It can be intimidating to pick a forex trading platform when you first start out trading – here are some attributes that any very good forex trading platform ought to have:
Safety
Does the forex broker supply facts about the security measures of its platform? Your trading and individual data ought to be encrypted, so that your dollars and identity are safe, whether or not you are paying and being paid by way of PayPal or on-line bank transfers.
The forex broker really should also offer advice on how to boost your on the web security – I’d be pretty suspicious of a single that did not simply because they might be producing themselves liable if there are any challenges.
Also, are there backup systems exactly where your information and facts 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 place, five.five days a week, appear for one thing that you can use continually. Even when the market place is closed, you want to be capable to location orders to open when the market place does.
The trading platform need to also be efficient – if it is slow then the costs at which you are trading may well be out of date. A good forex trading platform should update many instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that offers one-click trading will permit you to get or sell forex contract with 1 click, which indicates there is no need to deal a ticket, and you will not miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to comprehend, 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 a lot more than forex, appear for one that also permits 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 utilizing distinctive browsers and unique clever-phone handsets.
Basically, does it do what you need? A good forex trading platform should be customisable to suit your trading strategy – does it let automated trading, and does it let you to micromanage each and every trade. The trading platform must be capable to alert you to excellent trading opportunities, as nicely as accept complicated orders, such as the many stops and income that the forex broker delivers, so you can quickly minimise your danger when maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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?
Depending on your level of practical experience, 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 throughout the day, it is critical that the charts are updated in true-time.
Does your forex broker offer you market analyses, and is this accessible utilizing their trading platform or do you want to take a look at their web page?
A excellent forex trading platform should consist of market place evaluation tools, including news feeds, in-home research and third-party investigation. As data is energy, you want to be in a position to access as considerably of it as feasible, and to have access to it devoid of crawling the online for the info you need to have.
Any trading that offers industry evaluation need to also have historical information out there, so you can see how the forex was affected when a equivalent situation occurred.
Price
Is the platform free? Several online forex trading platforms presented by respected brokers are absolutely free, and your only charges will be if you make a loss.
If forex trading application isn’t free, or if there is a nominal charge, discover out what the added added benefits are. And, if it is not totally free, is there a cash-back guarantee if you aren’t satisfied with the software?
Price, 2
Does the trading platform offer the similar 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 between the acquire and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the invest in price tag is 1.0579. For any spread, the value of the currency requires to make up the difference of the spread ahead of 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 three pip spread, the currency would have to move by four pips ahead of you produced a profit.
Client support
Is your forex broker just interested in acquiring you an account, or do they present ongoing assistance for clients working with the trading platform?
You should be able to email and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that is not doing what you want.