It can be intimidating to decide on a forex trading platform when you very first start trading – right here are some functions that any great forex trading platform need to have:
Safety
Does the forex broker give information and facts about the safety measures of its platform? Your trading and individual data must be encrypted, so that your money and identity are secure, whether you are paying and being paid via PayPal or on line bank transfers.
The forex broker ought to also offer advice on how to improve your on the web safety – I’d be really suspicious of a single that did not mainly because they may possibly be producing themselves liable if there are any challenges.
Also, are there backup systems where your information 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 market, five.5 days a week, look for anything that you can use constantly. Even when forex robot is closed, you want to be able to spot orders to open when the market does.
The trading platform really should also be efficient – if it is slow then the rates at which you are trading may well be out of date. A superior forex trading platform ought to 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 speedy opportunity. A platform that delivers a single-click trading will enable you to obtain or sell forex contract with one particular click, which suggests there’s no have to have 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 quick to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
quick to search for your market place, and, if you want to trade more than forex, appear for a single that also permits you to trade on shares, choices and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed working with various browsers and unique smart-phone handsets.
Fundamentally, does it do what you need? A excellent forex trading platform must be customisable to suit your trading technique – does it permit automated trading, and does it enable you to micromanage every trade. The trading platform should be able to alert you to very good trading opportunities, as nicely as accept complex orders, like the various stops and income that the forex broker provides, so you can effortlessly minimise your danger even though maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 want to deal a ticket?
Based on your level of practical experience, you could 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 opportunities.
And, if you want to trade forex throughout the day, it is vital that the charts are updated in actual-time.
Marketplace Evaluation
Does your forex broker offer industry analyses, and is this accessible making use of their trading platform or do you require to visit their website?
A excellent forex trading platform need to contain market place evaluation tools, including news feeds, in-property study and third-party investigation. As facts is energy, you want to be in a position to access as considerably of it as attainable, and to have access to it without crawling the online for the information and facts you need.
Any trading that presents marketplace evaluation really should also have historical data offered, so you can see how the forex was affected when a comparable scenario occurred.
Cost
Is the platform cost-free? Lots of on line forex trading platforms supplied by trustworthy brokers are absolutely free, and your only expenses will be if you make a loss.
If forex trading software isn’t no cost, or if there is a nominal charge, find out what the added positive aspects are. And, if it isn’t totally free, is there a cash-back assure if you aren’t satisfied with the computer software?
Price, 2
Does the trading platform present the same pip spreads as the broker has advertised, or do you require to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction 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 acquire value is 1.0579. For any spread, the value of the currency wants to make up the distinction of the spread just before you can make a profit. So, in the example, if you invest in 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 four pips prior to you made a profit.
Consumer support
Is your forex broker just interested in acquiring you an account, or do they give ongoing assistance for customers using the trading platform?
You need to be capable to e mail and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that isn’t undertaking what you want.