It can be intimidating to select a forex trading platform when you first start off trading – right here are some capabilities that any superior forex trading platform should have:
Security
Does the forex broker present info about the security measures of its platform? Your trading and private data must be encrypted, so that your revenue and identity are secure, whether you are paying and getting paid via PayPal or on-line bank transfers.
The forex broker really should also supply guidance on how to boost your on-line security – I’d be extremely suspicious of 1 that did not simply because they could be producing themselves liable if there are any problems.
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 is a 24-hour a day industry, 5.5 days a week, look for one thing that you can use continually. Even when the market place is closed, you want to be in a position to location orders to open when the industry does.
The trading platform need to also be efficient – if it is slow then the costs at which you are trading may be out of date. A superior forex trading platform should really update various occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that offers one particular-click trading will enable you to get or sell forex contract with a single click, which signifies there’s no have to have 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 comprehend, 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 place, and, if you want to trade extra than forex, look for one particular that also permits you to trade on shares, selections and indices.
Where are forex robot trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed applying unique browsers and different clever-phone handsets.
Fundamentally, does it do what you will need? A good forex trading platform should be customisable to suit your trading approach – does it enable automated trading, and does it let you to micromanage every single trade. The trading platform ought to be capable to alert you to excellent trading opportunities, as effectively as accept complicated orders, including the numerous stops and earnings that the forex broker gives, so you can quickly minimise your danger though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 require to deal a ticket?
Based on your level of encounter, you could 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 real-time.
Market place Evaluation
Does your forex broker present industry analyses, and is this out there working with their trading platform or do you need to pay a visit to their internet site?
A excellent forex trading platform need to include things like market place analysis tools, like news feeds, in-property study and third-party study. As details is energy, you want to be capable to access as significantly of it as feasible, and to have access to it devoid of crawling the world-wide-web for the facts you will need.
Any trading that delivers market analysis should really also have historical data accessible, so you can see how the forex was affected when a related predicament occurred.
Price tag
Is the platform free? A lot of online forex trading platforms supplied by reliable brokers are totally 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, discover out what the added advantages are. And, if it isn’t free of charge, is there a income-back guarantee if you aren’t satisfied with the computer software?
Price tag, 2
Does the trading platform give the very same pip spreads as the broker has advertised, or do you have to have to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the invest in 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 invest in price is 1.0579. For any spread, the price of the currency needs to make up the distinction of the spread prior to you can make a profit. So, in the example, if you purchase at 1.0579, the AUD only requirements 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 ahead of you produced a profit.
Customer support
Is your forex broker just interested in getting you an account, or do they deliver ongoing assistance for buyers employing the trading platform?
You really should be in a position to email and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that is not carrying out what you want.