It can be intimidating to choose a forex trading platform when you initially commence trading – here are some characteristics that any excellent forex trading platform really should have:
Safety
Does the forex broker offer information about the security measures of its platform? Your trading and personal information must be encrypted, so that your cash and identity are safe, irrespective of whether you are paying and getting paid through PayPal or on the web bank transfers.
The forex broker must also offer suggestions on how to improve your on the net safety – I’d be very suspicious of one that did not simply because they could possibly be making themselves liable if there are any difficulties.
Also, are there backup systems exactly where your info can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.five days a week, look for anything that you can use constantly. Even when the marketplace is closed, you want to be capable to place orders to open when the marketplace does.
The trading platform really should also be efficient – if it is slow then the rates at which you are trading might be out of date. A very good forex trading platform should really update several occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that offers a single-click trading will allow you to purchase or sell forex contract with 1 click, which indicates there is no want 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 forex robot uncomplicated to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your market, and, if you want to trade additional than forex, look for one particular that also allows 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 plan be accessed working with unique browsers and distinct sensible-phone handsets.
Basically, does it do what you need? A excellent forex trading platform should be customisable to suit your trading method – does it allow automated trading, and does it allow you to micromanage every single trade. The trading platform should really be in a position to alert you to great trading possibilities, as effectively as accept complicated orders, including the a variety of stops and profits that the forex broker presents, so you can very easily minimise your risk whilst maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how simple 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 want to deal a ticket?
Depending on your level of encounter, 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 throughout the day, it is critical that the charts are updated in real-time.
Marketplace Analysis
Does your forex broker supply marketplace analyses, and is this obtainable applying their trading platform or do you need to visit their web site?
A very good forex trading platform need to incorporate marketplace evaluation tools, including news feeds, in-home research and third-party study. As facts is power, you want to be capable to access as a great deal of it as attainable, and to have access to it without having crawling the internet for the data you have to have.
Any trading that delivers marketplace analysis ought to also have historical information accessible, so you can see how the forex was impacted when a comparable scenario occurred.
Value
Is the platform totally free? Lots of on the net forex trading platforms offered by reputable brokers are free, and your only fees will be if you make a loss.
If forex trading software program is not cost-free, or if there is a nominal charge, uncover out what the added benefits are. And, if it isn’t cost-free, is there a cash-back guarantee if you are not content with the computer software?
Price tag, two
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you will need to phone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the acquire and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the buy cost is 1.0579. For any spread, the value of the currency requirements to make up the distinction of the spread before you can make a profit. So, in the instance, if you buy 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 3 pip spread, the currency would have to move by 4 pips just before you created a profit.
Customer support
Is your forex broker just interested in acquiring you an account, or do they offer ongoing support for buyers applying the trading platform?
You should be capable to e-mail and/or telephone your broker with questions ranging from placing trades to the button on your trading platform that is not doing what you want.