Aside from the popular MetaTrader 4, lots of forex brokers have their own trading platform application. Some of them also have their own web-based and mobile-based trading platforms. While all of them pretty much offer the same service, there are essential features and less-important features you need to recognize. You need to make sure that the platform has everything you need and not substitute it with some fancy features you don't need.
Here's what you need
Charting feature
Yes, most trading platforms have it, but some platforms merely have very basic charting feature while others have all the advanced features. Usually, a web-based platform cut this feature so they could give faster access to their platform. However, I have seen some application-based platform with poor charting feature as well.
Depend on your strategies, you might be able to live with just basic charting or you absolutely need all that sophisticated analysis and indicators. A handful of platforms also allow you to trade directly from the charts. If you already used to this, it is pretty difficult to change the habit and look for another button to make a trade.
Versatile trading platform
I don't know about other traders, but I definitely can't work on a fixed platform. I'll need to relocate some items and remove some others. For example, if I'm working with EURUSD and GBPUSD, I'll have the dealing rates big and visible in front of me. This will enable me to enter the market anytime to open or close a trade. If possible, I would want a detachable always-on-top dealing rates so it could still visible while I'm doing something else on my PC.
Support different worksheet
While working with different currency pairs, you might need different information displayed and probably more comfortable with a particular layout. By saving this specific preference, you could open and close different worksheet easily or even having several worksheets active simultaneously.
Multiple means to enter a trade
A good platform allows you to enter a trade via a bunch of different means. At the very least, there should be big "sell" and "buy" button on the active dealing rates. Then, you'll also want to be able to execute a trade from the dealing rates table. There should be a "trade" option on the toolbar as well. And lastly, some traders might be comfortable trading from their open charts.
One Click Trading
One click trading is a button that allows you to execute a trade quickly. It won't bring you to confirmation window or anything like that; it just executes the trade at the current price. This feature should be used by a pro trader only and not mandatory.
There are a bunch of features a trading platform could provide you, but in the end, you only need a few of them to trade properly. Don't forget to check the execution time and the reliability of the platform. Tons of features is useless if the platform get crashed every 15 minutes, so be sure to check it on a demo account. Get only what you need and keep it simple.
Make sure you trade using the most comfortable trading platform for you. Here's the details of a broker with "best trading platform" award: AvaFX review. For a broker with the standard MT4 platform, which generally a good choice, check out AxiTrader review.
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