It can be intimidating to choose a forex trading platform when you very first start out trading – here are some features that any fantastic forex trading platform should really have:
Safety
Does the forex broker offer data about the safety measures of its platform? Your trading and individual information really should be encrypted, so that your funds and identity are safe, whether you are paying and being paid through PayPal or online bank transfers.
The forex broker need to also offer advice on how to enhance your online safety – I’d be extremely suspicious of one particular that didn’t since they might be generating themselves liable if there are any difficulties.
Also, are there backup systems where your 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 market, 5.five days a week, appear for one thing that you can use constantly. Even when the market is closed, you want to be in a position to place 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The trading platform must also be efficient – if it is slow then the rates at which you are trading may be out of date. A fantastic forex trading platform should update numerous instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy chance. A platform that gives 1-click trading will permit you to get or sell forex contract with one click, which suggests there is 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 quick to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
quick to search for your market place, and, if you want to trade more than forex, appear for 1 that also allows 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 plan be accessed working with various browsers and distinctive smart-telephone handsets.
Basically, does it do what you want? A excellent forex trading platform should be customisable to suit your trading technique – does it permit automated trading, and does it permit you to micromanage just about every trade. The trading platform need to be able to alert you to fantastic trading opportunities, as effectively as accept complicated orders, such as the different stops and profits that the forex broker gives, so you can easily minimise your danger when maximising your profits.
Does the forex trading platform have a separate charting platform, and how uncomplicated 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 require to deal a ticket?
Based 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 possibilities.
And, if you want to trade forex throughout the day, it is vital that the charts are updated in actual-time.
Marketplace Analysis
Does your forex broker offer you market place analyses, and is this out there employing their trading platform or do you need to check out their site?
A great forex trading platform need to consist of market analysis tools, like news feeds, in-house analysis and third-celebration study. As information and facts is energy, you want to be in a position to access as significantly of it as probable, and to have access to it with out crawling the net for the details you will need.
Any trading that offers marketplace analysis should also have historical information obtainable, so you can see how the forex was affected when a equivalent predicament occurred.
Price tag
Is the platform totally free? Many on the net forex trading platforms provided by trustworthy brokers are free of charge, and your only costs will be if you make a loss.
If forex trading software program is not free, or if there is a nominal charge, locate out what the added advantages are. And, if it is not free of charge, is there a funds-back guarantee if you aren’t happy with the software?
Price, two
Does the trading platform give the similar pip spreads as the broker has advertised, or do you need to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference involving the invest in and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the obtain cost is 1.0579. For any spread, the price tag of the currency requirements to make up the difference of the spread just before you can make a profit. So, in the instance, if you obtain at 1.0579, the AUD only requirements 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 produced a profit.
Consumer help
Is your forex broker just interested in getting you an account, or do they supply ongoing support for consumers applying the trading platform?
You need to be able to email and/or telephone your broker with inquiries ranging from placing trades to the button on your trading platform that is not performing what you want.