It can be intimidating to decide on a forex trading platform when you very first start trading – right here are some capabilities that any great forex trading platform should really have:
Security
Does the forex broker present information and facts about the security measures of its platform? Your trading and personal information ought to be encrypted, so that your revenue and identity are safe, no matter if you are paying and becoming paid through PayPal or on the web bank transfers.
The forex broker should really also present guidance on how to boost your on-line safety – I’d be extremely suspicious of 1 that did not for the reason that they may be making themselves liable if there are any issues.
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 industry, 5.five days a week, look for a thing that you can use consistently. Even when the market is closed, you want to be in a position to spot orders to open when the market does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading may possibly be out of date. A good forex trading platform need to update quite a few occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that gives a single-click trading will permit you to purchase or sell forex contract with a single click, which suggests 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 comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
simple to search for your industry, and, if you want to trade a lot more than forex, appear for a single that also permits 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 forex robot be accessed utilizing various browsers and unique smart-phone handsets.
Essentially, does it do what you have to have? A fantastic forex trading platform really should be customisable to suit your trading method – does it let automated trading, and does it enable you to micromanage each trade. The trading platform must be in a position to alert you to good trading opportunities, as properly as accept complex orders, like the many stops and earnings that the forex broker provides, so you can simply minimise your threat though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 need to deal a ticket?
Based on your level of experience, you may 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 throughout the day, it is crucial that the charts are updated in true-time.
Marketplace Analysis
Does your forex broker provide market analyses, and is this out there making use of their trading platform or do you need to have to check out their website?
A great forex trading platform should really include things like market place evaluation tools, such as news feeds, in-residence investigation and third-party investigation. As information is energy, you want to be able to access as considerably of it as achievable, and to have access to it with no crawling the online for the information you want.
Any trading that delivers marketplace analysis really should also have historical information accessible, so you can see how the forex was impacted when a related predicament occurred.
Cost
Is the platform free? Several on line forex trading platforms supplied by respected brokers are free, and your only charges will be if you make a loss.
If forex trading software program isn’t cost-free, or if there is a nominal charge, locate out what the added positive aspects are. And, if it isn’t absolutely free, is there a cash-back guarantee if you are not delighted with the software program?
Price, two
Does the trading platform present the identical pip spreads as the broker has advertised, or do you have to have to phone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the invest in and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the purchase price tag is 1.0579. For any spread, the value of the currency needs to make up the distinction of the spread prior to you can make a profit. So, in the example, if you obtain at 1.0579, the AUD only requirements 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 just before you produced a profit.
Client support
Is your forex broker just interested in having you an account, or do they supply ongoing support for clients employing the trading platform?
You should really be capable to email and/or telephone your broker with queries ranging from putting trades to the button on your trading platform that is not performing what you want.
