The forex market is the largest market in the world; it trades over 5 trillion dollars a day. The market is decentralized with no central marketplace meaning that one has to work with a top broker. Having a broker is not enough; you will also need to have a trading platform that lets you interact with the market. In a world full of very many trading platforms, choosing a single platform will need a detailed analysis of all the platforms. Making such a decision will require you to understand the strengths and weaknesses of the existing platforms. Before making this very critical decision, you first need to establish your trading needs. You then need to review the capabilities of each platform to see which one best suits your needs. Here are a few things to consider when deciding on your trading platform.
Accessibility of trading platform
The needs of investors vary from one investor to the other. Different investors have different investment strategies and patterns. You will obviously need a platform that suits your lifestyle. A platform you the can easily access from anywhere, anytime. If you are a frequent traveller, then you will need a platform you can access on your mobile. Look for a trading system that is convenient and easily accessible to you.
The first thing that you need to look at is the monthly fee. Some people think the best broker will always charge a monthly fee for offering their trading platform. But with the recent advancement in technology, many brokers have changed the whole business model; they are offering free stock trading platform equipped with all the advanced trading tools. There is no point in spending extra money to pay for a platform. You need to do some research, and you will find some free top class online share trading platform.
One of the main factors that make any trading platform to standout is the quality of tools that come with the system. These tools range from control solutions such as stop loss and take profits to analytical tools and indicators. A good trading platform should also make it easy to work with robots to automate your trades. Some advanced trading systems come with advanced features such as SMS and email notifications that notify you of different setups in the market.
Customer base and connectivity
As a trader, you would like to work with a platform that has a global reach and can be applied for a wide range of securities. It should be connected to international markets such as NASDAQ, New York stock market, London stock exchange, Deutsche Boerse and many others. Remember, you want a platform that allows you to access and invest in both global and local security.
This is the most important thing that you need to consider before you chose any online share trading platform. Trading the share market is a complex task, and at times you will face problems. In such a case, you need to seek help from the customer support team. Before you chose your online share trading platform make sure they have after-hours support. But having an after-hours support team is not enough. The customer service team need to be professional, and they must solve your problem in the shortest time possible.
Margin trading and IPOs
The best online share trading platform will always allow you to do margin trading. Most traders don’t understand the power of margin trading. If you know the perfect way to analyze the market data, it won’t take much time to develop your skill and become a consistent trader. So if you have access to a margin trading platform, you can easily maximize your profit factors within a short period of time. As a new trader, you might be interested in IPOs. Some platform offers this feature, make sure you do some research and find out whether they offer IPOs in their trading platform.
Reputation plays a great role in the selection of your share trading platform. Some brokers will offer a shaky platform which tends to freeze during extreme market conditions. It’s highly imperative you read about public reviews on neutral websites so that you may understand your broker in depth. The trading platform should have a dynamic interface so that you can easily analyze the market data with accuracy. Always remember trading is all about finding the best trade setups in a favourable environment.
Provision of information
Any good trading platform should provide you with trading related information under one roof. Top trading platforms will not only provide you with a news feed; they will help with both technical and fundamentals information. Such platforms provide key information about a stock such as the price-earnings, dividend yield, income statement and balance sheets. The platform should also provide real-time updates data and outcome of events affecting trading. Such a platform brings in a lot of convenience to traders by bringing everything under one roof. This not only saves time, it also ensure traders remain focused on one platform rather than switching from site to site.
Becoming a professional trader requires that you observe a number of items. People only focus on their skills, and they forget to find a good online trading platform. This is where the professional traders are always one step ahead in the retail trading industry. They always try to maintain a premium trading environment so that they can easily make consistent profit from this market. Some platforms have gone a step further to enhance the customer’s experience. An app such as capital.com utilizes the A.I technology to help its client base trade more effectively. With this platform, you will get real-time news, price alerts, and trends and even recommended risk. In a nutshell, try to get a platform that brings real value to the table. Get the most features at the least cost!