It can be intimidating to opt for a forex trading platform when you 1st start out trading – right here are some features that any excellent forex trading platform must have:
Safety
Does the forex broker offer you facts about the security measures of its platform? Your trading and private data should really be encrypted, so that your cash and identity are secure, no matter if you are paying and becoming paid via PayPal or on the internet bank transfers.
The forex broker ought to also offer you suggestions on how to enhance your on the internet security – I’d be really suspicious of 1 that didn’t since they may be generating themselves liable if there are any complications.
Also, are there backup systems where your info 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 marketplace, five.5 days a week, look for one thing that you can use consistently. Even when the market is closed, you want to be in a position to location orders to open when the marketplace does.
The trading platform need to also be efficient – if it is slow then the rates at which you are trading may be out of date. A superior forex trading platform should update various times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. forex robot that delivers a single-click trading will let you to invest in or sell forex contract with one particular click, which indicates there is no need to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
quick to search for your industry, and, if you want to trade additional than forex, appear for one particular that also permits you to trade on shares, solutions and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed making use of different browsers and different smart-phone handsets.
Essentially, does it do what you require? A fantastic forex trading platform need to be customisable to suit your trading tactic – does it permit automated trading, and does it allow you to micromanage just about every trade. The trading platform ought to be capable to alert you to great trading opportunities, as well as accept complex orders, like the numerous stops and income that the forex broker gives, so you can easily minimise your threat though maximising your profits.
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 straight from the charts, or do you require to deal a ticket?
Based on your level of practical experience, 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 all through the day, it is necessary that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker give marketplace analyses, and is this obtainable making use of their trading platform or do you need to have to pay a visit to their site?
A fantastic forex trading platform ought to incorporate industry evaluation tools, such as news feeds, in-residence research and third-celebration research. As information and facts is energy, you want to be in a position to access as considerably of it as feasible, and to have access to it without having crawling the world-wide-web for the facts you have to have.
Any trading that presents marketplace analysis really should also have historical information available, so you can see how the forex was impacted when a comparable scenario occurred.
Price tag
Is the platform free? Many on the internet forex trading platforms presented by reputable brokers are cost-free, and your only fees will be if you make a loss.
If forex trading software program is not cost-free, or if there is a nominal charge, find out what the added benefits are. And, if it isn’t free, is there a funds-back guarantee if you are not delighted with the application?
Value, two
Does the trading platform offer you the same pip spreads as the broker has advertised, or do you have to have to phone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the get price is 1.0579. For any spread, the price tag of the currency needs to make up the difference of the spread prior to you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only demands 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 prior to you produced a profit.
Client help
Is your forex broker just interested in finding you an account, or do they present ongoing support for consumers using the trading platform?
You really should be capable to email and/or telephone your broker with queries ranging from placing trades to the button on your trading platform that is not undertaking what you want.