It can be intimidating to decide on a forex trading platform when you initially get started trading – right here are some characteristics that any fantastic forex trading platform should have:
Safety
Does the forex broker give info about the security measures of its platform? Your trading and individual data really should be encrypted, so that your dollars and identity are secure, whether you are paying and being paid by means of PayPal or on line bank transfers.
The forex broker really should also give advice on how to boost your on the web security – I’d be really suspicious of one particular that didn’t simply because they may well be making themselves liable if there are any troubles.
Also, are there backup systems exactly where your details can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, 5.5 days a week, look for anything that you can use regularly. Even when the industry is closed, you want to be capable to place orders to open when the industry does.
The trading platform need to also be efficient – if it is slow then the rates at which you are trading may be out of date. A superior forex trading platform should update several occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that gives a single-click trading will permit you to obtain or sell forex contract with one particular click, which suggests there’s no need to have to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is forex robot uncomplicated to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
easy to search for your industry, and, if you want to trade additional than forex, appear for 1 that also allows 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 the system be accessed making use of various browsers and distinct sensible-phone handsets.
Essentially, does it do what you require? A excellent forex trading platform need to be customisable to suit your trading method – does it permit automated trading, and does it allow you to micromanage each trade. The trading platform must be in a position to alert you to superior trading possibilities, as properly as accept complicated orders, such as the various stops and earnings that the forex broker delivers, so you can very easily minimise your danger whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 want to deal a ticket?
Based on your level of encounter, you may well 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 opportunities.
And, if you want to trade forex throughout the day, it is essential that the charts are updated in genuine-time.
Marketplace Analysis
Does your forex broker give market analyses, and is this obtainable making use of their trading platform or do you need to go to their web site?
A good forex trading platform really should incorporate industry evaluation tools, such as news feeds, in-home analysis and third-celebration research. As information and facts is energy, you want to be in a position to access as significantly of it as achievable, and to have access to it without having crawling the net for the facts you will need.
Any trading that delivers marketplace evaluation ought to also have historical information offered, so you can see how the forex was affected when a similar predicament occurred.
Price tag
Is the platform cost-free? A lot of on the web forex trading platforms offered by reliable brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading computer software is not no cost, or if there is a nominal charge, locate out what the added advantages are. And, if it isn’t absolutely free, is there a dollars-back assure if you are not happy with the application?
Price, 2
Does the trading platform present the similar pip spreads as the broker has advertised, or do you require to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the buy and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the buy cost is 1.0579. For any spread, the cost of the currency needs to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you buy at 1.0579, the AUD only demands 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 created a profit.
Customer support
Is your forex broker just interested in acquiring you an account, or do they present ongoing help for prospects working with the trading platform?
You should really be in a position to e-mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not carrying out what you want.
