It can be intimidating to decide on a forex trading platform when you very first get started trading – here are some options that any good forex trading platform must have:
Safety
Does the forex broker present info about the safety measures of its platform? Your trading and personal information need to be encrypted, so that your money and identity are secure, no matter if you are paying and getting paid through PayPal or on-line bank transfers.
The forex broker should also offer assistance on how to improve your on the web safety – I’d be extremely suspicious of one that did not simply because they could be creating themselves liable if there are any difficulties.
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 marketplace, five.five days a week, appear for a thing that you can use continually. Even when the market is closed, you want to be capable to place orders to open when the market does.
The trading platform need to also be effective – if it is slow then the rates at which you are trading may possibly be out of date. A great forex trading platform should update many times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that delivers a single-click trading will permit you to invest in or sell forex contract with one particular click, which signifies there’s no have to have to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your industry, and, if you want to trade more than forex, appear for 1 that also makes it possible for you to trade on shares, selections and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed working with unique browsers and different wise-telephone handsets.
Basically, does it do what you need to have? A very good forex trading platform should be customisable to suit your trading approach – does it allow automated trading, and does it permit you to micromanage just about every trade. The trading platform should be able to alert you to very good trading possibilities, as well as accept complicated orders, such as the numerous stops and income that the forex broker provides, so you can conveniently minimise your danger though maximising your profits.
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 have to have to deal a ticket?
Depending on your level of experience, you could 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.
Market Evaluation
Does your forex broker supply market analyses, and is this obtainable working with their trading platform or do you need to take a look at their website?
A excellent forex trading platform need to incorporate market evaluation tools, such as news feeds, in-house investigation and third-celebration study. As forex robot is power, you want to be capable to access as considerably of it as probable, and to have access to it without crawling the net for the details you need to have.
Any trading that offers market place evaluation ought to also have historical data offered, so you can see how the forex was impacted when a related predicament occurred.
Cost
Is the platform absolutely free? Numerous on line forex trading platforms supplied by reputable brokers are free of charge, and your only fees will be if you make a loss.
If forex trading computer software isn’t no cost, or if there is a nominal charge, uncover out what the added positive aspects are. And, if it is not free of charge, is there a cash-back guarantee if you aren’t happy with the application?
Value, two
Does the trading platform provide the exact same pip spreads as the broker has advertised, or do you want to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among 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 invest in value is 1.0579. For any spread, the price of the currency wants to make up the difference of the spread before you can make a profit. So, in the instance, if you obtain 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 three pip spread, the currency would have to move by 4 pips before you produced a profit.
Client support
Is your forex broker just interested in obtaining you an account, or do they provide ongoing assistance for clients utilizing the trading platform?
You ought to be capable to email and/or phone your broker with questions ranging from placing trades to the button on your trading platform that isn’t doing what you want.