It can be intimidating to opt for a forex trading platform when you 1st commence trading – right here are some options that any fantastic forex trading platform need to have:
Security
Does the forex broker offer information about the safety measures of its platform? Your trading and individual information ought to be encrypted, so that your income and identity are secure, no matter if you are paying and being paid through PayPal or on the web bank transfers.
The forex broker ought to also supply advice on how to increase your on the internet safety – I’d be really suspicious of 1 that did not due to the fact they could be producing themselves liable if there are any troubles.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, five.five days a week, appear for some thing that you can use consistently. Even when the marketplace is closed, you want to be able to spot orders to open when the industry does.
The trading platform ought to also be effective – if it is slow then the prices at which you are trading may possibly be out of date. A great forex trading platform should update a number of instances a second.
One-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 one particular-click trading will let you to get or sell forex contract with one click, which signifies there is no have to have 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 simple 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 far more than forex, appear for one particular that also makes it possible for 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 system be accessed using diverse browsers and different smart-telephone handsets.
Essentially, does it do what you need to have? A fantastic forex trading platform really should be customisable to suit your trading tactic – does it enable automated trading, and does it allow you to micromanage each and every trade. The trading platform need to be able to alert you to superior trading opportunities, as properly as accept complicated orders, like the numerous stops and income that the forex broker provides, so you can easily minimise your risk whilst 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 directly from the charts, or do you have to have to deal a ticket?
Depending on your level of practical experience, you might 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 necessary that the charts are updated in real-time.
Does your forex broker give market analyses, and is this accessible using their trading platform or do you will need to visit their site?
A excellent forex trading platform need to contain industry analysis tools, which includes news feeds, in-home research and third-celebration analysis. As details is energy, you want to be capable to access as substantially of it as possible, and to have access to it with no crawling the online for the details you need to have.
Any trading that delivers industry analysis really should also have historical data out there, so you can see how the forex was impacted when a equivalent circumstance occurred.
Value
Is the platform no cost? Several on the net forex trading platforms supplied by reliable brokers are no cost, and your only charges will be if you make a loss.
If forex trading computer software is not absolutely free, or if there is a nominal charge, find out what the added added benefits are. And, if it isn’t free of charge, is there a dollars-back assure if you are not satisfied with the software program?
Price, 2
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you have to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the invest in and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the obtain value is 1.0579. For any spread, the value 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 three pip spread, the currency would have to move by four pips before you produced a profit.
Consumer help
Is your forex broker just interested in acquiring you an account, or do they supply ongoing assistance for prospects utilizing the trading platform?
You must be able to e mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that isn’t carrying out what you want.