It can be intimidating to choose a forex trading platform when you initial begin trading – right here are some characteristics that any very good forex trading platform should have:
Safety
Does the forex broker offer you information and facts about the safety measures of its platform? Your trading and private data really should be encrypted, so that your income and identity are safe, regardless of whether you are paying and being paid via PayPal or on the internet bank transfers.
The forex broker ought to also supply suggestions on how to increase your online safety – I’d be quite suspicious of 1 that didn’t mainly because they may be generating themselves liable if there are any problems.
Also, are there backup systems where your 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 market place, five.five days a week, look for anything that you can use constantly. Even when the marketplace is closed, you want to be capable to spot orders to open when the market place does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading could possibly be out of date. A very good forex trading platform should update numerous instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that provides 1-click trading will allow you to get or sell forex contract with one click, which signifies there is no need to deal a ticket, and you will not miss the value 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? Appear for a platform exactly where it is
quick to search for your market place, and, if you want to trade extra than forex, appear for 1 that also allows you to trade on shares, alternatives 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 making use of diverse browsers and distinctive sensible-phone handsets.
Essentially, does it do what you need? A excellent forex trading platform really should be customisable to suit your trading technique – does it enable automated trading, and does it permit you to micromanage every single trade. The trading platform ought to be capable to alert you to fantastic trading possibilities, as nicely as accept complex orders, including the different stops and profits that the forex broker offers, so you can very easily minimise your risk while maximising your profits.
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 directly from the charts, or do you want 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 possibilities.
And, if you want to trade forex all through the day, it is essential that the charts are updated in genuine-time.
Does your forex broker present industry analyses, and is this offered using their trading platform or do you need to have to check out their internet site?
A superior forex trading platform need to include market evaluation tools, including news feeds, in-property study and third-party analysis. As details is energy, you want to be in a position to access as significantly of it as doable, and to have access to it devoid of crawling the web for the data you want.
Any trading that offers industry evaluation ought to also have historical data offered, so you can see how the forex was affected when a related predicament occurred.
Value
Is the platform absolutely free? Quite a few online forex trading platforms supplied by reputable brokers are absolutely free, and your only fees will be if you make a loss.
If forex trading computer software isn’t free of charge, or if there is a nominal charge, come across out what the added benefits are. And, if it is not absolutely free, is there a dollars-back guarantee if you are not delighted with the computer software?
Cost, two
Does the trading platform give the same 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 between the acquire and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the invest in price tag is 1.0579. For any spread, the cost of the currency wants to make up the difference of the spread prior to you can make a profit. So, in the example, if you purchase at 1.0579, the AUD only requires 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 4 pips ahead of you created a profit.
Client support
Is your forex broker just interested in receiving you an account, or do they present ongoing support for clients working with the trading platform?
You should be capable to e mail and/or phone your broker with questions ranging from placing trades to the button on your trading platform that is not undertaking what you want.