It can be intimidating to pick out a forex trading platform when you very first start off trading – here are some functions that any excellent forex trading platform need to have:
Safety
Does the forex broker offer you info about the safety measures of its platform? Your trading and individual information should be encrypted, so that your income and identity are safe, regardless of whether you are paying and becoming paid by means of PayPal or on the web bank transfers.
The forex broker really should also offer suggestions on how to raise your on line safety – I’d be extremely suspicious of a single that did not simply because they may be creating themselves liable if there are any issues.
Also, are there backup systems where your data can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, appear for something that you can use consistently. Even when the marketplace is closed, you want to be in a position to spot orders to open when the marketplace does.
The trading platform ought to also be efficient – if it is slow then the rates at which you are trading could possibly be out of date. A superior forex trading platform should really update several instances a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that presents one particular-click trading will allow you to acquire or sell forex contract with one click, which means there’s no need to have 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 forex robot to comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
uncomplicated to search for your industry, and, if you want to trade a lot more than forex, appear for one that also enables you to trade on shares, possibilities 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 applying diverse browsers and diverse smart-telephone handsets.
Essentially, does it do what you need? A very good forex trading platform must be customisable to suit your trading tactic – does it let automated trading, and does it permit you to micromanage each and every trade. The trading platform really should be able to alert you to superior trading opportunities, as properly as accept complicated orders, like the different stops and income that the forex broker offers, so you can easily minimise your risk whilst maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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 want to deal a ticket?
Depending 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 critical that the charts are updated in real-time.
Market Evaluation
Does your forex broker offer you marketplace analyses, and is this readily available utilizing their trading platform or do you need to go to their website?
A superior forex trading platform need to consist of industry analysis tools, such as news feeds, in-home investigation and third-party investigation. As information and facts is energy, you want to be capable to access as a lot of it as possible, and to have access to it without crawling the online for the information and facts you need.
Any trading that presents industry evaluation need to also have historical information out there, so you can see how the forex was impacted when a similar scenario occurred.
Cost
Is the platform free of charge? Quite a few on the web 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 is not absolutely free, or if there is a nominal charge, locate out what the added advantages are. And, if it isn’t absolutely free, is there a dollars-back assure if you aren’t delighted with the computer software?
Cost, 2
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you need to have to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the get 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 get value is 1.0579. For any spread, the price tag of the currency requires to make up the distinction of the spread ahead of you can make a profit. So, in the instance, if you acquire at 1.0579, the AUD only requires 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 created a profit.
Buyer support
Is your forex broker just interested in finding you an account, or do they offer ongoing help for shoppers using the trading platform?
You need to be capable to e-mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.