It can be intimidating to decide on a forex trading platform when you first commence trading – here are some characteristics that any fantastic forex trading platform should have:
Security
Does the forex broker give information about the security measures of its platform? Your trading and private data must be encrypted, so that your dollars and identity are safe, no matter whether you are paying and becoming paid through PayPal or on line bank transfers.
The forex broker really should also offer you guidance on how to boost your on the web security – I’d be quite suspicious of one particular that did not mainly because they may well be making themselves liable if there are any difficulties.
Also, are there backup systems where your information and facts can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, five.five days a week, look for a thing that you can use consistently. Even when the market is closed, you want to be capable to location orders to open when the market place does.
The trading platform ought to also be efficient – if it is slow then the prices at which you are trading might be out of date. A very good forex trading platform really should update several instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that delivers one particular-click trading will allow you to obtain or sell forex contract with 1 click, which means there is no need to deal a ticket, and you won’t miss the value 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
quick to search for your industry, and, if you want to trade a lot more than forex, look for a single that also permits you to trade on shares, possibilities 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 distinctive browsers and diverse sensible-phone handsets.
Basically, does it do what you have to have? A very good forex trading platform should be customisable to suit your trading strategy – does it enable automated trading, and does it let 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, like the many stops and earnings that the forex broker offers, so you can conveniently minimise your threat even though maximising your income.
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 straight from the charts, or do you will need to deal a ticket?
Depending on your level of encounter, you could 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 possibilities.
And, if you want to trade forex all through the day, it is crucial that the charts are updated in real-time.
Market place Evaluation
Does your forex broker offer market analyses, and is this accessible working with their trading platform or do you need to have to check out their internet site?
A superior forex trading platform should really involve marketplace analysis tools, such as news feeds, in-residence research and third-party study. As forex robot is energy, you want to be capable to access as a great deal of it as probable, and to have access to it without crawling the world-wide-web for the information you require.
Any trading that provides market analysis must also have historical data obtainable, so you can see how the forex was affected when a similar circumstance occurred.
Cost
Is the platform free of charge? Lots of on the internet forex trading platforms offered by trustworthy brokers are totally free, and your only fees will be if you make a loss.
If forex trading computer software isn’t totally free, or if there is a nominal charge, obtain out what the added advantages are. And, if it isn’t no cost, is there a dollars-back guarantee if you are not happy with the computer software?
Value, two
Does the trading platform give the similar pip spreads as the broker has advertised, or do you need to have to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the buy value is 1.0579. For any spread, the price of the currency requires to make up the difference of the spread just before you can make a profit. So, in the example, 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 3 pip spread, the currency would have to move by four pips before you produced a profit.
Client assistance
Is your forex broker just interested in acquiring you an account, or do they provide ongoing assistance for clients making use of the trading platform?
You must be in a position to e-mail and/or phone your broker with queries ranging from putting trades to the button on your trading platform that isn’t undertaking what you want.