It can be intimidating to decide on a forex trading platform when you first start trading – here are some options that any good forex trading platform need to have:
Safety
Does the forex broker supply info about the security measures of its platform? Your trading and individual information should be encrypted, so that your funds and identity are secure, whether or not you are paying and becoming paid via PayPal or on the web bank transfers.
The forex broker ought to also provide suggestions on how to boost your on the web security – I’d be really suspicious of one particular that didn’t since they may well be producing themselves liable if there are any problems.
Also, are there backup systems exactly where your information and 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 market place, 5.5 days a week, appear for a thing that you can use continuously. Even when the marketplace is closed, you want to be able to location orders to open when the market place does.
The trading platform must also be efficient – if it is slow then the rates at which you are trading may possibly be out of date. A great forex trading platform really should update several instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that gives 1-click trading will allow you to acquire or sell forex contract with one particular click, which implies there is no 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 straightforward to have an understanding of, 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 more than forex, look for 1 that also enables you to trade on shares, selections 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 applying diverse browsers and different sensible-telephone handsets.
Fundamentally, does it do what you want? A superior forex trading platform ought to be customisable to suit your trading tactic – does it permit automated trading, and does it enable you to micromanage each trade. forex robot trading platform should really be able to alert you to very good trading possibilities, as nicely as accept complicated orders, including the several stops and profits that the forex broker offers, so you can simply minimise your danger even though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward 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 encounter, you may 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 all through the day, it is crucial that the charts are updated in actual-time.
Market place Analysis
Does your forex broker give market place analyses, and is this accessible working with their trading platform or do you need to have to take a look at their website?
A superior forex trading platform should include things like industry analysis tools, which includes news feeds, in-residence study and third-party investigation. As information is energy, you want to be able to access as substantially of it as possible, and to have access to it with out crawling the net for the information you need.
Any trading that delivers market evaluation really should also have historical information accessible, so you can see how the forex was impacted when a related situation occurred.
Cost
Is the platform free of charge? Lots of on line forex trading platforms offered by respected brokers are cost-free, and your only costs will be if you make a loss.
If forex trading application is not cost-free, or if there is a nominal charge, obtain out what the added added benefits are. And, if it isn’t totally free, is there a revenue-back guarantee if you aren’t content with the application?
Cost, 2
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you require to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the purchase 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 get price tag is 1.0579. For any spread, the cost of the currency requirements to make up the difference of the spread ahead of you can make a profit. So, in the example, 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 made a profit.
Buyer support
Is your forex broker just interested in getting you an account, or do they give ongoing support for consumers using the trading platform?
You should really be able to e mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that isn’t doing what you want.