It can be intimidating to choose a forex trading platform when you 1st begin trading – here are some characteristics that any fantastic forex trading platform must have:
Security
Does the forex broker offer data about the safety measures of its platform? Your trading and private information really should be encrypted, so that your cash and identity are secure, whether you are paying and being paid by way of PayPal or on-line bank transfers.
The forex broker ought to also offer you suggestions on how to improve your on-line security – I’d be pretty suspicious of one particular that didn’t because they might be generating themselves liable if there are any issues.
Also, are there backup systems exactly where your info can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.5 days a week, appear for anything that you can use consistently. Even when the market place 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The trading platform ought to also be effective – if it is slow then the costs at which you are trading may possibly be out of date. A good forex trading platform really should update a number of instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that delivers one particular-click trading will let you to acquire or sell forex contract with one particular click, which suggests there is no will need to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to realize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
easy to search for your marketplace, and, if you want to trade far more than forex, look for one that also permits you to trade on shares, possibilities 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 distinct browsers and diverse wise-telephone handsets.
Fundamentally, does it do what you need? A good forex trading platform should really be customisable to suit your trading method – does it permit automated trading, and does it enable you to micromanage just about every trade. The trading platform should be able to alert you to superior trading opportunities, as effectively as accept complex orders, including the different stops and income that the forex broker delivers, so you can effortlessly minimise your risk whilst maximising your income.
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 want to deal a ticket?
Based on your level of practical experience, you may well 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 necessary that the charts are updated in true-time.
Market place Evaluation
Does your forex broker offer marketplace analyses, and is this obtainable employing their trading platform or do you need to stop by their internet site?
A superior forex trading platform must incorporate market place evaluation tools, including news feeds, in-residence research and third-party study. As information is power, you want to be able to access as considerably of it as attainable, and to have access to it without crawling the online for the facts you have to have.
Any trading that delivers marketplace evaluation should really also have historical information obtainable, so you can see how the forex was impacted when a similar predicament occurred.
Cost
Is the platform free of charge? A lot of on line forex trading platforms presented by trustworthy brokers are absolutely free, and your only costs will be if you make a loss.
If forex trading software program isn’t totally free, or if there is a nominal charge, come across out what the added added benefits are. And, if it is not absolutely free, is there a cash-back assure if you are not pleased with the software program?
Price, 2
Does the trading platform present the identical pip spreads as the broker has advertised, or do you have to have to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the obtain and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the obtain value is 1.0579. For any spread, the cost of the currency requirements to make up the distinction of the spread just before you can make a profit. So, in the example, if you acquire at 1.0579, the AUD only needs 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 created a profit.
Customer assistance
Is your forex broker just interested in acquiring you an account, or do they supply ongoing support for clients employing the trading platform?
You really should be able to e-mail and/or phone your broker with queries ranging from putting trades to the button on your trading platform that is not carrying out what you want.