It can be intimidating to select a forex trading platform when you 1st commence trading – here are some attributes that any fantastic forex trading platform ought to have:
Security
Does the forex broker supply data about the security measures of its platform? Your trading and individual data need to be encrypted, so that your revenue and identity are secure, regardless of whether you are paying and getting paid by way of PayPal or online bank transfers.
The forex broker need to also offer you guidance on how to enhance your on the web safety – I’d be pretty suspicious of 1 that didn’t due to the fact they might be creating themselves liable if there are any troubles.
Also, are there backup systems where your info can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, 5.five days a week, look for a thing that you can use continually. Even when the market is closed, you want to be capable to location orders to open when the marketplace does.
The trading platform really should also be effective – if it is slow then the prices at which you are trading might be out of date. A great forex trading platform ought to update a number of instances a second.
1-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 a single-click trading will enable you to invest in or sell forex contract with one particular click, which signifies 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 straightforward to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
effortless to search for your marketplace, and, if you want to trade much more than forex, look 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 utilizing distinct browsers and different clever-telephone handsets.
Basically, does it do what you need? A very good forex trading platform should be customisable to suit your trading tactic – does it allow automated trading, and does it allow you to micromanage every trade. The trading platform ought to be able to alert you to good trading possibilities, as properly as accept complex orders, like the a variety of stops and earnings that the forex broker presents, so you can easily minimise your risk while maximising your earnings.
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?
Depending 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 throughout the day, it is necessary that the charts are updated in genuine-time.
Market Analysis
Does your forex broker offer market place analyses, and is this readily available using their trading platform or do you will need to pay a visit to their website?
A very good forex trading platform ought to include marketplace evaluation tools, which includes news feeds, in-property research and third-party investigation. As details is energy, you want to be able to access as a lot of it as feasible, and to have access to it devoid of crawling the web for the details you will need.
Any trading that gives market analysis need to also have historical data obtainable, so you can see how the forex was impacted when a comparable predicament occurred.
Price tag
Is the platform cost-free? Many online forex trading platforms provided by respected brokers are free of charge, and your only fees will be if you make a loss.
If forex trading software isn’t no cost, or if there is a nominal charge, locate out what the added benefits are. And, if it isn’t free of charge, is there a funds-back guarantee if you are not happy with the application?
Cost, 2
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you have to have to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the invest in and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the purchase price tag is 1.0579. For any spread, the value of the currency needs to make up the difference of the spread before you can make a profit. So, in the example, if you get 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 three pip spread, the currency would have to move by 4 pips ahead of you created a profit.
Buyer help
Is your forex broker just interested in acquiring you an account, or do they supply ongoing support for shoppers applying the trading platform?
You should be capable to e mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that is not performing what you want.