A lot of forex brokers have their own custom-designed trading platforms. A few of them even have the option of mobile or web-based trading platforms. Even though all of them basically provide the same product, there are essential features in addition to less significant features to be aware of. It is vital to verify that it has everything you need to trade properly – article source!
Here’s the information you’ll require
Charting feature
In fact, almost every trading platform offers the feature. However, a handful of platforms merely have standard charting capabilities, whereas others offer every advanced function. The majority of platforms that are web-based reduces this feature, so that they are able to provide quicker access to their platforms. While I’ve observed certain platforms that are based on applications with bad charts.
It is possible to live without the need for complicated indicators or tools depending on the strategy you choose. There are a few platforms that permit trading directly from the charts. It is difficult to switch to another trading button in the event that you’re already accustomed to using it.
Trade platform with a wide range of applications
It’s not clear to me how other traders work on a fixed platform. I’ll be looking to shift objects around and eliminate other items. If, for instance, I’m working with EURUSD and GBPUSD I’ll be able to see the deal rates big and clear on my desk. This can enable me to access the market at any moment to make a trade open or close. If I could, I’d prefer to set up a separate always-on top dealing rate so I can still see it even while I am working on various other projects on my Notebook.
Support different worksheet
There may be a need for different data available or feel more at ease with a particular format when working with multiple currencies. The ability to swiftly switch between sheets or have multiple worksheets open in one go by saving your preferred layouts.
Multiple ways to enter the market
A reliable platform will allow you to make a trade using multiple ways. It should have at minimum an obvious “sell”, “buy” along with a “transact” button beside the latest rates of dealing. You’ll want to also be able to make trades directly from the table of deals rates. Additionally, the toolbar should include the option to trade. Finally, some traders might be happy trading with their transparent charts.
Single Click Trade
The single click button on the trading page allows the trade to be executed quickly. It will not open the confirmation screen or something similar to that. The button simply performs trading at the present prices in the market. This option should only be used by an experienced trader and is not required.
There’s a myriad of functions a trading platform can provide, however in the end, you need only a handful of them in order to trade correctly. Don’t forget to take a check the stability of the platform and execution speed. Check the execution times and performance of the platform after opening a free demo. For a summary: just keep the layout simple and only have what you really need.