It can be intimidating to opt for a forex trading platform when you 1st start off trading – right here are some characteristics that any good forex trading platform need to have:
Security
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and individual information need to be encrypted, so that your cash and identity are secure, whether you are paying and being paid via PayPal or on the internet bank transfers.
The forex broker must also present guidance on how to enhance your on line security – I’d be very suspicious of one particular that didn’t simply because they might be making themselves liable if there are any challenges.
Also, are there backup systems where your info can be stored in case of an IT difficulty?
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 anything that you can use frequently. Even when the market is closed, you want to be capable to spot orders to open when the marketplace does.
The trading platform really should also be effective – if it is slow then the prices at which you are trading may possibly be out of date. A excellent forex trading platform ought to update a number of occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that gives one-click trading will enable you to buy or sell forex contract with one click, which suggests there is no will need to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to fully grasp, or can it only be interpreted by a Wall St retiree? forex robot for a platform where it is
simple to search for your industry, and, if you want to trade additional than forex, appear for one particular that also enables you to trade on shares, solutions 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 utilizing unique browsers and different sensible-telephone handsets.
Generally, does it do what you need to have? A superior forex trading platform should be customisable to suit your trading technique – does it permit automated trading, and does it let you to micromanage just about every trade. The trading platform really should be capable to alert you to great trading opportunities, as well as accept complex orders, including the different stops and income that the forex broker presents, so you can quickly minimise your risk though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 need to deal a ticket?
Based on your level of expertise, you may 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 crucial that the charts are updated in genuine-time.
Marketplace Evaluation
Does your forex broker supply marketplace analyses, and is this out there working with their trading platform or do you need to have to stop by their site?
A fantastic forex trading platform should really contain market analysis tools, like news feeds, in-home investigation and third-party investigation. As information is energy, you want to be capable to access as considerably of it as feasible, and to have access to it devoid of crawling the world-wide-web for the info you want.
Any trading that provides industry evaluation should really also have historical data offered, so you can see how the forex was impacted when a equivalent circumstance occurred.
Cost
Is the platform free of charge? Quite a few on line forex trading platforms supplied by respected brokers are cost-free, and your only charges will be if you make a loss.
If forex trading application is not free, or if there is a nominal charge, locate out what the added benefits are. And, if it is not free of charge, is there a money-back guarantee if you are not satisfied with the software?
Cost, 2
Does the trading platform supply the similar pip spreads as the broker has advertised, or do you want to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the buy and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the acquire price tag is 1.0579. For any spread, the cost of the currency wants to make up the distinction of the spread ahead of you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only wants 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 just before you made a profit.
Customer assistance
Is your forex broker just interested in having you an account, or do they provide ongoing support for clients employing the trading platform?
You need to be capable to e-mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not undertaking what you want.