It can be intimidating to opt for a forex trading platform when you 1st start trading – right here are some attributes that any great forex trading platform need to have:
Safety
Does the forex broker present information about the safety measures of its platform? Your trading and individual information really should be encrypted, so that your dollars and identity are safe, no matter whether you are paying and becoming paid by means of PayPal or online bank transfers.
The forex broker should also supply advice on how to boost your online security – I’d be incredibly suspicious of a single that did not mainly because they could possibly be producing themselves liable if there are any difficulties.
Also, are there backup systems where your facts 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 industry, 5.5 days a week, look for anything that you can use continuously. Even when the market is closed, you want to be in a position to place orders to open when the market does.
The trading platform should also be efficient – if it is slow then the costs at which you are trading may well be out of date. A good forex trading platform need to update numerous times a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that offers one-click trading will permit you to obtain or sell forex contract with 1 click, which signifies there’s no have to have to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
uncomplicated to search for your market place, and, if you want to trade a lot more than forex, appear for a single that also permits you to trade on shares, alternatives and indices.
Exactly where are forex robot trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed applying unique browsers and unique intelligent-phone handsets.
Generally, does it do what you have to have? A superior forex trading platform should really be customisable to suit your trading approach – does it let automated trading, and does it allow you to micromanage each and every trade. The trading platform must be capable to alert you to fantastic trading possibilities, as properly as accept complex orders, like the a variety of stops and earnings that the forex broker presents, so you can easily minimise your threat although maximising your income.
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 straight from the charts, or do you need to have to deal a ticket?
Depending on your level of expertise, 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 necessary that the charts are updated in actual-time.
Marketplace Analysis
Does your forex broker provide industry analyses, and is this obtainable utilizing their trading platform or do you have to have to check out their site?
A excellent forex trading platform really should contain market place analysis tools, which includes news feeds, in-home analysis and third-celebration study. As information is power, you want to be in a position to access as significantly of it as probable, and to have access to it without having crawling the online for the info you have to have.
Any trading that offers marketplace evaluation really should also have historical information accessible, so you can see how the forex was affected when a related situation occurred.
Value
Is the platform no cost? Several on the internet forex trading platforms offered by reputable brokers are totally free, and your only costs will be if you make a loss.
If forex trading computer software is not totally free, or if there is a nominal charge, obtain out what the added positive aspects are. And, if it is not free of charge, is there a funds-back assure if you aren’t content with the computer software?
Price, two
Does the trading platform offer you the very same pip spreads as the broker has advertised, or do you require to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the acquire and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the get cost is 1.0579. For any spread, the price tag of the currency requires 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 desires 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 4 pips ahead of you made a profit.
Consumer support
Is your forex broker just interested in obtaining you an account, or do they provide ongoing assistance for prospects utilizing the trading platform?
You must be capable to e mail and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.