It can be intimidating to pick a forex trading platform when you initial start out trading – here are some options that any excellent forex trading platform really should have:
Safety
Does the forex broker give info about the safety measures of its platform? Your trading and private information really should be encrypted, so that your funds and identity are safe, whether you are paying and becoming paid by way of PayPal or online bank transfers.
The forex broker really should also give guidance on how to improve your on line safety – I’d be extremely suspicious of one particular that didn’t mainly because they may well be making themselves liable if there are any issues.
Also, are there backup systems exactly where your data can be stored in case of an IT issue?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.five days a week, look for one thing that you can use frequently. Even when the marketplace is closed, you want to be capable to spot orders to open when the marketplace does.
The trading platform ought to also be effective – if it is slow then the costs at which you are trading may possibly be out of date. forex robot trading platform should really update several instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that provides one particular-click trading will permit you to buy or sell forex contract with one 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 effortless to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your industry, and, if you want to trade extra than forex, appear for 1 that also permits you to trade on shares, options 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 making use of various browsers and unique sensible-phone handsets.
Generally, does it do what you have to have? A great forex trading platform ought to be customisable to suit your trading technique – does it let automated trading, and does it permit you to micromanage each and every trade. The trading platform really should be able to alert you to very good trading opportunities, as nicely as accept complicated orders, including the several stops and earnings that the forex broker provides, so you can very easily minimise your threat whilst maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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?
Based on your level of practical experience, you could 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 all through the day, it is necessary that the charts are updated in real-time.
Market place Analysis
Does your forex broker give marketplace analyses, and is this accessible utilizing their trading platform or do you require to pay a visit to their internet site?
A fantastic forex trading platform ought to consist of market place analysis tools, like news feeds, in-home research and third-celebration investigation. As facts is power, you want to be capable to access as substantially of it as attainable, and to have access to it without crawling the internet for the information you will need.
Any trading that offers market place evaluation should really also have historical data out there, so you can see how the forex was impacted when a similar circumstance occurred.
Cost
Is the platform free of charge? Several on line forex trading platforms provided by trustworthy brokers are absolutely free, and your only fees will be if you make a loss.
If forex trading computer software isn’t no cost, or if there is a nominal charge, locate out what the added positive aspects are. And, if it is not free of charge, is there a money-back guarantee if you are not satisfied with the application?
Price tag, two
Does the trading platform provide the same 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 distinction among the purchase and sell price 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 price is 1.0579. For any spread, the cost of the currency requirements to make up the difference of the spread just before 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 four pips ahead of you made a profit.
Customer help
Is your forex broker just interested in getting you an account, or do they supply ongoing help for clients utilizing the trading platform?
You ought to be capable to email and/or phone your broker with inquiries ranging from putting trades to the button on your trading platform that isn’t undertaking what you want.