It can be intimidating to pick a forex trading platform when you 1st get started trading – here are some features that any great forex trading platform really should have:
Security
Does the forex broker present information and facts 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 getting paid by means of PayPal or on the net bank transfers.
The forex broker ought to also present suggestions on how to enhance your online security – I’d be quite suspicious of one that didn’t for the reason that they could possibly be producing 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 industry, 5.five days a week, look for some thing that you can use regularly. Even when the industry is closed, you want to be in a position to spot orders to open when the marketplace does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading may be out of date. A great forex trading platform should update a number of instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that delivers one particular-click trading will enable you to acquire or sell forex contract with one click, which indicates there is no have to have to deal a ticket, and you will not miss the price tag you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to comprehend, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
quick to search for your industry, and, if you want to trade additional than forex, look for 1 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 plan be accessed utilizing diverse browsers and different clever-telephone handsets.
Generally, does it do what you require? A fantastic forex trading platform ought to be customisable to suit your trading method – does it allow automated trading, and does it permit you to micromanage just about every trade. The trading platform should be in a position to alert you to good trading possibilities, as well as accept complex orders, which includes the various stops and profits that the forex broker offers, so you can simply minimise your danger while 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 straight from the charts, or do you will need 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 possibilities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in actual-time.
Market Analysis
Does your forex broker present industry analyses, and is this obtainable using their trading platform or do you need to have to go to their internet site?
A good forex trading platform ought to contain market evaluation tools, like news feeds, in-house investigation and third-celebration research. As info is energy, you want to be able to access as substantially of it as attainable, and to have access to it devoid of crawling the internet for the details you will need.
Any trading that presents market evaluation need to also have historical data obtainable, so you can see how the forex was impacted when a related scenario occurred.
Cost
Is the platform totally free? Many on line forex trading platforms presented by respected brokers are absolutely free, and your only charges will be if you make a loss.
If forex trading computer software is not totally free, or if there is a nominal charge, find out what the added rewards are. And, if it is not no cost, is there a dollars-back assure if you are not content with the software program?
Price tag, 2
Does the trading platform present the very same pip spreads as the broker has advertised, or do you require to phone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the get and sell cost of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the acquire price is 1.0579. For any spread, the price tag of the currency wants to make up the distinction of the spread just before you can make a profit. So, in the instance, if you get at 1.0579, the AUD only requires 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 just before you made a profit.
Buyer support
Is your forex broker just interested in getting you an account, or do they supply ongoing assistance for customers making use of the trading platform?
You ought to be capable to email and/or telephone your broker with queries ranging from placing trades to the button on your trading platform that is not doing what you want.