It can be intimidating to select a forex trading platform when you initial commence trading – right here are some characteristics that any very good forex trading platform must have:
Security
Does the forex broker supply info about the safety measures of its platform? forex robot trading and personal information should be encrypted, so that your revenue and identity are secure, no matter if you are paying and being paid by way of PayPal or on the net bank transfers.
The forex broker ought to also give advice on how to increase your on the net safety – I’d be extremely suspicious of one particular that did not for the reason that they may be creating themselves liable if there are any challenges.
Also, are there backup systems exactly where your information and facts 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 place, five.five days a week, appear for a thing that you can use consistently. Even when the market place is closed, you want to be in a position to location orders to open when the market place does.
The trading platform need to also be effective – if it is slow then the prices at which you are trading could possibly be out of date. A fantastic forex trading platform must update numerous instances a second.
1-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick chance. A platform that presents one-click trading will let you to invest in or sell forex contract with one particular click, which indicates there’s 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 quick to recognize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
effortless to search for your industry, and, if you want to trade extra than forex, appear for a single that also makes it possible for you to trade on shares, selections 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 using diverse browsers and distinct intelligent-phone handsets.
Essentially, does it do what you need to have? A good forex trading platform should be customisable to suit your trading technique – does it permit automated trading, and does it enable you to micromanage each trade. The trading platform need to be in a position to alert you to very good trading opportunities, as properly as accept complicated orders, which includes the different stops and profits that the forex broker delivers, so you can quickly minimise your danger although maximising your profits.
Charts
Does the forex trading platform have a separate charting platform, and how quick 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 expertise, you could 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 critical that the charts are updated in real-time.
Market Evaluation
Does your forex broker give market place analyses, and is this obtainable applying their trading platform or do you require to check out their site?
A good forex trading platform should really include marketplace evaluation tools, including news feeds, in-residence study and third-celebration analysis. As data is power, you want to be capable to access as a lot of it as possible, and to have access to it without having crawling the internet for the information you require.
Any trading that delivers market evaluation need to also have historical data obtainable, so you can see how the forex was affected when a equivalent predicament occurred.
Value
Is the platform free? Lots of on the web forex trading platforms provided by respected brokers are totally free, and your only costs will be if you make a loss.
If forex trading software program isn’t free, or if there is a nominal charge, uncover out what the added positive aspects are. And, if it isn’t free of charge, is there a revenue-back guarantee if you aren’t content with the computer software?
Price, 2
Does the trading platform supply the exact same pip spreads as the broker has advertised, or do you require to telephone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction in between the obtain and sell value of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the invest in price tag is 1.0579. For any spread, the price tag of the currency desires to make up the difference of the spread ahead of you can make a profit. So, in the example, if you purchase 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 prior to you produced a profit.
Consumer assistance
Is your forex broker just interested in having you an account, or do they deliver ongoing support for consumers using the trading platform?
You ought to be in a position to e mail and/or phone your broker with concerns ranging from putting trades to the button on your trading platform that is not doing what you want.