It can be intimidating to pick a forex trading platform when you very first start off trading – right here are some options that any excellent forex trading platform need to have:
Safety
Does the forex broker offer data about the safety measures of its platform? Your trading and individual data ought to be encrypted, so that your money and identity are secure, regardless of whether you are paying and becoming paid by way of PayPal or on-line bank transfers.
forex robot should also give suggestions on how to enhance your online security – I’d be very suspicious of one particular that didn’t because they could possibly be creating themselves liable if there are any problems.
Also, are there backup systems where your info can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, 5.five days a week, look for a thing that you can use regularly. Even when the industry is closed, you want to be able to location orders to open when the industry does.
The trading platform ought to also be efficient – if it is slow then the rates at which you are trading may be out of date. A very good forex trading platform ought to update many occasions a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that provides one-click trading will allow you to buy or sell forex contract with a single click, which means there is no have to have 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 straightforward to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your industry, and, if you want to trade extra than forex, look for 1 that also makes it possible for you to trade on shares, choices 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 working with unique browsers and distinct intelligent-telephone handsets.
Fundamentally, does it do what you will need? A good forex trading platform should be customisable to suit your trading technique – does it let automated trading, and does it enable you to micromanage each trade. The trading platform ought to be in a position to alert you to fantastic trading possibilities, as properly as accept complex orders, like the numerous stops and profits that the forex broker gives, so you can effortlessly minimise your threat while maximising your profits.
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 have to have to deal a ticket?
Based on your level of knowledge, you may possibly 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 important that the charts are updated in actual-time.
Market place Analysis
Does your forex broker give market analyses, and is this offered using their trading platform or do you have to have to visit their internet site?
A good forex trading platform need to include market evaluation tools, such as 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 a lot of it as feasible, and to have access to it without crawling the net for the information you need to have.
Any trading that provides market place evaluation should also have historical information offered, so you can see how the forex was impacted when a equivalent circumstance occurred.
Value
Is the platform free? Lots of on-line forex trading platforms offered by trustworthy brokers are absolutely free, and your only charges will be if you make a loss.
If forex trading software program isn’t free, or if there is a nominal charge, find out what the added positive aspects are. And, if it isn’t totally free, is there a revenue-back assure if you are not happy with the software program?
Price tag, two
Does the trading platform offer you the same pip spreads as the broker has advertised, or do you have to have to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the invest in and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the buy value is 1.0579. For any spread, the price of the currency needs to make up the difference of the spread prior to you can make a profit. So, in the instance, 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 four pips prior to you created a profit.
Consumer support
Is your forex broker just interested in finding you an account, or do they deliver ongoing support for buyers utilizing the trading platform?
You ought to be capable to email and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not undertaking what you want.