It can be intimidating to select a forex trading platform when you very first start off trading – here are some attributes that any superior forex trading platform really should have:

Security

Does the forex broker supply information and facts about the security measures of its platform? Your trading and personal data really should be encrypted, so that your revenue and identity are safe, regardless of whether you are paying and becoming paid via PayPal or on-line bank transfers.

The forex broker should also provide advice on how to improve your on-line safety – I’d be really suspicious of 1 that didn’t mainly because they could be creating themselves liable if there are any problems.
Also, are there backup systems where your data can be stored in case of an IT problem?

Reliability

When can you use the forex trading platform? As forex is a 24-hour a day industry, five.five days a week, look for one thing that you can use frequently. Even when the market is closed, you want to be able to place orders to open when the industry does.

The trading platform really should also be effective – if it is slow then the prices at which you are trading might be out of date. A good forex trading platform really should update quite a few occasions a second.

A single-click trading

If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a fast chance. A platform that presents 1-click trading will let you to acquire or sell forex contract with 1 click, which signifies there is no require to deal a ticket, and you won’t miss the price you want.

Trading style suitability

Does the trading platform suit your trading style?

Is it quick to realize, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
quick to search for your industry, and, if you want to trade more than forex, look for a single that also makes it possible for 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 using different browsers and distinctive intelligent-phone handsets.

Basically, does it do what you require? A fantastic forex trading platform should be customisable to suit your trading method – does it allow automated trading, and does it enable you to micromanage each and every trade. forex robot trading platform really should be able to alert you to excellent trading possibilities, as properly as accept complicated orders, which includes the a variety of stops and profits that the forex broker provides, so you can very easily minimise your danger though maximising your earnings.

Charts

Does the forex trading platform have a separate charting platform, and how easy 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 directly from the charts, or do you need to deal a ticket?

Depending on your level of practical experience, 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 all through the day, it is crucial that the charts are updated in true-time.

Market place Analysis

Does your forex broker offer you industry analyses, and is this available working with their trading platform or do you need to have to go to their web-site?

A superior forex trading platform should consist of industry evaluation tools, such as news feeds, in-home analysis and third-party research. As details is power, you want to be in a position to access as a lot of it as achievable, and to have access to it without having crawling the online for the details you need.

Any trading that gives market place analysis must also have historical data obtainable, so you can see how the forex was affected when a related situation occurred.

Cost

Is the platform free of charge? Lots of on the net forex trading platforms provided by reputable brokers are cost-free, and your only expenses will be if you make a loss.

If forex trading computer software is not no cost, or if there is a nominal charge, locate out what the added advantages are. And, if it is not no cost, is there a revenue-back guarantee if you aren’t happy with the software?

Cost, two

Does the trading platform offer you the similar pip spreads as the broker has advertised, or do you need to have to telephone to get the very best deal?

A pip is a .0001 unit of currency, and the pip spread is the distinction between the purchase and sell price tag of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell price tag is 1.0578 and the obtain price tag is 1.0579. For any spread, the price tag of the currency needs to make up the distinction of the spread ahead of you can make a profit. So, in the example, if you purchase at 1.0579, the AUD only requirements 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 before you created a profit.

Consumer help

Is your forex broker just interested in acquiring you an account, or do they offer ongoing help for shoppers utilizing the trading platform?

You should really be in a position to e-mail and/or phone your broker with queries ranging from placing trades to the button on your trading platform that isn’t performing what you want.