It can be intimidating to decide on a forex trading platform when you first start off trading – right here are some features that any superior forex trading platform need to have:
Safety
Does the forex broker offer information and facts about the security measures of its platform? Your trading and private data should be encrypted, so that your funds and identity are safe, regardless of whether you are paying and becoming paid by way of PayPal or online bank transfers.
The forex broker should also offer you guidance on how to boost your on-line safety – I’d be incredibly suspicious of 1 that didn’t since they might be generating themselves liable if there are any problems.
Also, are there backup systems where your facts can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.five days a week, look for some thing that you can use frequently. Even when the market is closed, you want to be in a position to place orders to open when the market does.
The trading platform need to also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A very good forex trading platform really should update quite a few instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that provides one particular-click trading will permit you to purchase or sell forex contract with a single click, which signifies there is no want to deal a ticket, and you will not miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
simple to search for your industry, and, if you want to trade more than forex, look for one particular that also permits you to trade on shares, possibilities and indices.
Where are you trading from? If forex robot use a Mac, can you use the platform on it? Likewise, can the program be accessed utilizing diverse browsers and different wise-telephone handsets.
Basically, does it do what you have to have? A fantastic forex trading platform should really be customisable to suit your trading method – does it enable automated trading, and does it enable you to micromanage every trade. The trading platform really should be in a position to alert you to very good trading possibilities, as nicely as accept complex orders, such as the many stops and profits that the forex broker offers, 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 require to deal a ticket?
Based on your level of encounter, 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 possibilities.
And, if you want to trade forex throughout the day, it is important that the charts are updated in genuine-time.
Market Evaluation
Does your forex broker give market analyses, and is this readily available using their trading platform or do you have to have to pay a visit to their internet site?
A very good forex trading platform must incorporate market place analysis tools, like news feeds, in-property investigation and third-party study. As information is power, you want to be in a position to access as a lot of it as achievable, and to have access to it with out crawling the net for the facts you need to have.
Any trading that presents industry analysis ought to also have historical data obtainable, so you can see how the forex was impacted when a equivalent scenario occurred.
Value
Is the platform no cost? A lot of online forex trading platforms provided by reputable brokers are totally free, and your only fees will be if you make a loss.
If forex trading software is not no cost, or if there is a nominal charge, obtain out what the added advantages are. And, if it isn’t cost-free, is there a income-back assure if you are not delighted with the software?
Price tag, two
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you require to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the acquire 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 get value is 1.0579. For any spread, the price tag of the currency requires to make up the distinction of the spread just before you can make a profit. So, in the example, if you acquire at 1.0579, the AUD only desires 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 before you made a profit.
Consumer support
Is your forex broker just interested in getting you an account, or do they supply ongoing assistance for prospects making use of the trading platform?
You ought to be able to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.