It can be intimidating to decide on a forex trading platform when you first get started trading – here are some characteristics that any fantastic forex trading platform should have:
Safety
Does the forex broker offer information about the security measures of its platform? Your trading and personal information should be encrypted, so that your cash and identity are secure, no matter whether you are paying and getting paid by way of PayPal or on the internet bank transfers.
The forex broker should really also present assistance on how to enhance your on the internet safety – I’d be incredibly suspicious of 1 that didn’t because they could possibly be making themselves liable if there are any difficulties.
Also, are there backup systems where your details 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 market, five.5 days a week, appear for some thing that you can use continuously. Even when the industry is closed, you want to be able to place orders to open when the market does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading may well be out of date. A fantastic forex trading platform must update many occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that delivers one particular-click trading will permit you to buy or sell forex contract with 1 click, which suggests there is no need to have 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 straightforward to fully grasp, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
straightforward to search for your market place, and, if you want to trade additional than forex, appear for 1 that also permits you to trade on shares, alternatives 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 distinctive browsers and various smart-phone handsets.
Basically, does it do what you need? A fantastic forex trading platform need to be customisable to suit your trading technique – does it let automated trading, and does it allow you to micromanage just about every trade. The trading platform need to be able to alert you to very good trading opportunities, as nicely as accept complicated orders, including the several stops and income that the forex broker delivers, so you can very easily minimise your risk although 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 directly from the charts, or do you will need to deal a ticket?
Depending on your level of experience, you could 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 vital that the charts are updated in actual-time.
Market Evaluation
Does your forex broker supply market place analyses, and is this obtainable making use of their trading platform or do you have to have to take a look at their web-site?
A superior forex trading platform need to include things like market place evaluation tools, including news feeds, in-home investigation and third-celebration investigation. As facts is energy, you want to be in a position to access as a lot of it as possible, and to have access to it without crawling the internet for the info you need to have.
Any trading that gives marketplace evaluation must also have historical information out there, so you can see how the forex was affected when a similar situation occurred.
Is the platform absolutely free? Numerous on the web forex trading platforms provided by reputable brokers are free, and your only expenses will be if you make a loss.
If forex trading computer software is not no cost, or if there is a nominal charge, obtain out what the added advantages are. And, if it isn’t cost-free, is there a income-back guarantee if you aren’t pleased with the software program?
Cost, two
Does the trading platform offer the same pip spreads as the broker has advertised, or do you want to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the obtain 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 buy price is 1.0579. For any spread, the price tag of the currency desires to make up the distinction of the spread prior to you can make a profit. So, in the example, if you get 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 three pip spread, the currency would have to move by 4 pips prior to you produced a profit.
Customer help
Is your forex broker just interested in acquiring you an account, or do they provide ongoing support for clients employing the trading platform?
You really should be in a position to email and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that is not undertaking what you want.