It can be intimidating to pick out a forex trading platform when you very first start out trading – here are some characteristics that any great forex trading platform need to have:

Security

Does the forex broker offer you facts about the security measures of its platform? Your trading and private information really should be encrypted, so that your funds and identity are safe, no matter whether you are paying and becoming paid by way of PayPal or on the web bank transfers.

The forex broker must also provide tips on how to raise your on-line security – I’d be pretty suspicious of 1 that didn’t mainly because they might be producing themselves liable if there are any troubles.
Also, are there backup systems where your info can be stored in case of an IT issue?

Reliability

When can you use the forex trading platform? As forex is a 24-hour a day industry, 5.five days a week, look for one thing that you can use regularly. Even when the market place is closed, you want to be in a position to spot orders to open when the marketplace does.

forex robot trading platform need to also be efficient – if it is slow then the prices at which you are trading may be out of date. A very good forex trading platform must update many times a second.

One-click trading

If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that offers one particular-click trading will enable you to obtain or sell forex contract with one click, which suggests there’s no need 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 uncomplicated to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
quick to search for your industry, and, if you want to trade additional than forex, appear for a single that also permits 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 plan be accessed employing various browsers and different wise-telephone handsets.

Basically, does it do what you will need? A fantastic forex trading platform really should be customisable to suit your trading method – does it allow automated trading, and does it enable you to micromanage just about every trade. The trading platform must be able to alert you to superior trading opportunities, as properly as accept complex orders, which includes the numerous stops and earnings that the forex broker gives, so you can simply minimise your danger although 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 need to have to deal a ticket?

Based on your level of knowledge, you may 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 all through the day, it is crucial that the charts are updated in real-time.

Marketplace Analysis

Does your forex broker offer you marketplace analyses, and is this available utilizing their trading platform or do you need to have to stop by their internet site?

A good forex trading platform ought to include marketplace evaluation tools, like news feeds, in-home investigation and third-celebration analysis. As facts is energy, you want to be in a position to access as much of it as possible, and to have access to it without the need of crawling the web for the information and facts you require.

Any trading that delivers market place analysis should also have historical data offered, so you can see how the forex was affected when a similar predicament occurred.

Price tag

Is the platform free? A lot of on line forex trading platforms supplied by trustworthy brokers are absolutely free, and your only fees will be if you make a loss.

If forex trading software isn’t cost-free, or if there is a nominal charge, discover out what the added added benefits are. And, if it is not cost-free, is there a money-back guarantee if you aren’t satisfied with the computer software?

Price, two

Does the trading platform give the same pip spreads as the broker has advertised, or do you require to telephone to get the greatest deal?

A pip is a .0001 unit of currency, and the pip spread is the difference between the acquire 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 acquire cost is 1.0579. For any spread, the value of the currency needs to make up the difference of the spread ahead of 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 3 pip spread, the currency would have to move by 4 pips before you created a profit.

Client help

Is your forex broker just interested in getting you an account, or do they present ongoing assistance for clients making use of the trading platform?

You need to be in a position to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t performing what you want.