It can be intimidating to pick out a forex trading platform when you very first start off trading – here are some characteristics that any good forex trading platform need to have:
Security
Does the forex broker supply info about the safety measures of its platform? Your trading and individual data ought to be encrypted, so that your funds and identity are secure, no matter whether you are paying and becoming paid by way of PayPal or on-line bank transfers.
The forex broker need to also provide assistance on how to increase your online security – I’d be extremely suspicious of 1 that did not mainly because they may be creating themselves liable if there are any troubles.
Also, are there backup systems where your data 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 industry, 5.5 days a week, look for a thing that you can use frequently. Even when the market is closed, you want to be able to place orders to open when the industry does.
The trading platform should really also be effective – if it is slow then the costs at which you are trading may possibly be out of date. A good forex trading platform need to update quite a few times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that presents one particular-click trading will enable you to invest in or sell forex contract with one click, which means there’s no require to deal a ticket, and you won’t miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to understand, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
simple to search for your marketplace, and, if you want to trade far more than forex, appear for one particular that also permits 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 applying unique browsers and diverse smart-phone handsets.
Basically, does it do what you have to have? A very good forex trading platform must be customisable to suit your trading technique – does it permit automated trading, and does it permit you to micromanage each trade. The trading platform really should be capable to alert you to excellent trading opportunities, as properly as accept complex orders, such as the numerous stops and earnings that the forex broker offers, so you can easily minimise your danger although maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 experience, 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 all through the day, it is important that the charts are updated in actual-time.
Industry Analysis
Does your forex broker give market place analyses, and is this accessible using their trading platform or do you require to take a look at their web-site?
A good forex trading platform really should consist of market analysis tools, including news feeds, in-house analysis and third-party research. As facts is energy, you want to be capable to access as considerably of it as probable, and to have access to it with out crawling the web for the information you need.
Any trading that delivers market place analysis should really also have historical data out there, so you can see how the forex was impacted when a related scenario occurred.
Price
Is the platform absolutely free? Quite a few online forex trading platforms supplied by trustworthy brokers are cost-free, and your only costs will be if you make a loss.
If forex trading software isn’t free, or if there is a nominal charge, discover out what the added advantages are. And, if it isn’t free, is there a dollars-back assure if you aren’t delighted with the computer software?
Cost, 2
Does the trading platform provide the very same pip spreads as the broker has advertised, or do you need to phone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the get price is 1.0579. For any spread, the price tag of the currency requires to make up the distinction of the spread prior to you can make a profit. So, in the instance, if you buy 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 three pip spread, the currency would have to move by four pips before you made a profit.
Consumer support
Is your forex broker just interested in finding you an account, or do they deliver ongoing help for clients employing the trading platform?
You really should be in a position to email and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that is not undertaking what you want.