Choosing a forex trading platform
It can be intimidating to choose a fx trading platform when you first start trading – here are some features that any good forex trading platform should have:
Does the forex broker offer information about the security steps of its platform? Your investing and personal data should be encrypted, so that your money and identification are secure, whether you are paying out and being paid via PayPal or online bank transfers.
The forex broker also needs to offer advice on how to raise your online security – I’d be very suspicious of one that didn’t because they may be making themselves liable when there are any problems.
Furthermore, are there backup systems exactly where your information can be stored in situation of an IT problem?
When can you use the forex currency trading platform? As forex is really a 24-hour a day market, 5. 5 days a week, search for something that you can use constantly.
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Even if the market is closed, you want to be able to place orders to spread out when the market does.
The particular trading platform should also end up being efficient – if it is sluggish then the prices at which you are trading might be out of date. A good forex trading platform should revise several times a second.
If a forex trading platform is unreliable, slow or prone to interruption, a trader can skip a quick opportunity. A platform that offers one-click trading will allow you to buy or sell forex contract along with one click, which means body fat need to deal a ticket, and you won’t miss the price you want.
Trading style appropriateness
Does the trading platform suit your trading style?
Is it easy to understand, or can it only be interpreted with a Wall St retiree? Choose a platform where it is
simple to search for your market, plus, if you want to trade more than foreign exchange, look for one that also allows you to trade on shares, options and indices.
Where are you currently trading from? If you use a Mac, can you use the platform on it? Likewise, can the program be accessed using different web browsers and different smart-phone handsets.
Essentially, does it do what you need? An excellent forex trading platform should be customisable to suit your trading strategy — does it allow automated investing, and does it allow you to micromanage every trade. The investing platform should be able to alert you to good trading opportunities, in addition to accept complex orders, including the various stops and revenue that the forex broker offers, so that you can easily minimise your danger while maximising your revenue.
Does the fx trading platform have a separate charting platform, and how easy is it to navigate? And, in order to trade from your iPhone or Blackberry, can you access these from your handset? And, are you able to trade directly from the graphs, or do you need to deal a ticket?
Depending on your level of experience, you might want a charting package deal with a pattern recognition device that will monitor the markets on your behalf, and could even let you know when the chart patterns are showing trading opportunities.
And, in order to trade forex throughout the day, it is important that the charts are up-to-date in real-time.
Does your forex broker offer marketplace analyses, and is this accessible using their trading platform or even do you need to visit their website?
An excellent forex trading platform should include marketplace analysis tools, including information feeds, in-house research plus third-party research. As info is power, you want to be capable to access as much of it as you can, and to have access to it without crawling the internet for the info you need.
Any trading that provides market analysis should also have got historical data available, so that you can see how the forex was affected when a similar circumstance occurred.
Is the system free? Many online forex trading platforms offered by reputable agents are free, and your only costs will be if you make a loss.
If forex trading software isn’t very free, or if there is a nominal charge, find out what the particular added benefits are. And, if it isn’t free, is there a money-back guarantee if you usually are happy with the software?
Does the trading platform offer the same pip propagates as the broker has marketed, or do you need to phone to have the best deal?
A pip is a 0. 0001 device of currency, and the pip spread is the difference between the buy and sell price of your currencies – so if the AUD/USD will be quoted at 1 . 0578/1. 0579, the sell cost is 1 . 0578 and the buy price is one 0579. For any spread, the price of the currency needs to make up the difference of the spread before you can make a profit. So , in the example, if you buy at 1 . 0579, the AUD only has to rise two pips through 1 . 0578 to 1. 0560 for you to make a profit. If there is a three pip spread, the particular currency would have to move by 4 pips before you produced a profit.
Is your fx broker just interested in getting you an account, or do they provide ongoing support for customers using the trading platform?
You should be capable of email and/or phone your broker with questions which range from placing trades to the switch on your trading platform that isn’t doing what you want.
No matter how many questions a person ask a customer support, really hard to know how well the forex trading platform will fit your needs without being able to try it, therefore get online and see which companies have demo balances available. The demo accounts should have all the functionality of the full account, or close to it.
One of the companies I currently industry with, IG Markets, comes with an excellent trading platform called PureDeal. I’ve found their customer support, charting packages and market information to be very good and it is interface is fairly customisable.