It can be intimidating to pick out a forex trading platform when you first get started trading – right here are some characteristics that any excellent forex trading platform ought to have:
Safety
Does the forex broker give information and facts about the safety measures of its platform? Your trading and private data really should be encrypted, so that your revenue and identity are safe, no matter if you are paying and being paid by way of PayPal or on-line bank transfers.
The forex broker need to also give advice on how to raise your on the net security – I’d be quite suspicious of one that did not because they may possibly be producing themselves liable if there are any complications.
Also, are there backup systems where your info can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex robot is a 24-hour a day market place, five.five days a week, appear for one thing that you can use constantly. Even when the marketplace is closed, you want to be in a position to spot orders to open when the industry does.
The trading platform should really also be efficient – if it is slow then the rates at which you are trading could be out of date. A superior forex trading platform should really update many times a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that gives 1-click trading will allow you to get or sell forex contract with one particular click, which means there is no 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 straightforward to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
easy to search for your industry, and, if you want to trade a lot more than forex, appear for 1 that also makes it possible for you to trade on shares, solutions and indices.
Exactly 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 distinctive wise-phone handsets.
Generally, does it do what you have to have? A great forex trading platform should really be customisable to suit your trading method – does it enable automated trading, and does it permit you to micromanage just about every trade. The trading platform should really be in a position to alert you to fantastic trading opportunities, as well as accept complicated orders, like the several stops and income that the forex broker gives, so you can conveniently minimise your threat whilst maximising your income.
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 directly from the charts, or do you require to deal a ticket?
Depending on your level of experience, you might 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 all through the day, it is necessary that the charts are updated in real-time.
Industry Analysis
Does your forex broker present market place analyses, and is this available working with their trading platform or do you will need to visit their web site?
A fantastic forex trading platform need to include market evaluation tools, like news feeds, in-house study and third-party investigation. As information and facts is power, you want to be capable to access as much of it as probable, and to have access to it devoid of crawling the web for the details you want.
Any trading that presents market analysis need to also have historical data readily available, so you can see how the forex was affected when a equivalent situation occurred.
Value
Is the platform free? Many on the internet forex trading platforms presented by trustworthy brokers are absolutely free, and your only expenses will be if you make a loss.
If forex trading software program is not free of charge, or if there is a nominal charge, discover out what the added rewards are. And, if it isn’t cost-free, is there a income-back guarantee if you aren’t pleased with the computer software?
Value, two
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you have to have to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the purchase and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the purchase cost is 1.0579. For any spread, the price of the currency needs to make up the difference of the spread before you can make a profit. So, in the example, if you invest in 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 a three pip spread, the currency would have to move by four pips ahead of you created a profit.
Customer support
Is your forex broker just interested in finding you an account, or do they provide ongoing help for clients working with the trading platform?
You really should be capable to e-mail and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that is not doing what you want.