It can be intimidating to decide on a forex trading platform when you 1st get started trading – here are some features that any great forex trading platform must have:
Security
Does the forex broker present data about the security measures of its platform? Your trading and private data really should be encrypted, so that your revenue and identity are safe, no matter whether you are paying and being paid via PayPal or online bank transfers.
The forex broker ought to also offer you tips on how to improve your on line security – I’d be extremely suspicious of one particular that did not simply because they could possibly be creating themselves liable if there are any problems.
Also, are there backup systems exactly where your data can be stored in case of an IT issue?
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 one thing that you can use constantly. Even when the market is closed, you want to be capable to place orders to open when the market place does.
The trading platform really should also be efficient – if it is slow then the prices at which you are trading could possibly be out of date. A very good forex trading platform must update several times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a speedy opportunity. A platform that provides one-click trading will allow you to get or sell forex contract with one click, which suggests there is no need to deal a ticket, and you won’t miss the value you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your marketplace, and, if you want to trade far more than forex, look for one that also makes it possible for 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 applying distinct browsers and unique intelligent-telephone handsets.
Fundamentally, does it do what you need? A good forex trading platform should be customisable to suit your trading strategy – does it permit automated trading, and does it permit you to micromanage every trade. The trading platform really should be in a position to alert you to fantastic trading opportunities, as well as accept complex orders, such as the a variety of stops and income that the forex broker provides, so you can simply minimise your risk even though maximising your profits.
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?
Depending on your level of practical 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 opportunities.
And, if you want to trade forex all through the day, it is crucial that the charts are updated in true-time.
Market Evaluation
Does your forex broker offer you industry analyses, and is this offered using their trading platform or do you want to visit their web page?
A fantastic forex trading platform ought to involve industry evaluation tools, including news feeds, in-property research and third-party research. As information is power, you want to be in a position to access as significantly of it as probable, and to have access to it with out crawling the world wide web for the information you want.
Any trading that offers market place analysis should also have historical data readily available, so you can see how the forex was affected when a related situation occurred.
Price tag
Is the platform absolutely free? Lots of on the web forex trading platforms presented by respected brokers are free, and your only fees will be if you make a loss.
If forex trading computer software is not no cost, or if there is a nominal charge, discover out what the added rewards are. And, if it is not absolutely free, is there a funds-back assure if you aren’t content with the software?
Value, two
Does the trading platform provide 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 amongst the obtain and sell price tag 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 is 1.0579. For any spread, the price of the currency desires to make up the difference of the spread prior to you can make a profit. So, in the instance, if you get at 1.0579, the AUD only demands 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 ahead of you created a profit.
Client support
Is your forex broker just interested in acquiring you an account, or do they give ongoing assistance for consumers using the trading platform?
You really should be capable to e mail and/or phone your broker with questions ranging from putting trades to the button on your trading platform that isn’t performing what you want.