It can be intimidating to pick out a forex trading platform when you first commence trading – here are some attributes that any excellent forex trading platform must have:
Safety
Does the forex broker supply info about the security measures of its platform? Your trading and private information ought to be encrypted, so that your money and identity are secure, regardless of whether you are paying and becoming paid by way of PayPal or on the net bank transfers.
The forex broker should really also offer you assistance on how to improve your on line safety – I’d be pretty suspicious of 1 that didn’t for the reason that they could be making themselves liable if there are any challenges.
Also, are there backup systems where your details can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, 5.five days a week, appear for a thing that you can use constantly. Even when the market place is closed, you want to be in a position to spot orders to open when the marketplace does.
The trading platform really should also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A good forex trading platform ought to update numerous instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that delivers a single-click trading will let you to buy or sell forex contract with one click, which signifies there is no will need to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your market, and, if you want to trade extra than forex, appear for one that also enables you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed making use of various browsers and various sensible-telephone handsets.
Generally, does it do what you want? A superior forex trading platform must be customisable to suit your trading strategy – does it allow automated trading, and does it enable you to micromanage each and every trade. The trading platform must be in a position to alert you to superior trading opportunities, as effectively as accept complex orders, including the various stops and earnings that the forex broker delivers, so you can quickly minimise your threat while maximising your profits.
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?
Based on your level of encounter, you may possibly 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 necessary that the charts are updated in actual-time.
Does your forex broker offer you marketplace analyses, and is this available utilizing their trading platform or do you need to have to stop by their web-site?
A good forex trading platform should include marketplace analysis tools, such as news feeds, in-house study and third-celebration study. As details is energy, you want to be able to access as a great deal of it as probable, and to have access to it without crawling the net for the data you want.
Any trading that delivers marketplace analysis need to also have historical information available, so you can see how the forex was impacted when a similar scenario occurred.
Price
Is the platform free? A lot of on the web forex trading platforms supplied by trustworthy brokers are totally free, and your only charges will be if you make a loss.
If forex trading computer software is not totally free, or if there is a nominal charge, discover out what the added added benefits are. And, if it isn’t free of charge, is there a income-back guarantee if you aren’t pleased with the software?
Price tag, two
Does the trading platform supply the identical pip spreads as the broker has advertised, or do you will need to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference among the invest in and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the acquire 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 instance, if you obtain at 1.0579, the AUD only requirements 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 four pips ahead of you produced a profit.
Customer support
Is your forex broker just interested in acquiring you an account, or do they supply ongoing help for consumers employing the trading platform?
You need to be capable to email and/or phone your broker with questions ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.