How to pick a forex trading platform
It can be intimidating to choose a forex currency trading platform when you first start trading – here are some features that any good forex trading platform must have:
Does the fx broker offer information about the security measures of its platform? Your investing and personal data should be encrypted, so that your money and identification are secure, whether you are spending and being paid by means of PayPal or online bank transfers.
The forex broker must also offer advice on how to increase your online security – I had created be very suspicious of just one that didn’t because they might be making themselves liable if there are any problems.
Furthermore, are there backup systems exactly where your information can be stored in case of an IT problem?
When can you use the forex trading platform? As forex is really a 24-hour a day market, five. 5 days a week, look for something that you can use constantly. Even if the market is closed, you wish to be able to place orders to spread out when the market does.
The trading platform should also become efficient – if it is slow then the prices at which you might be trading might be out of date. A good forex trading platform should upgrade several times a second.
If a forex trading platform is usually unreliable, slow or susceptible to interruption, a trader can miss a quick opportunity. A platform that offers one-click trading will help you to buy or sell forex contract along with one click, which means there is need to deal a solution, and you won’t miss the price you want.
Trading style suitability
Does the trading system suit your trading design?
Is it easy to understand, or can it only be interpreted with a Wall St retiree? Search for a platform where it is
simple to search for your market, and, if you want to trade more than forex, look for one that also allows you to trade on shares, options 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 different browsers and different smart-phone handsets.
Essentially, does it do what you need? A great forex trading platform should be customisable to suit your trading strategy — does it allow automated trading, and does it allow you to micromanage every trade. The investing platform should be able to alert you to definitely good trading opportunities, and also accept complex orders, including the various stops and earnings that the forex broker offers, so you can easily minimise your risk while maximising your profits.
Does the forex currency 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 charts, 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 once the chart patterns are indicating trading opportunities.
And, if you need to trade forex throughout the day, it is essential that the charts are up-to-date in real-time.
Does your forex broker offer market analyses, and is this available using their trading platform or do you need to visit their website?
An excellent forex trading platform should include marketplace analysis tools, including information feeds, in-house research and third-party research. As information is power, you want to be in a position to access as much of it as you possibly can, and to have access to it without having crawling the internet for the info you need.
Any trading that provides market analysis should also have historical data available, so you can see how the forex was affected when a similar scenario occurred.
Is the system free? Many online fx 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 the money-back guarantee if you aren’t happy with the software?
Does the trading system offer the same pip propagates as the broker has promoted, or do you need to phone to get 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 is usually quoted at 1 . 0578/1. 0579, the sell price is 1 . 0578 as well as the buy price is 1 . 0579. For any spread, the cost of the currency needs to make up the difference of the spread before you make a profit. So , in the illustration, if you buy at 1 . 0579, the AUD only needs to rise two pips through 1 . 0578 to 1. 0560 for you to make a profit.
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If there is the three pip spread, the currency would have to move simply 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 in a position to email and/or phone your broker with questions which range from placing trades to the switch on your trading platform it’s not doing what you want.
No matter how many questions a person ask a customer support, is actually hard to know how well a forex trading platform will suit you without being able to try it, so get online and see which companies have demo balances available. The demo accounts should have all the functionality of the full account, or near to it.
One of the companies I currently trade with, IG Markets, posseses an excellent trading platform called PureDeal. I’ve found their customer care, charting packages and marketplace information to be very good as well as interface is fairly customisable.