It can be intimidating to choose a forex trading platform when you initial begin trading – here are some functions that any superior forex trading platform ought to have:
Security
Does the forex broker supply information and facts about the safety measures of its platform? Your trading and individual information should be encrypted, so that your money and identity are safe, no matter if you are paying and being paid through PayPal or on the net bank transfers.
The forex broker must also offer you tips on how to increase your online safety – I’d be quite suspicious of one particular that did not since they could be creating themselves liable if there are any challenges.
Also, are there backup systems where your details 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, 5.5 days a week, look for some thing that you can use frequently. Even when the industry is closed, you want to be in a position to place orders to open when the market place does.
The trading platform should really also be effective – if it is slow then the rates at which you are trading might be out of date. forex robot trading platform need to update many instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that presents 1-click trading will allow you to obtain or sell forex contract with one click, which means there is no need to have 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 effortless to realize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
uncomplicated to search for your market, and, if you want to trade a lot more than forex, appear for one particular that also makes it possible for you to trade on shares, choices 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 different browsers and different wise-phone handsets.
Basically, does it do what you require? A very good forex trading platform should really be customisable to suit your trading method – does it allow automated trading, and does it enable you to micromanage each trade. The trading platform really should be capable to alert you to excellent trading possibilities, as effectively as accept complex orders, such as the several stops and profits that the forex broker presents, so you can conveniently minimise your risk while maximising your earnings.
Charts
Does the forex trading platform have a separate charting platform, and how easy 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 need to deal a ticket?
Depending on your level of expertise, 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 true-time.
Industry Analysis
Does your forex broker offer marketplace analyses, and is this offered making use of their trading platform or do you need to have to stop by their web-site?
A great forex trading platform ought to contain industry evaluation tools, which includes news feeds, in-house investigation and third-party investigation. As data is energy, you want to be in a position to access as a great deal of it as feasible, and to have access to it devoid of crawling the internet for the details you want.
Any trading that offers market evaluation need to also have historical information out there, so you can see how the forex was impacted when a comparable predicament occurred.
Cost
Is the platform free? Lots of on the net forex trading platforms presented by trustworthy brokers are no cost, and your only costs will be if you make a loss.
If forex trading software program isn’t cost-free, or if there is a nominal charge, come across out what the added added benefits are. And, if it is not free of charge, is there a cash-back assure if you are not happy with the software?
Price tag, two
Does the trading platform supply the identical pip spreads as the broker has advertised, or do you need to have to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the purchase and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the invest in cost is 1.0579. For any spread, the price of the currency needs to make up the difference of the spread before you can make a profit. So, in the example, if you get at 1.0579, the AUD only wants 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 ahead of you created a profit.
Buyer help
Is your forex broker just interested in getting you an account, or do they deliver ongoing help for consumers using the trading platform?
You should be capable to e-mail and/or phone your broker with inquiries ranging from placing trades to the button on your trading platform that is not doing what you want.