It can be intimidating to opt for a forex trading platform when you very first commence trading – right here are some functions that any excellent forex trading platform should have:
Security
Does the forex broker offer info about the safety measures of its platform? Your trading and personal data should really be encrypted, so that your money and identity are secure, irrespective of whether you are paying and being paid through PayPal or on the web bank transfers.
The forex broker ought to also offer you advice on how to enhance your on the web safety – I’d be very suspicious of a single that did not for the reason that they may be generating themselves liable if there are any issues.
Also, are there backup systems where your info can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.5 days a week, appear for some thing that you can use continuously. Even when the industry is closed, you want to be capable to location orders to open when the market place does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A excellent forex trading platform need to update numerous instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that gives 1-click trading will allow you to buy or sell forex contract with 1 click, which means there is no need to have 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 uncomplicated to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
straightforward to search for your marketplace, and, if you want to trade more than forex, appear for 1 that also permits you to trade on shares, choices and indices.
Exactly where are you trading from? If forex robot use a Mac, can you use the platform on it? Likewise, can the program be accessed working with unique browsers and different intelligent-telephone handsets.
Fundamentally, does it do what you need? A superior forex trading platform should really be customisable to suit your trading method – does it enable automated trading, and does it let you to micromanage every trade. The trading platform must be able to alert you to excellent trading possibilities, as nicely as accept complex orders, which includes the various stops and profits that the forex broker delivers, so you can simply minimise your risk while maximising your profits.
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 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 real-time.
Market place Evaluation
Does your forex broker give market analyses, and is this available making use of their trading platform or do you need to have to go to their internet site?
A great forex trading platform should really include things like industry evaluation tools, like news feeds, in-house analysis and third-celebration study. As facts is energy, you want to be in a position to access as substantially of it as possible, and to have access to it without crawling the world-wide-web for the information and facts you have to have.
Any trading that offers market place evaluation need to also have historical data offered, so you can see how the forex was affected when a related circumstance occurred.
Price tag
Is the platform free? Lots of on the net forex trading platforms provided by respected brokers are cost-free, and your only fees will be if you make a loss.
If forex trading software isn’t free of charge, or if there is a nominal charge, discover out what the added added benefits are. And, if it is not cost-free, is there a revenue-back guarantee if you aren’t happy with the application?
Cost, two
Does the trading platform supply the similar pip spreads as the broker has advertised, or do you have to have to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the purchase and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value 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 prior to you can make a profit. So, in the instance, if you buy at 1.0579, the AUD only wants 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 before you made a profit.
Consumer help
Is your forex broker just interested in acquiring you an account, or do they supply ongoing assistance for consumers utilizing the trading platform?
You need to be capable to e mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not carrying out what you want.