It can be intimidating to select a forex trading platform when you 1st begin trading – here are some features that any very good forex trading platform ought to have:
Safety
Does the forex broker provide information about the security measures of its platform? Your trading and private information should be encrypted, so that your funds and identity are safe, no matter whether you are paying and getting paid by way of PayPal or online bank transfers.
The forex broker really should also offer tips on how to raise your on the internet safety – I’d be pretty suspicious of one that did not because they could be creating themselves liable if there are any problems.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.5 days a week, look for a thing that you can use continually. Even when the marketplace is closed, you want to be in a position to spot orders to open when the market does.
The trading platform really should also be effective – if it is slow then the rates at which you are trading might be out of date. A great forex trading platform really should update numerous times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a swift opportunity. A platform that offers a single-click trading will permit you to purchase or sell forex contract with one click, which suggests there’s no require to deal a ticket, and you will not miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
effortless to search for your market place, and, if you want to trade far more than forex, look for one that also makes it possible for you to trade on shares, options and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the plan be accessed utilizing unique browsers and various intelligent-phone handsets.
Generally, does it do what you require? A fantastic forex trading platform really should be customisable to suit your trading strategy – does it permit automated trading, and does it permit you to micromanage every single trade. The trading platform should really be capable to alert you to fantastic trading opportunities, as properly as accept complicated orders, such as the various stops and earnings that the forex broker offers, so you can simply minimise your threat although maximising your income.
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 need to deal a ticket?
Depending 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 possibilities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in genuine-time.
Does your forex broker offer industry analyses, and is this offered applying their trading platform or do you need to have to take a look at their web page?
A excellent forex trading platform need to consist of industry evaluation tools, including news feeds, in-home research and third-celebration investigation. As facts is power, you want to be capable to access as a lot of it as achievable, and to have access to it devoid of crawling the internet for the information you need.
Any trading that delivers market place analysis really should also have historical data available, so you can see how the forex was affected when a equivalent scenario occurred.
Price
Is the platform absolutely free? Lots of on-line forex trading platforms provided by reliable brokers are absolutely free, and your only expenses will be if you make a loss.
If forex trading application isn’t free of charge, or if there is a nominal charge, obtain out what the added advantages are. And, if it isn’t totally free, is there a cash-back assure if you are not pleased with the computer software?
Value, two
Does the trading platform offer the very same pip spreads as the broker has advertised, or do you want to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the get and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the buy price is 1.0579. For any spread, the price of the currency requirements to make up the distinction of the spread prior to you can make a profit. So, in the example, if you buy at 1.0579, the AUD only demands 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 just before you created a profit.
Buyer assistance
Is your forex broker just interested in getting you an account, or do they give ongoing assistance for shoppers applying the trading platform?
You must be able to email and/or phone your broker with concerns ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.