It can be intimidating to select a forex trading platform when you initially commence trading – here are some features that any superior forex trading platform really should have:
Safety
Does the forex broker offer information about the safety measures of its platform? Your trading and individual information ought to be encrypted, so that your income and identity are secure, regardless of whether you are paying and getting paid through PayPal or online bank transfers.
The forex broker must also offer guidance on how to raise your on the web security – I’d be quite suspicious of one that didn’t due to the fact they may well be making themselves liable if there are any issues.
Also, are there backup systems where your details can be stored in case of an IT dilemma?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day industry, five.5 days a week, appear for one thing that you can use consistently. Even when the marketplace is closed, you want to be in a position to location orders to open when the marketplace does.
The trading platform must also be efficient – if it is slow then the costs at which you are trading could possibly be out of date. A great forex trading platform should update quite a few occasions a second.
A single-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that gives a single-click trading will permit you to buy or sell forex contract with one click, which means there’s no will 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 effortless to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your market place, and, if you want to trade far more than forex, appear for one particular that also permits 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 program be accessed employing different browsers and diverse intelligent-telephone handsets.
Generally, does it do what you want? A great forex trading platform must be customisable to suit your trading approach – does it allow automated trading, and does it let you to micromanage each and every trade. The trading platform ought to be able to alert you to great trading opportunities, as effectively as accept complicated orders, like the numerous stops and income that the forex broker delivers, so you can easily minimise your danger though maximising your earnings.
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 want to deal a ticket?
Depending on your level of experience, 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 vital that the charts are updated in genuine-time.
Market place Evaluation
Does your forex broker offer marketplace analyses, and is this offered using their trading platform or do you will need to go to their website?
A good forex trading platform really should consist of industry analysis tools, such as news feeds, in-property research and third-party analysis. As information is energy, you want to be in a position to access as significantly of it as feasible, and to have access to it without having crawling the net for the information and facts you need to have.
Any trading that gives market place evaluation should also have historical information accessible, so you can see how the forex was affected when a similar circumstance occurred.
Price tag
Is the platform no cost? A lot of on the net forex trading platforms provided by reliable brokers are free, and your only costs will be if you make a loss.
If forex trading software is not cost-free, or if there is a nominal charge, uncover out what the added added benefits are. And, if it isn’t no cost, is there a dollars-back guarantee if you are not content with the application?
Price tag, two
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 difference in between the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the purchase cost is 1.0579. For any spread, the cost of the currency demands to make up the distinction of the spread just before you can make a profit. So, in the example, if you buy 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 ahead of you made a profit.
Client support
Is your forex broker just interested in acquiring you an account, or do they give ongoing assistance for prospects using the trading platform?
You should be capable to e mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not undertaking what you want.