Before you begin your search for an online forex trading platform that incorporates all of the forex platform features that you think you may want, ask yourself these basic questions first.

Is the account opening process straightforward and simple on the chosen trading platform?  Or are they asking you to jump through “unnecessary” hoops? 

Safeguards that are put in place to protect your identity and your forex trading balance, including a secured log-in, verification of your bank account and/or credit card information are not unnecessary hoops.  So long as the security measures prevent someone from illegally accessing your trading account and protect your account balance you should welcome those hoops. 

Does the forex trading website offer real time streaming data?  Or do you have to bear the inconvenience of flipping back and forth between tabs or windows to find that information from another site – information that is critical to your forex decision making? 

And let’s be realistic; inconvenience is only one minor aspect of a website’s lack of streaming data.  Consider the strong possibility of missing a profit-making opportunity while you’re hunting down that information. 

If the trading website does offer streaming data, is it over a 24-hour period? 

Remember, at any point in time in the global day, somewhere in the world, a forex market is open.  Regardless of where in the world you physically live, you should be able to check the forex markets and how it is affecting your account in real time. 

Does the website provide you with superior charting software? 

Experienced forex traders base their decisions on calculations and charts, not luck and instinct.  A good charting program will have the capacity to calculate not only in the very short term (4 hours, for example) but also weeks and months, and even years, if necessary.  The better the charting program, the more precise your calculations, which will enable you to make an informed decision. 

How easy is it to enter a new trade into the forex trading platform? 

The ease of the transaction may make all the difference between a profit and a loss, and also keep you from making a mistake with your entry. 

How easy is to amend an existing trade? 

If the forex trading system utilizes well written software you’ll be able to quickly change a stop to take advantage of market conditions or to minimize a potential loss.  You should be able to exit a trend as easily as you can enter one.

The forex platform features you have in the online trading system you eventually choose may have plenty of bells and whistles.  But, without these basic features, it may still fall far short of your real trading needs.
 

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