It can be intimidating to pick out a forex trading platform when you 1st start trading – here are some features that any excellent forex trading platform should have:
Security
Does the forex broker offer you data about the safety measures of its platform? Your trading and personal information really should be encrypted, so that your revenue and identity are safe, irrespective of whether you are paying and being paid by way of PayPal or on-line bank transfers.
The forex broker must also offer you tips on how to enhance your on the web security – I’d be quite suspicious of a single that did not for the reason that they could be creating themselves liable if there are any challenges.
Also, are there backup systems where your info can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex trading bot is a 24-hour a day market, 5.five days a week, look for something that you can use continually. Even when the industry is closed, you want to be capable to spot orders to open when the market place does.
The trading platform need to also be efficient – if it is slow then the prices at which you are trading may be out of date. A superior forex trading platform must update a number of occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that presents 1-click trading will enable you to invest in or sell forex contract with 1 click, which means there’s no will need 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 comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
easy to search for your market place, and, if you want to trade a lot more than forex, look for one particular that also enables you to trade on shares, selections 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 using various browsers and diverse intelligent-telephone handsets.
Essentially, does it do what you will need? A excellent forex trading platform really should be customisable to suit your trading approach – does it let automated trading, and does it let you to micromanage each and every trade. The trading platform should be able to alert you to fantastic trading possibilities, as well as accept complicated orders, like the many stops and profits that the forex broker presents, so you can easily minimise your risk when 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 straight from the charts, or do you need to deal a ticket?
Based on your level of experience, 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 opportunities.
And, if you want to trade forex all through the day, it is vital that the charts are updated in real-time.
Market Evaluation
Does your forex broker provide market analyses, and is this accessible employing their trading platform or do you need to visit their site?
A superior forex trading platform really should incorporate industry analysis tools, like news feeds, in-property analysis and third-celebration investigation. As info is energy, you want to be in a position to access as considerably of it as feasible, and to have access to it without the need of crawling the web for the information and facts you will need.
Any trading that delivers market evaluation must also have historical data out there, so you can see how the forex was affected when a similar situation occurred.
Value
Is the platform cost-free? Many on the web forex trading platforms provided by respected brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading computer software is not free, or if there is a nominal charge, come across out what the added rewards are. And, if it isn’t absolutely free, is there a money-back guarantee if you are not pleased with the application?
Price, 2
Does the trading platform offer you the exact 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 distinction involving 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 price is 1.0579. For any spread, the cost of the currency requires to make up the difference of the spread just before you can make a profit. So, in the example, if you obtain at 1.0579, the AUD only demands 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 prior to you made a profit.
Client assistance
Is your forex broker just interested in getting you an account, or do they supply ongoing support for consumers making use of the trading platform?
You should really be capable to e mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t undertaking what you want.