It can be intimidating to opt for a forex trading platform when you initially start trading – right here are some attributes that any superior forex trading platform ought to have:
Safety
Does the forex broker offer info about the security measures of its platform? Your trading and private information really should be encrypted, so that your cash and identity are secure, regardless of whether you are paying and being paid by way of PayPal or on the net bank transfers.
The forex broker ought to also offer assistance on how to raise your on the internet safety – I’d be quite suspicious of 1 that did not for the reason that they could be making themselves liable if there are any troubles.
Also, are there backup systems exactly where your information and facts can be stored in case of an IT challenge?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market place, five.five days a week, appear for a thing that you can use continuously. Even when the market place is closed, you want to be able to spot orders to open when the market place does.
The trading platform really should also be effective – if it is slow then the prices at which you are trading may well be out of date. A excellent forex trading platform ought to update numerous instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast opportunity. A platform that delivers a single-click trading will let you to acquire or sell forex contract with one particular click, which indicates there is no 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 uncomplicated to understand, or can it only be interpreted by a Wall St retiree? Look for a platform where it is
simple to search for your industry, and, if you want to trade much more than forex, appear for 1 that also makes it possible for you to trade on shares, alternatives 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 utilizing distinct browsers and distinct smart-phone handsets.
Fundamentally, does it do what you need to have? A good forex trading platform really should be customisable to suit your trading strategy – does it enable automated trading, and does it let you to micromanage every single trade. forex robot trading platform ought to be able to alert you to very good trading opportunities, as properly as accept complex orders, which includes the several stops and profits that the forex broker presents, so you can simply minimise your danger even though maximising your profits.
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 straight from the charts, or do you need to deal a ticket?
Based on your level of knowledge, 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 critical that the charts are updated in real-time.
Industry Analysis
Does your forex broker present market place analyses, and is this out there utilizing their trading platform or do you have to have to go to their web page?
A superior forex trading platform really should involve industry analysis tools, including news feeds, in-home research and third-party research. As details is energy, you want to be in a position to access as a lot of it as feasible, and to have access to it devoid of crawling the net for the information you will need.
Any trading that provides industry analysis ought to also have historical information accessible, so you can see how the forex was impacted when a comparable situation occurred.
Value
Is the platform free? Several online forex trading platforms presented by reputable brokers are free, and your only costs will be if you make a loss.
If forex trading computer software isn’t no cost, or if there is a nominal charge, find out what the added benefits are. And, if it is not free of charge, is there a cash-back guarantee if you are not pleased with the software program?
Value, 2
Does the trading platform offer you the similar pip spreads as the broker has advertised, or do you need to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference amongst the acquire 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 acquire value is 1.0579. For any spread, the price of the currency desires to make up the difference of the spread just before you can make a profit. So, in the example, if you acquire 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 four pips ahead of you made a profit.
Buyer assistance
Is your forex broker just interested in receiving you an account, or do they deliver ongoing help for consumers making use of the trading platform?
You really should be in a position to e mail and/or phone your broker with queries ranging from putting trades to the button on your trading platform that is not undertaking what you want.
