10 Important Features of Legal Trading Platforms

Image: financesonline.com

Real trading websites usually have great features that fake ones do not. These advanced platforms can be made by other companies and given to online brokers, who then give them to traders.

Brokers provide different legal platforms to their customers. The platforms can vary in how quickly they execute trades, the markets they can access, their stability, the support they offer, and special features for trading.

To be considered legitimate, a trading platform should have these important features.

#1. Order Execution Tool

This is the tool that traders use to make trades. It allows them to make single trades, as well as more complex trades like OCO orders (which are a combination of buying and selling).

It should also have shortcuts for quick use. Good platforms also have APIs or other ways to customize the platform. The most important thing is that it should be easy for traders to use.

#2. News Portal

A financial news feature is usually provided in the trading platform, which gives recent updates on financial news.

This is helpful for traders who make trades based on current events. This feature makes it easy for traders to stay informed about the economy. It's important to note that there may be an extra cost to access this feature.

The cost will vary depending on the platform. Legal trading platforms usually have multiple news options with different subscription fees, so traders can choose the one that works best for them.

#3. Scanning Tool

This feature is useful for traders as it automatically searches for the best markets to trade in. It should also provide information on successful and unsuccessful trades and the most traded pairs.

The more advanced version of this tool can also look for patterns on charts and let traders create programs for specific markets.

This feature can help traders avoid making too many trades without analyzing them first.

#4. Fundamental Research Tool

Research or analysis helps traders quickly find information about a specific pair, such as its performance, news, and other related information.

This feature is useful as it eliminates the need to search for information on the internet. Fundamental research includes various economic factors used for calculations, searching for them individually on the internet can be time-consuming.

Fundamental research is just as important as technical research. There are many economic factors to consider before making a trade and having research tools on the legal trading platform can make the process of researching and creating trading strategies easier. This tool is essential for any trading platform.

#5. Charting Tool

Charts are a crucial part of technical analysis. A basic charting tool should be able to show candlesticks, bars, and lines, as well as basic indicators like moving averages, Bollinger bands, stochastic, RSI, and MACD.

The ability to add trend lines is helpful for traders. More advanced platforms have advanced charting functions, such as the ability to add a wider range of custom indicators, including Fibonacci, Ichimoku, and breakouts.

#6. Access Customer Support

Having access to technical and customer support is crucial for day traders who rely on the market for their income.

Customer support through phone, internet, and email is common, but it can be time-consuming and costly, especially when it concerns open trades. The best method is to be able to contact support directly through the platform. Some brokers are known for slow response times, so it's important to ask about it before signing up.

Some platforms provide a range of support, but after joining, the broker may not be as involved. In other words, the service before signing up may be better than after, including providing free trading capital.

#7. Easy Installation

To get a legal trading platform on a computer, traders have to download the settings from the broker's website or from another site connected to the chosen broker. When downloading, make sure to select the version that works with the computer's operating system.

Installing the platform provided by the broker should be simple and usually only takes a few minutes. Once it's installed, the trader can open and use the platform for trading.

#8. Chart Configuration

It's easy to set up charts for analysis and trading because the platform allows for easy customization. All the necessary features can be accessed by clicking buttons on the dashboard or by using shortcuts.

The tools are usually located in the dashboard menu, and traders can hover over them to see what they do. Trading platforms let traders have multiple charts open at the same time and can be set up for easy navigation.

Each chart on the platform can be configured based on the time frame, how prices are displayed, and the scale. The appearance of price charts for currency pairs on the legal trading platform can also be easily customized.

#9. Interface

Web-based trading platforms often have an easy-to-use interface that may be different from desktop platforms, but they offer similar functionality and appearance.

No matter which version is chosen, the platform should be easy for traders to use. It's not beneficial to have a complicated navigation because it can increase the chances of making mistakes. Trading can be stressful, so it's important to use a platform that's easy to navigate.

#10. Indicators

Even though it may be considered a legal trading platform, brokers often provide it to traders without any additional features.

In other words, the trading platform is usually basic. At best, traders can only use a few basic indicators like Moving Average, Envelopes, Bollinger Bands, Momentum, MACD, and Fibonacci indicators.

Some trading platforms may offer up to 50 technical indicators and the ability to customize them, but this could indicate that the platform is not meeting traders' needs and they should consider other options.

It can be difficult to use a legal trading platform provided by a broker, as it may have been adjusted to fit the broker's system. It's different when traders purchase their own platform, which can be tailored to their trading style.