It can be intimidating to pick out a forex trading platform when you very first commence trading – here are some attributes that any excellent forex trading platform should have:
Safety
Does the forex broker provide information and facts about the security measures of its platform? Your trading and individual data need to be encrypted, so that your funds and identity are secure, whether you are paying and getting paid by means of PayPal or on line bank transfers.
The forex broker must also provide tips on how to improve your on the net safety – I’d be extremely suspicious of a single that did not due to the fact they could be making themselves liable if there are any difficulties.
Also, are there backup systems exactly where your information 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 industry, five.5 days a week, look for anything that you can use continually. Even when the marketplace is closed, you want to be capable to place orders to open when the market does.
The trading platform really should also be effective – if it is slow then the prices at which you are trading could possibly be out of date. A great forex trading platform must update various occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that offers one particular-click trading will enable you to obtain or sell forex contract with one click, which implies there is no will need to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to comprehend, or can it only be interpreted by a Wall St retiree? forex robot for a platform where it is
uncomplicated to search for your market, and, if you want to trade additional than forex, look for 1 that also allows you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed applying unique browsers and various intelligent-telephone handsets.
Essentially, does it do what you have to have? A good forex trading platform should really 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 ought to be capable to alert you to fantastic trading possibilities, as effectively as accept complicated orders, like the many stops and income that the forex broker presents, so you can quickly minimise your threat though maximising your income.
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 require 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 possibilities.
And, if you want to trade forex throughout the day, it is crucial that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker supply industry analyses, and is this obtainable working with their trading platform or do you need to go to their site?
A fantastic forex trading platform should really incorporate industry analysis tools, which includes news feeds, in-property investigation and third-party research. As details is power, you want to be capable to access as significantly of it as achievable, and to have access to it devoid of crawling the world-wide-web for the information you have to have.
Any trading that offers industry evaluation must also have historical information readily available, so you can see how the forex was affected when a similar situation occurred.
Price
Is the platform absolutely free? Quite a few online forex trading platforms provided by reliable brokers are free, and your only expenses will be if you make a loss.
If forex trading software program isn’t no cost, or if there is a nominal charge, come across out what the added added benefits are. And, if it is not totally free, is there a dollars-back guarantee if you aren’t content with the computer software?
Cost, two
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you require to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the obtain 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 acquire price tag 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 example, if you obtain 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 3 pip spread, the currency would have to move by 4 pips ahead of you produced a profit.
Consumer support
Is your forex broker just interested in acquiring you an account, or do they give ongoing support for clients employing the trading platform?
You really should be able to e mail and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that isn’t doing what you want.