It can be intimidating to decide on a forex trading platform when you first get started trading – here are some features that any great forex trading platform need to have:
Safety
Does the forex broker offer info about the safety measures of its platform? Your trading and individual information need to be encrypted, so that your dollars and identity are secure, whether or not you are paying and getting paid via PayPal or on-line bank transfers.
The forex broker really should also offer you advice on how to boost your on the internet security – I’d be very suspicious of one particular that didn’t simply because they might be creating themselves liable if there are any complications.
Also, are there backup systems exactly where your information 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 marketplace, 5.five days a week, look for a thing that you can use regularly. Even when the market place 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The trading platform really should also be effective – if it is slow then the prices at which you are trading could be out of date. A great forex trading platform really should update quite a few times a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that presents 1-click trading will let you to obtain or sell forex contract with a single click, which implies there’s no need to have to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
easy to search for your market place, and, if you want to trade more than forex, look for 1 that also allows you to trade on shares, alternatives 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 various browsers and diverse sensible-telephone handsets.
Essentially, does it do what you require? A superior forex trading platform should really be customisable to suit your trading technique – does it let automated trading, and does it allow you to micromanage every single trade. The trading platform should really be capable to alert you to very good trading opportunities, as properly as accept complicated orders, such as the numerous stops and earnings that the forex broker delivers, so you can conveniently minimise your risk while maximising your earnings.
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 directly from the charts, or do you require to deal a ticket?
Based on your level of knowledge, 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 possibilities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in genuine-time.
Industry Evaluation
Does your forex broker give market place analyses, and is this available applying their trading platform or do you will need to pay a visit to their web page?
A fantastic forex trading platform must consist of industry evaluation tools, such as news feeds, in-house investigation and third-party analysis. As facts is power, you want to be in a position to access as a great deal of it as feasible, and to have access to it without crawling the net for the facts you have to have.
Any trading that gives marketplace evaluation ought to also have historical information out there, so you can see how the forex was affected when a related situation occurred.
Value
Is the platform free? Many on-line forex trading platforms supplied by trustworthy brokers are no cost, and your only charges will be if you make a loss.
If forex robot trading software program is not totally free, or if there is a nominal charge, uncover out what the added positive aspects are. And, if it isn’t absolutely free, is there a funds-back assure if you are not satisfied with the software?
Cost, two
Does the trading platform give the same pip spreads as the broker has advertised, or do you need to have to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst 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 obtain price is 1.0579. For any spread, the price tag of the currency wants to make up the difference of the spread ahead of you can make a profit. So, in the instance, if you purchase 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 four pips prior to you created a profit.
Client help
Is your forex broker just interested in getting you an account, or do they present ongoing assistance for shoppers working with 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 doing what you want.