It can be intimidating to pick a forex trading platform when you 1st begin trading – right here are some capabilities that any great forex trading platform must have:
Safety
Does the forex broker offer info about the security measures of its platform? Your trading and private data really should be encrypted, so that your dollars and identity are secure, no matter whether you are paying and being paid through PayPal or on line bank transfers.
The forex broker ought to also offer suggestions on how to improve your online safety – I’d be pretty suspicious of one that did not for the reason that they may be producing themselves liable if there are any difficulties.
Also, are there backup systems exactly where your information and facts 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 marketplace, 5.5 days a week, appear for some thing that you can use continuously. Even when the market place is closed, you want to be in a position to spot orders to open when the market does.
The trading platform ought to also be effective – if it is slow then the costs at which you are trading could be out of date. A superior forex trading platform really should update quite a few instances a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that presents 1-click trading will allow you to buy or sell forex contract with one particular click, which means there’s no have to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
uncomplicated to search for your marketplace, and, if you want to trade more than forex, appear for 1 that also enables 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 diverse browsers and unique clever-telephone handsets.
Basically, does it do what you require? A great forex trading platform must be customisable to suit your trading technique – does it let automated trading, and does it allow you to micromanage every trade. The trading platform need to be able to alert you to great trading possibilities, as well as accept complicated orders, like the numerous stops and income that the forex broker provides, so you can effortlessly minimise your risk although maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 want 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 important that the charts are updated in genuine-time.
Marketplace Analysis
Does your forex broker give marketplace analyses, and is this out there applying their trading platform or do you have to have to take a look at their web page?
A fantastic forex trading platform need to contain market place analysis tools, which includes news feeds, in-house investigation and third-party research. As details is power, you want to be capable to access as considerably of it as doable, and to have access to it without crawling the web for the information and facts you want.
Any trading that delivers industry evaluation should really also have historical data obtainable, so you can see how the forex was impacted when a related situation occurred.
Price tag
Is the platform cost-free? Many on the internet forex trading platforms offered by respected brokers are free of charge, and your only costs will be if you make a loss.
If forex trading application is not no cost, or if there is a nominal charge, uncover out what the added positive aspects are. And, if it is not no cost, is there a cash-back assure if you aren’t happy with the computer software?
Cost, two
Does the trading platform supply the exact same pip spreads as the broker has advertised, or do you want to phone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the purchase 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 value is 1.0579. For any spread, the price of the currency requires to make up the difference of the spread just before you can make a profit. So, in the example, if you acquire at 1.0579, the AUD only requires 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 just before you produced a profit.
Is your forex broker just interested in receiving you an account, or do they provide ongoing support for prospects employing the trading platform?
You really should be in a position to e-mail and/or phone your broker with inquiries ranging from placing trades to the button on your trading platform that isn’t performing what you want.