It can be intimidating to pick a forex trading platform when you 1st start off trading – here are some features that any superior forex trading platform must have:
Security
Does the forex broker present info about the security measures of its platform? Your trading and private data should really be encrypted, so that your revenue and identity are secure, whether you are paying and being paid by means of PayPal or on-line bank transfers.
The forex broker ought to also supply tips on how to improve your on the internet security – I’d be very suspicious of one particular that did not for the reason that they could possibly be creating themselves liable if there are any problems.
Also, are there backup systems exactly where your info can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, look for something that you can use regularly. Even when the market place is closed, you want to be able to place orders to open when the market does.
The trading platform really should also be efficient – if it is slow then the rates at which you are trading could be out of date. A excellent forex trading platform should really update many instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that offers a single-click trading will enable you to obtain or sell forex contract with a single click, which suggests there is no will 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 realize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
simple to search for your market place, and, if you want to trade additional than forex, appear for one particular that also makes it possible for 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 employing diverse browsers and diverse clever-phone handsets.
Generally, does it do what you will need? A great forex trading platform need to be customisable to suit your trading tactic – does it enable automated trading, and does it allow you to micromanage just about every trade. The trading platform ought to be in a position to alert you to superior trading possibilities, as properly as accept complex orders, which includes the several stops and income that the forex broker presents, so you can conveniently minimise your threat 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 straight from the charts, or do you require to deal a ticket?
Depending 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 critical that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker supply market place analyses, and is this available employing their trading platform or do you need to have to stop by their internet site?
A great forex trading platform should include things like industry analysis tools, including news feeds, in-home research and third-celebration analysis. As information and facts is power, you want to be able to access as substantially of it as attainable, and to have access to it devoid of crawling the world wide web for the data you want.
Any trading that gives marketplace evaluation ought to also have historical data available, so you can see how the forex was affected when a similar circumstance occurred.
Is the platform absolutely free? Lots of online forex trading platforms offered by trustworthy brokers are free, and your only charges will be if you make a loss.
If forex trading application is not totally free, or if there is a nominal charge, discover out what the added added benefits are. And, if it isn’t absolutely free, is there a revenue-back assure if you are not pleased with the software program?
Value, two
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you have to have to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the purchase 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 buy price tag is 1.0579. For any spread, the value of the currency wants to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you purchase 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 just before you made a profit.
Customer support
Is your forex broker just interested in having you an account, or do they give ongoing help for clients employing the trading platform?
You should be in a position to e mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t performing what you want.
