MetaTrader isn’t the only popular platform; many forex brokers also have their own popular trading platform. Some of them even developed their own web-based platform and mobile-trading application. While all of them pretty much offer the same service, there are essential features and less-important features you need to recognize. In this case, it is important to make sure the platform got everything you need to trade properly.

Here is what you will need

Charting feature

Sure, most trading platforms own it, but a number of platforms merely have standard charting function while others have all of the sophisticated features. Commonly, a web-based platform cut this feature so they could provide faster access to their platform. Even so, I’ve come across some application-based platform with very poor charting feature as well.

Depend upon your strategies, you could be able to live with only basic charting or you must have all of that advanced analysis tools and indicators. A number of platforms also allow you to trade directly from the charts. When you already accustomed to this, it is quite difficult to change the habit and look for another button to make a trade.

Versatile trading platform

I’m not sure about other traders, but I definitely cannot work on a fixed platform. I’ll need to relocate some items and remove a few others. For example, if I’m dealing with EURUSD and GBPUSD, I’ll have the dealing rates big and visible before me. This will enable me to enter the market at any time to open or close a trade. When possible, I would want a detachable always-on-top dealing rates so it could still be seen while I’m doing another thing on my Notebook.

Could handle diverse worksheet

Whilst dealing with different currency pairs, you may want distinct information shown and probably more comfortable with a particular layout. By saving this unique preference, you can open and close various worksheet easily or even having several worksheets active together.

A variety of means to enter a trade

A good platform allows you to enter a trade via a bunch of distinct means. At the minimum, there must be huge “sell” and “buy” button on the active dealing rates. Next, you will also want to be able to carry out a trade from the dealing rates table. There must be a “trade” option on the toolbar too. And lastly, a few traders may be comfortable trading from their open charts.

One Click Trading

One click trading is a button that allows you to carry out a trade quickly. It’s not going to bring you to confirmation window or something like that; it simply executes the trade on the current price. This feature should be used by a pro trader only and not vital.

You could find tons of features on various trading platforms; nevertheless, only a handful of them are truly essential for your trading. Don’t forget to check the execution time and the reliability of the platform. Open a demo account to check the execution time and see if it steady enough throughout the day. To sum it up: just keep the layout simple by having only what you truly need.

Make sure you trade while using the most preferred trading platform for you. Here is the information of a broker with “best trading platform” award: another look at AvaFX. To get a good broker with the typical MetaTrader4 platform, which normally a great choice, look into AxiTrader forex broker.