It can be intimidating to opt for a forex trading platform when you very first begin trading – right here are some attributes that any very good forex trading platform ought to have:
Safety
Does the forex broker present details about the security measures of its platform? Your trading and private information should be encrypted, so that your money and identity are secure, regardless of whether you are paying and becoming paid through PayPal or on the internet bank transfers.
The forex broker really should also provide suggestions on how to boost your on-line safety – I’d be quite suspicious of a single that didn’t since they may be creating themselves liable if there are any challenges.
Also, are there backup systems exactly where your data 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 marketplace, 5.five days a week, look for a thing that you can use continually. Even when the market place is closed, you want to be able to spot orders to open when the marketplace does.
forex robot trading platform must also be effective – if it is slow then the prices at which you are trading could be out of date. A great forex trading platform should update quite a few occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that gives a single-click trading will allow you to get or sell forex contract with one particular click, which means there’s no need to have to deal a ticket, and you won’t miss the price tag 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? Look for a platform where it is
easy to search for your market place, and, if you want to trade additional than forex, appear for one particular that also allows you to trade on shares, options and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed employing different browsers and diverse sensible-telephone handsets.
Fundamentally, does it do what you want? A very good forex trading platform ought to be customisable to suit your trading method – does it permit automated trading, and does it let you to micromanage each trade. The trading platform should really be capable to alert you to fantastic trading possibilities, as well as accept complex orders, such as the different stops and profits that the forex broker gives, so you can easily 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 straight from the charts, or do you need to deal a ticket?
Depending on your level of knowledge, you could 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 throughout the day, it is crucial that the charts are updated in real-time.
Market place Evaluation
Does your forex broker provide market analyses, and is this available applying their trading platform or do you will need to take a look at their web-site?
A excellent forex trading platform must incorporate industry analysis tools, which includes news feeds, in-residence research and third-celebration investigation. As details is energy, you want to be in a position to access as a lot of it as doable, and to have access to it without crawling the world wide web for the details you want.
Any trading that provides market analysis need to also have historical data accessible, so you can see how the forex was impacted when a equivalent circumstance occurred.
Value
Is the platform free of charge? Many online forex trading platforms offered by trustworthy brokers are no cost, and your only fees will be if you make a loss.
If forex trading software isn’t free of charge, or if there is a nominal charge, uncover out what the added added benefits are. And, if it is not free of charge, is there a funds-back assure if you aren’t satisfied with the computer software?
Value, two
Does the trading platform offer the identical pip spreads as the broker has advertised, or do you need to have to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the purchase price tag is 1.0579. For any spread, the price tag of the currency requirements to make up the difference of the spread before you can make a profit. So, in the example, if you obtain 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 three pip spread, the currency would have to move by four pips just before you made a profit.
Consumer help
Is your forex broker just interested in finding you an account, or do they provide ongoing assistance for shoppers employing the trading platform?
You ought to be capable to e-mail and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that is not undertaking what you want.