It can be intimidating to select a forex trading platform when you first start out trading – here are some features that any superior forex trading platform must have:
Security
Does the forex broker give information about the safety measures of its platform? Your trading and personal information should really be encrypted, so that your revenue and identity are safe, irrespective of whether you are paying and getting paid via PayPal or on the web bank transfers.
The forex broker must also give tips on how to boost your on-line safety – I’d be pretty suspicious of one that did not mainly because they could be producing themselves liable if there are any troubles.
Also, are there backup systems exactly where your info can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.5 days a week, look for a thing that you can use constantly. Even when the market is closed, you want to be able to spot orders to open when the market does.
The trading platform should also be effective – if it is slow then the costs at which you are trading could possibly be out of date. A very 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 swift opportunity. A platform that provides a single-click trading will allow you to purchase or sell forex contract with 1 click, which means 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 forex robot to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
simple to search for your marketplace, and, if you want to trade additional than forex, look for a single that also makes it possible for you to trade on shares, selections and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed working with different browsers and various clever-telephone handsets.
Basically, does it do what you need to have? A good forex trading platform should be customisable to suit your trading tactic – does it permit automated trading, and does it let you to micromanage each trade. The trading platform really should be in a position to alert you to excellent trading opportunities, as nicely as accept complex orders, like the many stops and earnings that the forex broker delivers, so you can quickly minimise your danger whilst maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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?
Depending on your level of knowledge, 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 opportunities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in actual-time.
Industry Evaluation
Does your forex broker offer you marketplace analyses, and is this available applying their trading platform or do you want to check out their website?
A good forex trading platform should really include marketplace analysis tools, including news feeds, in-home research and third-celebration research. As details is power, you want to be able to access as significantly of it as doable, and to have access to it devoid of crawling the internet for the info you want.
Any trading that offers marketplace analysis really should also have historical information readily available, so you can see how the forex was affected when a related scenario occurred.
Cost
Is the platform absolutely free? Quite a few on-line forex trading platforms presented by reputable brokers are absolutely free, and your only expenses will be if you make a loss.
If forex trading application is not absolutely free, or if there is a nominal charge, uncover out what the added advantages are. And, if it is not free of charge, is there a dollars-back guarantee if you are not happy with the software program?
Value, 2
Does the trading platform present the similar pip spreads as the broker has advertised, or do you want to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the obtain price is 1.0579. For any spread, the cost of the currency requires to make up the distinction of the spread just before you can make a profit. So, in the example, if you obtain 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 three pip spread, the currency would have to move by 4 pips prior to you produced a profit.
Customer help
Is your forex broker just interested in obtaining you an account, or do they deliver ongoing support for buyers working with the trading platform?
You really should be in a position to email and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that is not undertaking what you want.