It can be intimidating to opt for a forex trading platform when you 1st start off trading – right here are some functions that any excellent forex trading platform should have:
Security
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and personal data should be encrypted, so that your funds and identity are safe, irrespective of whether you are paying and becoming paid via PayPal or on line bank transfers.
The forex broker ought to also offer guidance on how to enhance your on line security – I’d be really suspicious of a single that did not mainly because they could possibly be producing themselves liable if there are any troubles.
Also, are there backup systems where your information can be stored in case of an IT challenge?
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 anything that you can use consistently. Even when the market is closed, you want to be able to place 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The trading platform ought to also be effective – if it is slow then the rates at which you are trading may well be out of date. A excellent forex trading platform really should update several times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that delivers 1-click trading will permit you to invest in or sell forex contract with a single click, which suggests there is no require 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 comprehend, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
easy to search for your marketplace, and, if you want to trade much more than forex, look for 1 that also enables you to trade on shares, solutions and indices.
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 diverse smart-phone handsets.
Essentially, does it do what you need? A fantastic forex trading platform should be customisable to suit your trading method – does it let automated trading, and does it enable you to micromanage each and every trade. The trading platform must be in a position to alert you to fantastic trading possibilities, as nicely as accept complicated orders, such as the numerous stops and profits that the forex broker delivers, so you can quickly minimise your danger even though maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 have to have to deal a ticket?
Depending on your level of experience, you may 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 possibilities.
And, if you want to trade forex all through the day, it is critical that the charts are updated in genuine-time.
Industry Analysis
Does your forex broker supply market place analyses, and is this readily available using their trading platform or do you need to have to visit their internet site?
A superior forex trading platform should really involve industry analysis tools, including news feeds, in-house investigation and third-celebration research. As data is energy, you want to be in a position to access as much of it as doable, and to have access to it without the need of crawling the online for the data you need to have.
forex robot trading that provides marketplace analysis ought to also have historical information available, so you can see how the forex was affected when a related situation occurred.
Cost
Is the platform cost-free? A lot of on line forex trading platforms supplied by respected brokers are totally free, and your only costs will be if you make a loss.
If forex trading software isn’t no cost, or if there is a nominal charge, locate out what the added advantages are. And, if it is not free, is there a cash-back guarantee if you aren’t pleased with the application?
Cost, 2
Does the trading platform give the same pip spreads as the broker has advertised, or do you will need to phone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the obtain and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the obtain cost is 1.0579. For any spread, the cost of the currency wants to make up the distinction of the spread prior to you can make a profit. So, in the instance, if you acquire at 1.0579, the AUD only requirements 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 assistance
Is your forex broker just interested in finding you an account, or do they deliver ongoing support for prospects working with the trading platform?
You really should be capable to e mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not carrying out what you want.