It can be intimidating to pick a forex trading platform when you very first start out trading – right here are some features that any very good forex trading platform need to have:
Safety
Does the forex broker offer info about the safety measures of its platform? Your trading and private information should really be encrypted, so that your funds and identity are safe, irrespective of whether you are paying and being paid by way of PayPal or on the web bank transfers.
The forex broker should really also supply suggestions on how to boost your on the internet security – I’d be very suspicious of 1 that did not due to the fact they might be producing themselves liable if there are any problems.
Also, are there backup systems exactly where your data 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, 5.5 days a week, appear for some thing that you can use continuously. Even when the industry is closed, you want to be in a position to spot orders to open when the market does.
The trading platform must also be efficient – if it is slow then the rates at which you are trading might be out of date. A very good forex trading platform should really update many times a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. forex robot that presents one-click trading will enable you to get or sell forex contract with one particular click, which means there is no need to have to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to realize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
straightforward to search for your industry, and, if you want to trade additional than forex, appear for a single that also allows 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 system be accessed using different browsers and diverse smart-telephone handsets.
Basically, does it do what you need to have? A fantastic forex trading platform must be customisable to suit your trading tactic – does it allow automated trading, and does it let you to micromanage every single trade. The trading platform really should be capable to alert you to superior trading possibilities, as effectively as accept complicated orders, including the numerous stops and earnings that the forex broker presents, so you can quickly minimise your risk while maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 want to deal a ticket?
Based 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 opportunities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in true-time.
Marketplace Analysis
Does your forex broker supply market analyses, and is this available utilizing their trading platform or do you have to have to visit their internet site?
A fantastic forex trading platform should really contain industry analysis tools, including news feeds, in-residence analysis and third-party analysis. As data is energy, you want to be in a position to access as significantly of it as attainable, and to have access to it without having crawling the net for the info you need.
Any trading that gives market place analysis need to also have historical data offered, so you can see how the forex was affected when a equivalent scenario occurred.
Price tag
Is the platform totally free? Lots of on line forex trading platforms presented by reputable brokers are free, and your only fees will be if you make a loss.
If forex trading software program is not no cost, or if there is a nominal charge, come across out what the added rewards are. And, if it isn’t free of charge, is there a funds-back assure if you are not pleased with the software?
Price, 2
Does the trading platform provide the identical pip spreads as the broker has advertised, or do you want to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the get and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the invest in price is 1.0579. For any spread, the price tag of the currency demands to make up the distinction of the spread ahead of you can make a profit. So, in the instance, if you invest in 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 ahead of you created a profit.
Buyer assistance
Is your forex broker just interested in receiving you an account, or do they supply ongoing help for shoppers applying the trading platform?
You really should be in a position to e-mail and/or phone your broker with questions ranging from placing trades to the button on your trading platform that is not carrying out what you want.