It can be intimidating to pick a forex trading platform when you first start trading – right here are some characteristics that any great forex trading platform must have:
Security
Does the forex broker offer facts about the safety measures of its platform? Your trading and individual data should be encrypted, so that your revenue and identity are safe, whether or not you are paying and getting paid via PayPal or on line bank transfers.
The forex broker need to also provide tips on how to increase your on line safety – I’d be quite suspicious of one that did not since they could be creating themselves liable if there are any complications.
Also, are there backup systems where your information 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 market place, 5.five days a week, appear for some thing that you can use constantly. Even when the marketplace is closed, you want to be able to spot orders to open when the marketplace does.
The trading platform should really also be effective – if it is slow then the prices at which you are trading may be out of date. A good forex trading platform must update a number of times a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that offers one particular-click trading will allow you to invest in or sell forex contract with a single click, which signifies there’s no need to deal a ticket, and you won’t 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? Appear for a platform exactly where it is
uncomplicated to search for your market, and, if you want to trade more than forex, look for one that also enables you to trade on shares, possibilities 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 employing various browsers and different clever-phone handsets.
Generally, does it do what you need to have? A very good forex trading platform must be customisable to suit your trading technique – does it permit automated trading, and does it permit you to micromanage just about every trade. The trading platform really should be able to alert you to fantastic trading possibilities, as effectively as accept complex orders, such as the numerous stops and earnings that the forex broker provides, so you can conveniently minimise your threat though maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 need to have to deal a ticket?
Based on your level of knowledge, 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 throughout the day, it is critical that the charts are updated in real-time.
Market Evaluation
Does your forex broker provide market place analyses, and is this accessible employing their trading platform or do you require to visit their web page?
A superior forex trading platform must consist of marketplace analysis tools, which includes news feeds, in-residence research and third-party research. As information is energy, you want to be in a position to access as a great deal of it as probable, and to have access to it with no crawling the internet for the information you need.
Any trading that offers industry analysis should also have historical information readily available, so you can see how the forex was impacted when a similar predicament occurred.
Price tag
Is the platform cost-free? forex robot on the web forex trading platforms provided by reputable brokers are free of charge, and your only costs will be if you make a loss.
If forex trading software isn’t absolutely free, or if there is a nominal charge, find out what the added rewards are. And, if it isn’t free of charge, is there a revenue-back assure if you are not content with the software?
Price tag, 2
Does the trading platform offer you the very same pip spreads as the broker has advertised, or do you need to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the buy and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the get price is 1.0579. For any spread, the cost of the currency demands to make up the difference of the spread ahead of you can make a profit. So, in the instance, if you acquire at 1.0579, the AUD only requirements 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 4 pips before you produced a profit.
Customer assistance
Is your forex broker just interested in finding you an account, or do they offer ongoing assistance for customers employing the trading platform?
You ought to be able to e mail and/or telephone your broker with inquiries ranging from putting trades to the button on your trading platform that is not undertaking what you want.