Posted by Xoken.org – Choosing a forex trading platform when you first start trading can seem intimidating – here are some attributes that every good forex trading platform should have:
Security
Does the forex broker provide details about its platform’s security measures? Your trading and personal data should be encrypted, so your earnings and identity are safe, regardless of whether you pay and get paid via PayPal or online bank transfer.
Forex brokers should also give you advice on how to improve your online security – I would be very suspicious if one didn’t as they may be liable if anything goes wrong.
Additionally, is there a backup system that can save your information in the event of an IT problem?
Reliability
When can you use a forex trading platform? Since forex is a 24 hour a day, five, five day a week market, look for anything you can use constantly. Even when the market is closed, you want to be able to see the orders that will be open when the industry closes.
The trading platform also needs to be efficient – if it is slow then your trading fees may be out of date. A good forex trading platform should be updated several times a second.
One-click trading
If a forex trading platform is unreliable, slow, or prone to glitches, traders can lose opportunities quickly. Platforms that offer one-click trading will allow you to acquire or sell forex contracts with 1 click, which means there is no need to sell tickets, and you will not lose the value you want.
Suitability of trading style
Does the trading platform suit your trading style?
Is it quick to understand, or can only be interpreted by Wall St retirees? Look for the right platform where it belongs
it’s easy to search for your industry, and, if you want to trade more than forex, look for an industry that also allows you to trade stocks, alternatives, and indices.
Where do you trade from? If you use a Mac, can you use the platform on it? Likewise, whether the system can be accessed using different browsers and different smartphone handsets.
In general, is it to your liking? A good forex trading platform should be customizable to suit your trading strategy – does it allow automated trading, and does it allow you to micromanage each trade. The trading platform should be able to alert you to great trading opportunities, as well as accept complex orders, such as multiple stops and profits offered by forex brokers, so that you can easily minimize risks while maximizing your income.
Chart
Does the forex trading platform have a separate charting platform, and how easy is it to navigate? And, if you want to trade from an iPhone or Blackberry, can you access it from your phone? And, can you trade directly from the chart, or do you need to sell tickets?
Depending on your level of experience, you may want a charting package with pattern recognition tools that will monitor the market on your behalf, and can even alert you when chart patterns indicate possible trades.
And, if you want to trade forex throughout the day, the charts must be updated in real-time.
Market Place Analysis
Does your forex broker supply industry analysis, and is this accessible using their trading platform or do you want to visit their website?
A forex robot trading platform should contain market analysis tools, such as news feeds, internal research, and third-party research. Because information is power, you want to be able to access as much of it as possible, and be able to access it without having to scour the internet for the information you need.
Any trade that provides market evaluation should also have historical information, so you can see how it would impact a currency when a similar scenario occurs.