It can be intimidating to opt for a forex trading platform when you 1st commence trading – right here are some options that any excellent forex trading platform need to have:
Security
Does the forex broker supply info about the security measures of its platform? Your trading and personal data should be encrypted, so that your dollars and identity are secure, whether or not you are paying and getting paid via PayPal or on-line bank transfers.
The forex broker should really also provide guidance on how to enhance your on line security – I’d be pretty suspicious of a single that did not due to the fact they could be generating themselves liable if there are any problems.
Also, are there backup systems where your information and facts can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.5 days a week, appear for anything that you can use continuously. Even when forex robot is closed, you want to be able to spot orders to open when the industry does.
The trading platform ought to also be efficient – if it is slow then the rates at which you are trading could be out of date. A very good forex trading platform really should update many instances a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that provides one-click trading will permit you to buy or sell forex contract with 1 click, which suggests there is no have to have to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your market place, and, if you want to trade more than forex, look for a single 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 using diverse browsers and diverse intelligent-telephone handsets.
Fundamentally, does it do what you need? A excellent forex trading platform must be customisable to suit your trading approach – does it permit automated trading, and does it let you to micromanage each trade. The trading platform should really be in a position to alert you to excellent trading opportunities, as nicely as accept complex orders, such as the various stops and income that the forex broker offers, so you can easily minimise your risk when maximising your profits.
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 you trade directly from the charts, or do you require to deal a ticket?
Based on your level of knowledge, 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 opportunities.
And, if you want to trade forex throughout the day, it is critical that the charts are updated in true-time.
Industry Evaluation
Does your forex broker supply market place analyses, and is this accessible applying their trading platform or do you require to pay a visit to their web-site?
A good forex trading platform need to include things like market place analysis tools, like news feeds, in-home study and third-celebration investigation. As information and facts is power, you want to be able to access as significantly of it as attainable, and to have access to it without crawling the web for the information you want.
Any trading that presents market analysis must also have historical data offered, so you can see how the forex was impacted when a related situation occurred.
Cost
Is the platform free? Lots of on the net forex trading platforms presented by reliable brokers are no cost, and your only expenses will be if you make a loss.
If forex trading application isn’t free of charge, or if there is a nominal charge, locate out what the added benefits are. And, if it isn’t no cost, is there a revenue-back assure if you aren’t delighted with the software program?
Price tag, two
Does the trading platform supply the similar pip spreads as the broker has advertised, or do you need to have to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire 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 price tag is 1.0579. For any spread, the price of the currency demands to make up the distinction of the spread before you can make a profit. So, in the example, if you get at 1.0579, the AUD only wants 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.
Client help
Is your forex broker just interested in acquiring you an account, or do they offer ongoing help for consumers employing the trading platform?
You should really be in a position to e mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.