It can be intimidating to choose a forex trading platform when you initial start out trading – right here are some features that any fantastic forex trading platform ought to have:
Security
Does the forex broker offer info about the security measures of its platform? Your trading and individual data must be encrypted, so that your revenue and identity are secure, whether you are paying and being paid via PayPal or on the web bank transfers.
The forex broker ought to also supply suggestions on how to raise your on the web safety – I’d be quite suspicious of one that didn’t for the reason that they might be creating themselves liable if there are any troubles.
Also, are there backup systems exactly where your facts 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 marketplace, 5.five days a week, look for anything that you can use frequently. Even when the market is closed, you want to be able to place orders to open when the market does.
The trading platform should really also be efficient – if it is slow then the prices at which you are trading may be out of date. A very good forex trading platform must update a number of occasions a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that provides one particular-click trading will permit you to get or sell forex contract with 1 click, which signifies there is no want 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 uncomplicated to comprehend, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your market place, and, if you want to trade additional than forex, appear for 1 that also makes it possible for 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 working with unique browsers and various smart-phone handsets.
Generally, does it do what you need to have? A great forex trading platform should really be customisable to suit your trading strategy – does it allow automated trading, and does it permit you to micromanage every single trade. The trading platform really should be able to alert you to great trading opportunities, as nicely as accept complicated orders, such as the several stops and profits that the forex broker presents, so you can effortlessly minimise your threat whilst 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 need to deal a ticket?
Based on your level of knowledge, you may 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 actual-time.
Market place Evaluation
Does your forex broker present market place analyses, and is this available working with their trading platform or do you have to have to take a look at their website?
A superior forex trading platform really should include things like marketplace analysis tools, which includes news feeds, in-residence analysis and third-celebration study. As info is power, you want to be able to access as a lot of it as doable, and to have access to it with no crawling the web for the facts you will need.
Any trading that offers market analysis must also have historical data accessible, so you can see how the forex was affected when a similar situation occurred.
Value
Is the platform absolutely free? Quite a few on the web forex trading platforms offered by reputable brokers are totally free, and your only costs will be if you make a loss.
If forex trading application is not free, or if there is a nominal charge, discover out what the added added benefits are. And, if it isn’t free of charge, is there a dollars-back guarantee if you are not happy with the computer software?
Cost, two
Does the trading platform offer you the exact same pip spreads as the broker has advertised, or do you have to have to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the get and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the purchase price is 1.0579. For any spread, the price of the currency demands to make up the difference of the spread ahead of you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only wants 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 just before you made a profit.
Consumer support
Is your forex broker just interested in receiving you an account, or do they offer ongoing assistance for clients applying the trading platform?
You ought to be able to email and/or phone your broker with inquiries ranging from putting trades to the button on your trading platform that is not performing what you want.