It can be intimidating to opt for a forex trading platform when you initial start trading – here are some attributes that any fantastic forex trading platform ought to have:
Safety
Does the forex broker present facts about the security measures of its platform? Your trading and personal information should be encrypted, so that your dollars and identity are secure, whether you are paying and becoming paid through PayPal or on the web bank transfers.
The forex broker really should also provide advice on how to enhance your online safety – I’d be pretty suspicious of a single that didn’t because they may well be generating themselves liable if there are any difficulties.
Also, are there backup systems where your facts 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 marketplace, five.5 days a week, appear for a thing that you can use frequently. Even when the market is closed, you want to be capable to location orders to open when the market does.
The trading platform must also be effective – if it is slow then the costs at which you are trading could possibly be out of date. A very good forex trading platform must update a number of instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid opportunity. A platform that delivers 1-click trading will allow you to purchase or sell forex contract with a single click, which means there’s no will need to deal a ticket, and you will not miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it simple to comprehend, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
simple to search for your market place, and, if you want to trade additional than forex, look for one particular that also allows you to trade on shares, alternatives and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed employing various browsers and various intelligent-telephone handsets.
Generally, does it do what you require? A very good forex trading platform should be customisable to suit your trading method – does it enable automated trading, and does it let you to micromanage every single trade. The trading platform need to be able to alert you to good trading opportunities, as effectively as accept complicated orders, including the numerous stops and income that the forex broker presents, so you can simply minimise your danger although 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 directly from the charts, or do you will need to deal a ticket?
Based 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 essential that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker offer you industry analyses, and is this out there using their trading platform or do you need to have to check out their site?
A excellent forex trading platform ought to involve market place analysis tools, including news feeds, in-home research and third-celebration analysis. As information is energy, you want to be capable to access as significantly of it as feasible, and to have access to it without the need of crawling the world-wide-web for the information and facts you want.
Any trading that gives market analysis really should also have historical data accessible, so you can see how the forex was affected when a related circumstance occurred.
Price
Is the platform cost-free? Many on line forex trading platforms offered by reliable brokers are cost-free, and your only charges will be if you make a loss.
If forex trading software isn’t cost-free, or if there is a nominal charge, come across out what the added benefits are. And, if it is not no cost, is there a revenue-back assure if you are not happy with the software?
Price, 2
Does the trading platform provide the same pip spreads as the broker has advertised, or do you want to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the acquire and sell cost 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 cost is 1.0579. For any spread, the price tag of the currency desires to make up the difference of the spread before you can make a profit. So, in the instance, if you invest in at 1.0579, the AUD only requirements 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 prior to you created a profit.
Is your forex broker just interested in acquiring you an account, or do they deliver ongoing support for shoppers applying the trading platform?
You ought to be able to email and/or phone your broker with queries ranging from placing trades to the button on your trading platform that is not performing what you want.