It can be intimidating to pick out a forex trading platform when you initial get started trading – here are some attributes that any fantastic forex trading platform must have:
Safety
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and personal data should really be encrypted, so that your money and identity are secure, regardless of whether you are paying and becoming paid through PayPal or on the web bank transfers.
The forex broker ought to also supply suggestions on how to boost your on the web security – I’d be really suspicious of one particular that didn’t for the reason that they may well be making themselves liable if there are any troubles.
Also, are there backup systems where your details can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, five.five days a week, look for some thing that you can use regularly. Even when the market place is closed, you want to be able to place orders to open when the market place does.
The trading platform should really also be efficient – if it is slow then the costs at which you are trading may be out of date. A great forex trading platform ought to update quite a few occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that provides one particular-click trading will enable you to purchase or sell forex contract with one click, which implies there’s no will need to deal a ticket, and you will not miss the price 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 where it is
straightforward to search for your market place, and, if you want to trade much more than forex, look for a single that also enables 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 employing different browsers and various smart-telephone handsets.
Essentially, does it do what you want? A great forex trading platform ought to be customisable to suit your trading approach – does it allow automated trading, and does it allow you to micromanage every single trade. The trading platform need to be in a position to alert you to great trading opportunities, as nicely as accept complicated orders, including the many stops and earnings that the forex broker delivers, so you can quickly minimise your risk although maximising your profits.
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 forex robot trade straight from the charts, or do you need to deal a ticket?
Depending on your level of expertise, you could possibly 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 necessary that the charts are updated in actual-time.
Market Evaluation
Does your forex broker offer market place analyses, and is this out there working with their trading platform or do you have to have to visit their website?
A superior forex trading platform need to involve industry analysis tools, like news feeds, in-home analysis and third-celebration investigation. As details is power, you want to be able to access as a lot of it as achievable, and to have access to it with out crawling the world-wide-web for the info you have to have.
Any trading that delivers market place analysis should really also have historical data available, so you can see how the forex was impacted when a equivalent predicament occurred.
Price
Is the platform free? Several on the web forex trading platforms offered by reputable brokers are no cost, and your only fees will be if you make a loss.
If forex trading computer software isn’t no cost, or if there is a nominal charge, obtain out what the added added benefits are. And, if it is not cost-free, is there a dollars-back assure if you aren’t satisfied with the computer software?
Price, two
Does the trading platform provide the identical pip spreads as the broker has advertised, or do you need to have to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the purchase and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the buy cost is 1.0579. For any spread, the value of the currency requires to make up the distinction of the spread before you can make a profit. So, in the instance, if you invest in at 1.0579, the AUD only desires 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 prior to you produced a profit.
Client support
Is your forex broker just interested in receiving you an account, or do they supply ongoing help for shoppers utilizing the trading platform?
You should really be able to e mail and/or phone your broker with queries ranging from placing trades to the button on your trading platform that is not performing what you want.