It can be intimidating to choose a forex trading platform when you initially start trading – here are some capabilities that any very good forex trading platform need to have:
Safety
Does the forex broker give details about the safety measures of its platform? Your trading and private information should be encrypted, so that your revenue and identity are secure, irrespective of whether you are paying and getting paid by way of PayPal or on the internet bank transfers.
The forex broker must also offer you advice on how to enhance your on the web security – I’d be extremely suspicious of one that did not due to the fact they could be producing themselves liable if there are any troubles.
Also, are there backup systems exactly where your info can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.5 days a week, look for a thing that you can use consistently. Even when forex robot is closed, you want to be able to location orders to open when the market does.
The trading platform should also be effective – if it is slow then the rates at which you are trading could possibly be out of date. A very good forex trading platform need to update various occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that offers a single-click trading will let you to obtain or sell forex contract with one click, which indicates there’s no need to have to deal a ticket, and you won’t miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your market, and, if you want to trade much more than forex, look for a single that also enables you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed working with various browsers and different intelligent-phone handsets.
Basically, does it do what you require? A very good forex trading platform really should be customisable to suit your trading tactic – does it enable automated trading, and does it enable you to micromanage each trade. The trading platform should really be able to alert you to fantastic trading possibilities, as properly as accept complex orders, such as the different stops and earnings that the forex broker offers, so you can very easily minimise your risk while maximising your profits.
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 need to deal a ticket?
Based on your level of knowledge, you might 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 all through the day, it is vital that the charts are updated in real-time.
Industry Analysis
Does your forex broker present market place analyses, and is this accessible working with their trading platform or do you have to have to take a look at their site?
A good forex trading platform need to include marketplace evaluation tools, such as news feeds, in-house analysis and third-party investigation. As information and facts is power, you want to be capable to access as much of it as feasible, and to have access to it without crawling the internet for the details you want.
Any trading that gives marketplace analysis ought to also have historical information accessible, so you can see how the forex was affected when a similar situation occurred.
Price tag
Is the platform no cost? A lot of online forex trading platforms provided by reliable brokers are cost-free, and your only charges will be if you make a loss.
If forex trading computer software is not absolutely free, or if there is a nominal charge, come across out what the added benefits are. And, if it isn’t totally free, is there a dollars-back guarantee if you aren’t satisfied with the software program?
Price, two
Does the trading platform offer you the very same pip spreads as the broker has advertised, or do you will need to phone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the acquire and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the acquire price is 1.0579. For any spread, the value of the currency needs to make up the difference of the spread just before you can make a profit. So, in the instance, if you get at 1.0579, the AUD only needs to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a 3 pip spread, the currency would have to move by 4 pips prior to you created a profit.
Buyer help
Is your forex broker just interested in obtaining you an account, or do they provide ongoing support for buyers employing the trading platform?
You really should be capable to e mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.