How To Choose A Forex Trading Platform
When you first trade forex, it can be daunting to choose the right platform. Here are some features every forex trading platform should possess:
Do forex brokers provide information on the security features of their platform? You should have your trading and personal data encrypted so that you can protect your identity and money, regardless of whether you pay via PayPal or online bank transfer. A low spread broker should offer advice on ways to improve your online security. I would be suspicious if they didn’t, as they could be held responsible if any problems arise. Are there backup systems that can store your data in the event of an IT issue?
The forex trading platform can be used when you are available. Forex is a 24 hour market that operates 5.5 days per week. Therefore, you need something that you can use continuously. You want to be able place orders even when the market is closed. It should also be fast. If it is slow, the prices you trade might not be current. A forex trading platform that is reliable should be updated several times per second.
Trade In One Click
A forex trading platform that is slow, unreliable or interrupted can cause traders to miss an opportunity. One-click trading allows you to trade forex contracts with just one click. This means you don’t need to sell tickets and can get the price you want.
Trade Style Suitability
Is The Trading Platform Right For You? It is easy to understand or difficult for Wall St. retirees to interpret? Find a platform that explains it. It is easy to find your market. If you wish to trade other than forex, search for one that allows you to trade options, shares, and indices. Which country are you trading from Can you access the platform from a Mac if you have one? The program can also be accessed via different browsers or different smart-phone handsets.
Is there a separate charting tool for forex trading platforms? If so, how easy is it to use? Can you trade directly from your iPhone/Blackberry? Can you trade directly from charts or must you deal with tickets?
Is your broker able to provide market analysis? Can you access it through their trading platform? Or do you have to go to their website? A forex trading platform that is reliable should offer market analysis tools. This includes news feeds and in-house research. Information is power. You want to be able access it all without having to search the internet to find it.