It can be intimidating to choose a forex trading platform when you first commence trading – right here are some features that any good forex trading platform ought to have:
Safety
Does the forex broker offer facts about the safety measures of its platform? Your trading and private information must be encrypted, so that your cash and identity are safe, no matter if you are paying and getting paid by means of PayPal or on the net bank transfers.
The forex broker should really also offer you guidance on how to enhance your on the web security – I’d be very suspicious of one particular that didn’t simply because they could be creating themselves liable if there are any problems.
Also, are there backup systems where your info can be stored in case of an IT trouble?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day marketplace, five.five days a week, look for anything that you can use regularly. Even when the industry is closed, you want to be able to location orders to open when the industry does.
The trading platform need to also be efficient – if it is slow then the prices at which you are trading could be out of date. A good forex trading platform must update quite a few times 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 provides one particular-click trading will enable you to purchase or sell forex contract with a single click, which suggests there is no need to deal a ticket, and you won’t miss the price tag 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 forex trading bot where it is
effortless to search for your market, and, if you want to trade a lot more than forex, appear 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 applying various browsers and diverse intelligent-phone handsets.
Generally, does it do what you want? A fantastic forex trading platform really should be customisable to suit your trading approach – does it permit automated trading, and does it enable you to micromanage just about every trade. The trading platform should be able to alert you to good trading possibilities, as properly as accept complex orders, like the various stops and income that the forex broker offers, so you can quickly minimise your risk when maximising your earnings.
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 require to deal a ticket?
Based on your level of encounter, 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 opportunities.
And, if you want to trade forex all through the day, it is crucial that the charts are updated in actual-time.
Market place Analysis
Does your forex broker supply industry analyses, and is this out there making use of their trading platform or do you need to go to their website?
A very good forex trading platform should involve market place analysis tools, such as news feeds, in-residence analysis and third-celebration research. As information and facts is energy, you want to be capable to access as substantially of it as feasible, and to have access to it without the need of crawling the web for the information you need to have.
Any trading that offers industry analysis should also have historical information offered, so you can see how the forex was affected when a equivalent situation occurred.
Value
Is the platform free? Quite a few on the internet forex trading platforms offered by reliable brokers are cost-free, and your only fees will be if you make a loss.
If forex trading software program isn’t absolutely free, or if there is a nominal charge, come across out what the added added benefits are. And, if it isn’t no cost, is there a funds-back guarantee if you aren’t pleased with the software program?
Value, two
Does the trading platform offer the identical pip spreads as the broker has advertised, or do you have to have to telephone to get the greatest deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction amongst the obtain and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price is 1.0578 and the get price is 1.0579. For any spread, the cost of the currency demands to make up the difference of the spread just before you can make a profit. So, in the instance, if you get at 1.0579, the AUD only wants 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 4 pips just before you produced a profit.
Consumer help
Is your forex broker just interested in obtaining you an account, or do they deliver ongoing support for prospects using the trading platform?
You really should be capable to e mail and/or telephone your broker with concerns ranging from putting trades to the button on your trading platform that is not doing what you want.