It can be intimidating to select a forex trading platform when you initially start off trading – right here are some characteristics that any excellent forex trading platform need to have:
Safety
Does the forex broker supply information about the security measures of its platform? Your trading and private information need to be encrypted, so that your cash and identity are safe, whether or not you are paying and being paid through PayPal or online bank transfers.
The forex broker really should also offer advice on how to increase your on the internet safety – I’d be pretty suspicious of 1 that didn’t simply because they may be creating themselves liable if there are any difficulties.
Also, are there backup systems 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 industry, five.five days a week, look for a thing that you can use regularly. Even when the marketplace is closed, you want to be able to place orders to open when the market place does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading might be out of date. A excellent forex trading platform should update quite a few occasions a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that gives one particular-click trading will allow you to obtain or sell forex contract with a single click, which indicates there is no require 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 simple to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
straightforward to search for your market place, and, if you want to trade a lot more than forex, appear for 1 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 program be accessed making use of distinct browsers and various sensible-phone handsets.
Essentially, does it do what you will need? A great forex trading platform really should be customisable to suit your trading technique – does it allow automated trading, and does it enable you to micromanage each and every trade. The trading platform really should be able to alert you to excellent trading possibilities, as effectively as accept complicated orders, like the many stops and profits that the forex broker delivers, so you can conveniently minimise your threat although maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how simple 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 have to deal a ticket?
Depending on your level of knowledge, 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 throughout the day, it is vital that the charts are updated in true-time.
Market place Analysis
Does your forex broker offer market place analyses, and is this offered utilizing their trading platform or do you need to have to take a look at their web page?
A superior forex trading platform should really incorporate marketplace evaluation tools, like news feeds, in-residence analysis and third-party study. As info is power, you want to be able to access as considerably of it as achievable, and to have access to it without the need of crawling the world-wide-web for the information and facts you have to have.
Any trading that gives market analysis need to also have historical data readily available, so you can see how the forex was affected when a related predicament occurred.
Price tag
Is the platform free of charge? Numerous on the net forex trading platforms supplied by respected brokers are totally free, and your only charges will be if you make a loss.
If forex trading application is not cost-free, or if there is a nominal charge, locate out what the added benefits are. And, if it is not absolutely free, is there a funds-back guarantee if you aren’t content with the application?
Cost, 2
Does the trading platform provide the similar pip spreads as the broker has advertised, or do you will need to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the purchase and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the invest in price tag is 1.0579. For forex robot , the price of the currency requirements to make up the difference of the spread before you can make a profit. So, in the instance, if you invest in 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 3 pip spread, the currency would have to move by four pips prior to you made a profit.
Client assistance
Is your forex broker just interested in getting you an account, or do they offer ongoing assistance for consumers applying the trading platform?
You really should be capable to email and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t doing what you want.