It can be intimidating to decide on a forex trading platform when you very first start off trading – right here are some functions that any excellent forex trading platform need to have:
Security
Does the forex broker present information about the safety measures of its platform? Your trading and personal information ought to be encrypted, so that your funds and identity are secure, no matter if you are paying and being paid via PayPal or on the web bank transfers.
The forex broker should also offer you assistance on how to improve your on the internet security – I’d be pretty suspicious of one that didn’t since they could possibly be creating themselves liable if there are any troubles.
Also, are there backup systems where your information and facts can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.five days a week, appear for some thing that you can use regularly. Even when the industry is closed, you want to be in a position to place orders to open when the marketplace does.
The trading platform really should also be efficient – if it is slow then the rates at which you are trading might be out of date. A great forex trading platform need to update numerous occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that offers 1-click trading will permit you to get or sell forex contract with one particular click, which means there’s no require to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your marketplace, and, if you want to trade additional than forex, appear for a single that also enables you to trade on shares, alternatives and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed using different browsers and diverse smart-phone handsets.
Fundamentally, does it do what you need? A fantastic forex trading platform must be customisable to suit your trading method – does it enable automated trading, and does it allow you to micromanage just about every trade. The trading platform should be able to alert you to excellent trading possibilities, as properly as accept complicated orders, which includes the various stops and earnings that the forex broker gives, so you can simply minimise your danger when maximising your earnings.
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 forex robot 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 opportunities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in real-time.
Market place Analysis
Does your forex broker offer market place analyses, and is this out there utilizing their trading platform or do you will need to stop by their web page?
A excellent forex trading platform ought to incorporate marketplace analysis tools, which includes news feeds, in-residence investigation and third-celebration study. As info is power, you want to be able to access as considerably of it as doable, and to have access to it without having crawling the net for the details you need to have.
Any trading that delivers market analysis ought to also have historical information offered, so you can see how the forex was impacted when a equivalent predicament occurred.
Price tag
Is the platform totally free? Quite a few on the internet forex trading platforms supplied by reliable brokers are free of charge, and your only expenses will be if you make a loss.
If forex trading software isn’t free of charge, or if there is a nominal charge, locate out what the added advantages are. And, if it isn’t cost-free, is there a revenue-back assure if you aren’t content with the application?
Value, two
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you need to have to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire 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 purchase cost 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 acquire at 1.0579, the AUD only needs 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 4 pips ahead of you produced a profit.
Client help
Is your forex broker just interested in receiving you an account, or do they deliver ongoing support for clients making use of the trading platform?
You should really be in a position to e-mail and/or telephone your broker with queries ranging from putting trades to the button on your trading platform that isn’t performing what you want.