It can be intimidating to decide on a forex trading platform when you initially get started trading – here are some features that any great forex trading platform must have:
Security
Does the forex broker supply info about the security measures of its platform? Your trading and private data should really be encrypted, so that your cash and identity are secure, whether or not you are paying and becoming paid via PayPal or on the internet bank transfers.
The forex broker need to also offer you advice on how to raise your on-line safety – I’d be pretty suspicious of a single that did not mainly because they may possibly be creating themselves liable if there are any challenges.
Also, are there backup systems where your 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 industry, five.five days a week, look for anything that you can use consistently. Even when the marketplace is closed, you want to be capable to spot orders to open when the industry does.
The trading platform really should also be efficient – if it is slow then the prices at which you are trading might be out of date. A excellent forex trading platform should update a number of times 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 one-click trading will allow you to obtain or sell forex contract with one particular click, which indicates there is no require 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 have an understanding of, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
effortless to search for your industry, and, if you want to trade 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 applying distinctive browsers and distinctive wise-phone handsets.
Essentially, does it do what you need? A good forex trading platform should really be customisable to suit your trading technique – does it enable automated trading, and does it allow you to micromanage every single trade. The trading platform need to be capable to alert you to good trading possibilities, as properly as accept complicated orders, including the various stops and profits that the forex broker gives, so you can very easily minimise your danger whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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 have to have to deal a ticket?
Depending on your level of practical experience, 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 important that the charts are updated in true-time.
Market Analysis
Does your forex broker offer market analyses, and is this accessible utilizing their trading platform or do you need to check out their internet site?
A good forex trading platform should really include things like market analysis tools, which includes news feeds, in-house investigation and third-party research. As information is energy, you want to be in a position to access as a great deal of it as possible, and to have access to it with out crawling the world wide web for the data you need.
Any trading that offers market place analysis must also have historical information offered, so you can see how the forex was impacted when a related scenario occurred.
Is the platform free? Numerous online forex trading platforms presented by reliable brokers are absolutely free, and your only expenses will be if you make a loss.
If forex trading application isn’t absolutely free, or if there is a nominal charge, obtain out what the added benefits are. And, if it is not absolutely free, is there a income-back assure if you aren’t happy with the computer software?
Value, two
Does the trading platform offer the exact same pip spreads as the broker has advertised, or do you require to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the buy and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the acquire price tag is 1.0579. For any spread, the price tag of the currency requires to make up the distinction of the spread just before you can make a profit. So, in the example, if you acquire 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 four pips just before you created a profit.
Buyer support
Is your forex broker just interested in finding you an account, or do they offer ongoing help for prospects using the trading platform?
You need to be able to e-mail and/or phone your broker with queries ranging from putting trades to the button on your trading platform that isn’t doing what you want.