It can be intimidating to choose a forex trading platform when you initially start trading – right here are some attributes that any very good forex trading platform need to have:
Safety
Does the forex broker offer you facts about the security measures of its platform? Your trading and private information ought to be encrypted, so that your funds and identity are secure, no matter if you are paying and getting paid via PayPal or on the web bank transfers.
The forex broker must also present suggestions on how to boost your on the internet safety – I’d be quite suspicious of 1 that didn’t simply because they may well 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 issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.5 days a week, appear for anything that you can use regularly. Even when the market place is closed, you want to be capable to spot orders to open when the marketplace does.
The trading platform ought to also be effective – if it is slow then the rates at which you are trading may possibly be out of date. A very good forex trading platform ought to update a number of times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that presents 1-click trading will allow you to invest in or sell forex contract with 1 click, which means there’s no need 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 uncomplicated to comprehend, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
effortless to search for your market place, and, if you want to trade more than forex, appear for a single that also permits 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 program be accessed using unique browsers and distinct smart-telephone handsets.
Generally, does it do what you want? A excellent forex trading platform really should be customisable to suit your trading approach – does it let automated trading, and does it permit you to micromanage each trade. The trading platform ought to be able to alert you to good trading opportunities, as effectively as accept complex orders, including the many stops and profits that the forex broker presents, so you can very easily minimise your risk even though 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 straight from the charts, or do you will need to deal a ticket?
Based on your level of encounter, 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 crucial that the charts are updated in genuine-time.
Market place Evaluation
Does your forex broker provide market analyses, and is this out there employing their trading platform or do you need to have to pay a visit to their internet site?
metatrader trading platform must incorporate market place evaluation tools, like news feeds, in-home study and third-party investigation. As info is power, you want to be able to access as substantially of it as possible, and to have access to it devoid of crawling the world wide web for the information you have to have.
Any trading that gives industry evaluation should also have historical information available, so you can see how the forex was affected when a equivalent situation occurred.
Cost
Is the platform free? Lots of on-line forex trading platforms supplied by trustworthy brokers are absolutely free, and your only fees will be if you make a loss.
If forex trading software is not no cost, or if there is a nominal charge, discover out what the added advantages are. And, if it is not free, is there a money-back guarantee if you aren’t satisfied with the application?
Price, two
Does the trading platform offer you the same pip spreads as the broker has advertised, or do you want to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the obtain and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the acquire price tag is 1.0579. For any spread, the price tag of the currency wants to make up the difference of the spread just before 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 a three pip spread, the currency would have to move by four pips before you produced a profit.
Customer assistance
Is your forex broker just interested in acquiring you an account, or do they deliver ongoing assistance for consumers utilizing the trading platform?
You need to be in a position to email and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t performing what you want.