It can be intimidating to opt for a forex trading platform when you very first commence trading – here are some attributes that any good forex trading platform ought to have:
Safety
Does the forex broker provide info about the security measures of its platform? Your trading and personal data really should be encrypted, so that your money and identity are secure, whether you are paying and becoming paid via PayPal or on line bank transfers.
The forex broker should really also provide assistance on how to enhance your on the net safety – I’d be really suspicious of 1 that didn’t because they could possibly be creating themselves liable if there are any problems.
Also, are there backup systems exactly where your information 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 industry, 5.five days a week, appear for some thing that you can use continually. Even when the marketplace is closed, you want to be able to place orders to open when the marketplace does.
The trading platform must also be efficient – if it is slow then the rates at which you are trading may possibly be out of date. A good forex trading platform must update quite a few times a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a rapid chance. A platform that presents one-click trading will allow you to buy or sell forex contract with a single click, which indicates there’s no want to deal a ticket, and you won’t miss the cost you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it straightforward to have an understanding of, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
quick to search for your marketplace, and, if you want to trade far more than forex, look for 1 that also permits you to trade on shares, choices 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 working with various browsers and distinctive sensible-telephone handsets.
Essentially, does it do what you need to have? A fantastic forex trading platform need to be customisable to suit your trading approach – does it enable automated trading, and does it enable you to micromanage just about every trade. The trading platform need to be capable to alert you to superior trading opportunities, as nicely as accept complicated orders, such as the numerous stops and income that the forex broker delivers, so you can very easily minimise your threat when maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how effortless 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 will need to deal a ticket?
Depending on your level of practical experience, you might 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 true-time.
Market place Analysis
Does your forex broker supply market analyses, and is this accessible utilizing their trading platform or do you have to have to visit their internet site?
A great forex trading platform really should consist of market place analysis tools, like news feeds, in-house research and third-party analysis. As facts is power, you want to be capable to access as considerably of it as doable, and to have access to it with out crawling the world wide web for the info you need to have.
Any trading that offers market place evaluation need to also have historical information readily available, so you can see how the forex was impacted when a equivalent predicament occurred.
Price tag
Is the platform totally free? A lot of on line forex trading platforms offered by respected brokers are cost-free, and your only charges will be if you make a loss.
If expert advisor trading computer software isn’t no cost, or if there is a nominal charge, obtain out what the added added benefits are. And, if it is not free of charge, is there a cash-back assure if you aren’t content with the software program?
Value, two
Does the trading platform give the exact same pip spreads as the broker has advertised, or do you require to phone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction involving the purchase and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the invest in price is 1.0579. For any spread, the value of the currency requires to make up the distinction of the spread prior to you can make a profit. So, in the example, if you obtain 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 three pip spread, the currency would have to move by four pips before you created a profit.
Client help
Is your forex broker just interested in getting you an account, or do they give ongoing assistance for shoppers using the trading platform?
You should really be able to e mail and/or telephone your broker with questions ranging from putting trades to the button on your trading platform that isn’t undertaking what you want.