It can be intimidating to choose a forex trading platform when you very first begin trading – here are some options that any great forex trading platform really should have:
Security
Does the forex broker offer you information about the security measures of its platform? Your trading and private information must be encrypted, so that your revenue and identity are secure, no matter whether you are paying and becoming paid via PayPal or on the net bank transfers.
The forex broker must also provide assistance on how to enhance your on line security – I’d be incredibly suspicious of one that didn’t due to the fact they may well be making themselves liable if there are any issues.
Also, are there backup systems where your information 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 market, five.5 days a week, appear for a thing that you can use continuously. Even when the industry is closed, you want to be capable to place orders to open when the marketplace does.
The trading platform ought to also be efficient – if it is slow then the rates at which you are trading may well be out of date. A superior forex trading platform really should update several times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift chance. A platform that offers one particular-click trading will permit you to obtain or sell forex contract with one particular click, which implies there’s no need 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 forex robot to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your marketplace, and, if you want to trade additional than forex, look for a single that also allows you to trade on shares, selections and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed employing diverse browsers and different intelligent-telephone handsets.
Generally, does it do what you require? A excellent forex trading platform ought to be customisable to suit your trading tactic – does it enable automated trading, and does it permit you to micromanage just about every trade. The trading platform really should be in a position to alert you to excellent trading opportunities, as nicely as accept complex orders, such as the several stops and income that the forex broker presents, so you can conveniently minimise your danger though maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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 require to deal a ticket?
Depending on your level of practical experience, 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 important that the charts are updated in actual-time.
Market Evaluation
Does your forex broker give market place analyses, and is this out there using their trading platform or do you require to pay a visit to their site?
A excellent forex trading platform really should involve market evaluation tools, such as news feeds, in-house analysis and third-celebration research. As info is power, you want to be able to access as a lot of it as achievable, and to have access to it without crawling the world wide web for the details you need.
Any trading that gives market place analysis should also have historical information out there, so you can see how the forex was affected when a equivalent predicament occurred.
Price
Is the platform free? Numerous on line forex trading platforms provided by reputable brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading software is not no cost, or if there is a nominal charge, obtain out what the added advantages are. And, if it is not cost-free, is there a money-back assure if you are not satisfied with the computer software?
Price tag, 2
Does the trading platform present the same pip spreads as the broker has advertised, or do you will need to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the obtain and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the obtain price tag is 1.0579. For any spread, the price tag of the currency desires to make up the difference of the spread just before you can make a profit. So, in the instance, if you obtain 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 4 pips ahead of you created a profit.
Consumer help
Is your forex broker just interested in receiving you an account, or do they deliver ongoing help for customers employing the trading platform?
You really should be able to email and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that is not performing what you want.