It can be intimidating to select a forex trading platform when you 1st get started trading – right here are some characteristics that any excellent forex trading platform should have:
Safety
Does the forex broker supply info about the safety measures of its platform? Your trading and private data should be encrypted, so that your cash and identity are safe, whether or not you are paying and getting paid through PayPal or on-line bank transfers.
The forex broker really should also supply suggestions on how to boost your online safety – I’d be pretty suspicious of a single that did not because they could be producing themselves liable if there are any complications.
Also, are there backup systems where your information 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 market, 5.five days a week, look for a thing that you can use regularly. Even when the market place is closed, you want to be in a position to location orders to open when the industry 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The trading platform ought to also be efficient – if it is slow then the prices at which you are trading might be out of date.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 ought to update various occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that gives a single-click trading will enable you to get or sell forex contract with one particular click, which implies there is no want to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to fully grasp, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
straightforward to search for your market place, and, if you want to trade far more than forex, look for one particular that also permits you to trade on shares, solutions 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 distinct browsers and different wise-telephone handsets.
Basically, does it do what you need? A great forex trading platform must be customisable to suit your trading technique – does it allow automated trading, and does it enable you to micromanage every trade. The trading platform really should be in a position to alert you to great trading opportunities, as properly as accept complex orders, which includes the numerous stops and profits that the forex broker delivers, so you can very easily minimise your risk whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 require to deal a ticket?
Based on your level of practical experience, 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 throughout the day, it is vital that the charts are updated in genuine-time.
Market Analysis
Does your forex broker offer you industry analyses, and is this readily available working with their trading platform or do you require to go to their web-site?
A superior forex trading platform ought to involve marketplace analysis tools, like news feeds, in-property study and third-celebration investigation. As details is energy, you want to be able to access as a great deal of it as probable, and to have access to it without having crawling the internet for the data you will need.
Any trading that provides marketplace analysis should really also have historical information available, so you can see how the forex was affected when a comparable circumstance occurred.
Price
Is the platform absolutely free? Numerous on the net forex trading platforms provided by trustworthy brokers are totally free, and your only costs will be if you make a loss.
If forex trading software is not free, or if there is a nominal charge, discover out what the added rewards are. And, if it is not free, is there a money-back assure if you are not delighted with the application?
Price, 2
Does the trading platform provide the identical pip spreads as the broker has advertised, or do you have to have to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the obtain and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the obtain value is 1.0579. For any spread, the price tag of the currency desires 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 desires to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is forex robot , the currency would have to move by 4 pips just before you made a profit.
Customer help
Is your forex broker just interested in finding you an account, or do they provide ongoing assistance for buyers using the trading platform?
You must be in a position to e-mail and/or telephone your broker with queries ranging from placing trades to the button on your trading platform that isn’t doing what you want.