It can be intimidating to decide on a forex trading platform when you 1st start out trading – right here are some options that any excellent forex trading platform need to have:
Safety
Does the forex broker offer you info about the security measures of its platform? Your trading and individual information ought to be encrypted, so that your revenue and identity are secure, no matter if you are paying and being paid via PayPal or on the web bank transfers.
The forex broker ought to also supply assistance on how to boost your on the web safety – I’d be quite suspicious of a single that didn’t simply because they might be making themselves liable if there are any issues.
Also, are there backup systems where your data can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, 5.five days a week, look for anything that you can use continuously. Even when the market is closed, you want to be in a position to spot 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trading platform really should also be effective – if it is slow then the prices at which you are trading may well be out of date. A fantastic forex trading platform must update numerous times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that delivers one particular-click trading will allow you to invest in or sell forex contract with a single click, which signifies there’s no require 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 effortless to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
straightforward to search for your market place, and, if you want to trade additional than forex, appear for one 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 forex robot be accessed using different browsers and various intelligent-phone handsets.
Essentially, does it do what you want? A very good forex trading platform ought to be customisable to suit your trading approach – does it permit automated trading, and does it permit you to micromanage every single trade. The trading platform ought to be capable to alert you to great trading possibilities, as nicely as accept complex orders, such as the numerous stops and income that the forex broker provides, so you can easily minimise your danger though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how simple 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 require to deal a ticket?
Depending on your level of expertise, you may 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 vital that the charts are updated in actual-time.
Market Analysis
Does your forex broker offer market analyses, and is this accessible using their trading platform or do you will need to stop by their web site?
A superior forex trading platform need to consist of industry evaluation tools, like news feeds, in-property analysis and third-party analysis. As facts is power, you want to be able to access as significantly of it as feasible, and to have access to it with out crawling the online for the information you need.
Any trading that offers industry analysis need to also have historical information available, so you can see how the forex was affected when a related situation occurred.
Price tag
Is the platform absolutely free? Numerous on-line forex trading platforms offered by reputable brokers are free of charge, and your only charges will be if you make a loss.
If forex trading computer software isn’t cost-free, or if there is a nominal charge, come across out what the added added benefits are. And, if it isn’t free of charge, is there a dollars-back guarantee if you are not pleased with the software program?
Cost, two
Does the trading platform give the identical pip spreads as the broker has advertised, or do you need to have to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the obtain and sell value 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 is 1.0579. For any spread, the value of the currency demands to make up the difference of the spread before you can make a profit. So, in the instance, if you get at 1.0579, the AUD only requirements 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 produced a profit.
Buyer assistance
Is your forex broker just interested in having you an account, or do they offer ongoing help for customers using the trading platform?
You really should be able to e mail and/or telephone your broker with questions ranging from placing trades to the button on your trading platform that is not performing what you want.