtain or sell forex contract with one click, which implies there is no will need 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 effortless to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your marketplace, and, if you want to trade additional than forex, look for a single 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 system be accessed working with different browsers and distinct intelligent-phone handsets.
Fundamentally, does it do what you need to have? A fantastic forex trading platform really should be customisable to suit your trading method – does it let automated trading, and does it enable you to micromanage just about every trade. The trading platform must be in a position to alert you to fantastic trading opportunities, as nicely as accept complicated orders, including the different stops and income that the forex broker offers, so you can simply minimise your risk while maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 need to have to deal a ticket?
Based on your level of expertise, 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 possibilities.
And, if you want to trade forex throughout the day, it is vital that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker supply market place analyses, and is this available applying their trading platform or do you require to visit their site?
forex robot trading platform ought to incorporate industry evaluation tools, including news feeds, in-residence study and third-celebration analysis. As information is power, you want to be in a position to access as a lot of it as possible, and to have access to it without having crawling the net for the information you will need.
Any trading that gives marketplace analysis should also have historical data out there, so you can see how the forex was impacted when a similar circumstance occurred.
Cost
Is the platform totally free? Numerous online forex trading platforms presented by reputable brokers are no cost, and your only fees will be if you make a loss.
If forex trading software program isn’t totally free, or if there is a nominal charge, obtain out what the added rewards are. And, if it isn’t absolutely free, is there a dollars-back assure if you are not happy with the computer software?
Price, 2
Does the trading platform offer the same pip spreads as the broker has advertised, or do you have to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the acquire price tag is 1.0579. For any spread, the cost of the currency needs to make up the distinction of the spread before you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only demands 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 before you made a profit.
Client assistance
Is your forex broker just interested in obtaining you an account, or do they supply ongoing support for shoppers making use of the trading platform?
You ought to be able to e mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not doing what you want.