It can be intimidating to opt for a forex trading platform when you 1st start off trading – here are some characteristics that any great forex trading platform really should have:
Security
Does the forex broker present data about the security measures of its platform? Your trading and personal data ought to be encrypted, so that your funds and identity are safe, whether or not you are paying and being paid by means of PayPal or online bank transfers.
The forex broker must also supply advice on how to enhance your on line safety – I’d be quite suspicious of one that didn’t for the reason that they may well be creating themselves liable if there are any troubles.
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 market, five.five days a week, appear for something that you can use continually. Even when the market is closed, you want to be in a position to spot 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The trading platform must also be efficient – if it is slow then the rates at which you are trading may be out of date.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 good forex trading platform ought to update a number of occasions 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 presents one particular-click trading will enable you to purchase or sell forex contract with one particular click, which suggests there is no require to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it uncomplicated to comprehend, or can it only be interpreted by a Wall St retiree? forex robot for a platform exactly where it is
effortless to search for your market, and, if you want to trade much more than forex, appear for one that also enables you to trade on shares, possibilities and indices.
Where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed utilizing distinctive browsers and different intelligent-phone handsets.
Essentially, does it do what you need? A good forex trading platform ought to be customisable to suit your trading method – does it enable automated trading, and does it permit you to micromanage just about every trade. The trading platform must be able to alert you to fantastic trading possibilities, as well as accept complex orders, including the various stops and income that the forex broker presents, so you can simply minimise your risk while maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how simple 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 have to have to deal a ticket?
Based on your level of expertise, 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 throughout the day, it is necessary that the charts are updated in real-time.
Market Analysis
Does your forex broker offer market place analyses, and is this out there working with their trading platform or do you have to have to take a look at their web page?
A great forex trading platform must include industry analysis tools, such as news feeds, in-house study and third-party research. As information and facts is power, you want to be able to access as much of it as attainable, and to have access to it devoid of crawling the net for the details you require.
Any trading that presents industry evaluation should really also have historical data obtainable, so you can see how the forex was impacted when a similar predicament occurred.
Cost
Is the platform totally free? Many on line forex trading platforms offered by reliable brokers are cost-free, and your only charges will be if you make a loss.
If forex trading software isn’t cost-free, or if there is a nominal charge, find out what the added benefits are. And, if it isn’t no cost, is there a funds-back assure if you aren’t delighted with the software program?
Price tag, 2
Does the trading platform offer the same pip spreads as the broker has advertised, or do you will need to telephone to get the best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction among the invest in 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 obtain value is 1.0579. For any spread, the price tag of the currency requires to make up the difference of the spread just before you can make a profit. So, in the example, if you get 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 3 pip spread, the currency would have to move by four pips just before you created a profit.
Buyer help
Is your forex broker just interested in obtaining you an account, or do they provide ongoing help for buyers using the trading platform?
You need to be able to e mail and/or telephone your broker with inquiries ranging from putting trades to the button on your trading platform that isn’t undertaking what you want.