It can be intimidating to select a forex trading platform when you first commence trading – right here are some features that any good forex trading platform really should have:
Security
Does the forex broker present information about the safety measures of its platform? Your trading and personal information must be encrypted, so that your funds and identity are secure, no matter if you are paying and getting paid by way of PayPal or on-line bank transfers.
The forex broker need to also offer you suggestions on how to improve your online safety – I’d be extremely suspicious of one particular that did not because they may well be creating themselves liable if there are any challenges.
Also, are there backup systems where your facts can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, 5.5 days a week, appear for anything that you can use continually. Even when the market place is closed, you want to be capable to place orders to open when the industry does.
The trading platform need to also be efficient – if it is slow then the costs at which you are trading may well be out of date. A excellent forex trading platform must update quite a few 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 one particular-click trading will permit you to acquire or sell forex contract with a single click, which indicates there’s no have to have to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it easy to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform where it is
uncomplicated to search for your market place, and, if you want to trade a lot more than forex, appear for one that also allows you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed employing diverse browsers and various clever-telephone handsets.
Basically, does it do what you need to have? A great forex trading platform need to be customisable to suit your trading strategy – does it permit automated trading, and does it let you to micromanage every trade. The trading platform should be capable to alert you to good trading opportunities, as properly as accept complex orders, which includes the a variety of stops and profits that the forex broker provides, so you can effortlessly minimise your danger when maximising your profits.
Charts
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?
Depending on your level of practical experience, you may well 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 essential that the charts are updated in real-time.
Marketplace Evaluation
Does your forex broker present market place analyses, and is this obtainable utilizing their trading platform or do you will need to pay a visit to their web page?
A excellent forex trading platform should really contain market place evaluation tools, including news feeds, in-house analysis and third-party investigation. As data is energy, you want to be capable to access as a great deal of it as possible, and to have access to it with out crawling the world wide web for the info you need to have.
Any trading that delivers marketplace evaluation really should also have historical information available, so you can see how the forex was impacted when a related situation occurred.
Price
Is the platform free of charge? A lot of on the web forex trading platforms presented by reputable brokers are cost-free, and your only expenses will be if you make a loss.
If forex trading application is not free, or if there is a nominal charge, come across out what the added rewards are. And, if it isn’t cost-free, is there a income-back guarantee if you are not happy with the application?
Value, two
Does the trading platform provide the same pip spreads as the broker has advertised, or do you need to have to telephone to get the finest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference in between the acquire and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell value is 1.0578 and the buy price tag is 1.0579. For any spread, the value of the currency needs to make up the difference of the spread before you can make a profit. So, in the instance, if you invest in 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 expert advisor , the currency would have to move by four pips ahead of you made a profit.
Consumer support
Is your forex broker just interested in getting you an account, or do they supply ongoing support for prospects applying the trading platform?
You should really be capable to email and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that isn’t doing what you want.