It can be intimidating to decide on a forex trading platform when you initially start trading – here are some options that any excellent forex trading platform should have:
Safety
Does the forex broker present information and facts about the safety measures of its platform? Your trading and private data really should be encrypted, so that your money and identity are safe, irrespective of whether you are paying and being paid by means of PayPal or on the net bank transfers.
The forex broker must also offer suggestions on how to enhance your on-line safety – I’d be really suspicious of a single that did not simply because they may well 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 difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.five days a week, look for some thing that you can use constantly. Even when the industry is closed, you want to be capable to location orders to open when the market place does.
The trading platform need to also be effective – if it is slow then the rates at which you are trading could be out of date. A superior forex trading platform should update a number of occasions a second.
A single-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 1-click trading will permit you to buy or sell forex contract with a single click, which implies there is no have 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 quick to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
simple to search for your marketplace, and, if you want to trade far more than forex, appear for one that also permits you to trade on shares, alternatives and indices.
Exactly where are you trading from? If forex robot use a Mac, can you use the platform on it? Likewise, can the plan be accessed utilizing different browsers and distinct sensible-telephone handsets.
Generally, does it do what you need? A very good forex trading platform should be customisable to suit your trading method – does it let automated trading, and does it enable you to micromanage each trade. The trading platform should be in a position to alert you to excellent trading opportunities, as properly as accept complicated orders, such as the various stops and profits that the forex broker presents, so you can quickly minimise your threat though maximising your profits.
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 will need to deal a ticket?
Depending on your level of encounter, you might 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 throughout the day, it is essential that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker offer you market place analyses, and is this obtainable making use of their trading platform or do you will need to go to their internet site?
A excellent forex trading platform should really contain market analysis tools, including news feeds, in-home research and third-party analysis. As information is energy, you want to be able to access as significantly of it as possible, and to have access to it with out crawling the net for the info you will need.
Any trading that delivers marketplace evaluation need to also have historical information offered, so you can see how the forex was impacted when a related scenario occurred.
Price
Is the platform totally free? Numerous on line forex trading platforms offered by reliable brokers are no cost, and your only charges will be if you make a loss.
If forex trading computer software is not free, or if there is a nominal charge, obtain out what the added added benefits are. And, if it is not totally free, is there a cash-back assure if you aren’t happy with the computer software?
Cost, 2
Does the trading platform give the identical pip spreads as the broker has advertised, or do you will need to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the buy and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the purchase cost is 1.0579. For any spread, the price tag of the currency needs to make up the distinction of the spread before you can make a profit. So, in the instance, if you acquire 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 3 pip spread, the currency would have to move by four pips just before you made a profit.
Buyer support
Is your forex broker just interested in acquiring you an account, or do they present ongoing support for consumers making use of the trading platform?
You should really be in a position to email and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that is not carrying out what you want.