It can be intimidating to decide on a forex trading platform when you initially start out trading – right here are some options that any superior forex trading platform need to have:
Safety
Does the forex broker provide info about the safety measures of its platform? Your trading and individual data need to be encrypted, so that your cash and identity are secure, irrespective of whether you are paying and being paid by way of PayPal or on the internet bank transfers.
The forex broker need to also give suggestions on how to increase your on the web security – I’d be very suspicious of a single that did not because they may well be producing themselves liable if there are any complications.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex robot is a 24-hour a day market, five.5 days a week, look for some thing that you can use continuously. Even when the marketplace is closed, you want to be in a position to place orders to open when the market place does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading could possibly be out of date.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 should really update numerous times a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that delivers one-click trading will let you to buy or sell forex contract with 1 click, which indicates there’s no need 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 simple to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
effortless to search for your market, and, if you want to trade much more than forex, appear for 1 that also makes it possible for 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 system be accessed employing different browsers and distinct smart-telephone handsets.
Basically, does it do what you will need? A great forex trading platform really should be customisable to suit your trading tactic – does it permit automated trading, and does it let you to micromanage every trade. The trading platform should really be in a position to alert you to fantastic trading opportunities, as nicely as accept complicated orders, like the numerous stops and profits that the forex broker offers, so you can easily minimise your threat 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 have to have to deal a ticket?
Depending on your level of knowledge, 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 opportunities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in true-time.
Market Evaluation
Does your forex broker present market place analyses, and is this accessible employing their trading platform or do you need to have to go to their site?
A superior forex trading platform ought to incorporate market place analysis tools, which includes news feeds, in-home research and third-celebration research. As information and facts is energy, you want to be in a position to access as much of it as probable, and to have access to it with no crawling the online for the facts you require.
Any trading that presents market place analysis really should also have historical data readily available, so you can see how the forex was affected when a related situation occurred.
Price
Is the platform totally free? Numerous on the internet forex trading platforms offered by respected brokers are cost-free, and your only costs will be if you make a loss.
If forex trading software isn’t totally free, or if there is a nominal charge, find out what the added advantages are. And, if it isn’t totally free, is there a income-back assure if you are not pleased with the application?
Cost, 2
Does the trading platform supply the exact same pip spreads as the broker has advertised, or do you require to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the get and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the acquire value is 1.0579. For any spread, the price of the currency needs to make up the difference of the spread 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 3 pip spread, the currency would have to move by 4 pips just before you produced a profit.
Consumer help
Is your forex broker just interested in having you an account, or do they supply ongoing help for prospects using the trading platform?
You should really be able to e mail and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that is not performing what you want.