It can be intimidating to select a forex trading platform when you very first commence trading – right here are some characteristics that any very good forex trading platform must have:
Safety
Does the forex broker offer you data about the security measures of its platform? Your trading and private data should be encrypted, so that your income and identity are secure, whether or not you are paying and getting paid through PayPal or on-line bank transfers.
The forex broker should also give suggestions on how to raise your online security – I’d be incredibly suspicious of one that did not for the reason that they could be making themselves liable if there are any complications.
Also, are there backup systems exactly where your facts can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, look for anything that you can use frequently. Even when the market place is closed, you want to be in a position to spot orders to open when the market does.
The trading platform must also be efficient – if it is slow then the rates at which you are trading might be out of date. A great forex trading platform ought to update many instances a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that provides one particular-click trading will permit you to obtain or sell forex contract with one click, which means there is no need to have to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
straightforward to search for your industry, and, if you want to trade additional than forex, appear for one particular 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 program be accessed employing diverse browsers and diverse sensible-telephone handsets.
Fundamentally, does it do what you need? A excellent forex trading platform should really be customisable to suit your trading approach – does it allow automated trading, and does it enable you to micromanage every trade. The trading platform ought to be in a position to alert you to very good trading possibilities, as effectively as accept complex orders, including the different stops and income that the forex broker provides, so you can conveniently minimise your threat whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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?
Depending on your level of experience, you may well 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 essential that the charts are updated in genuine-time.
Market place Analysis
Does your forex broker provide marketplace analyses, and is this out there applying their trading platform or do you want to pay a visit to their web site?
A very good forex trading platform should really contain market evaluation tools, such as news feeds, in-property analysis and third-party study. As facts is power, you want to be able to access as significantly of it as possible, and to have access to it with no crawling the web for the details you want.
Any trading that gives market place evaluation should also have historical information obtainable, so you can see how the forex was affected when a equivalent predicament occurred.
Cost
Is the platform totally free? A lot of on the web forex trading platforms offered by respected brokers are free of charge, and your only fees will be if you make a loss.
If forex trading application is not absolutely free, or if there is a nominal charge, locate out what the added added benefits are. And, if it is not free, is there a money-back assure if you aren’t happy with the computer software?
Price, 2
Does the trading platform offer you the identical pip spreads as the broker has advertised, or do you require to telephone to get the most effective deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the invest in and sell price tag 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 price of the currency requires 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 requires 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.
Is your forex broker just interested in having you an account, or do they present ongoing assistance for shoppers applying the trading platform?
You must be capable to email and/or phone your broker with questions ranging from placing trades to the button on your trading platform that isn’t performing what you want.