Trading Platforms – Choosing the Right Tool
A trading platform is a web tool that allows you to buy and sell assets on financial markets 24 hours/day. Investors have many trading platforms – each has its pros and cons. Choosing the right one is vital to making the process of trading more straight-forward. So what should you look for to choose the right one?
1. Research the broker that the tool belongs to. The more trustworthy the company, the greater the confidence you can have that transactions will run smoothly and on time. A professional broker should also have a good customer service system and a team of brokers working for them. A good broker will never leave you alone with your doubts – you'll always have someone to turn to for both technical matters and the matters of trading.
2. Verify the spreads and fees for the account and transactions. The lower they are, the better.
3. A good trading platform will provide you with all the financial instruments and as many markets as possible. If you know in advance what you need, this diversity does not have to be great. But if you are considering where to invest your capital widely, search for a platform that will provide the most options to you.
4. A professional trading platform should have a demo – you should be able to test the tool. This is crucial in deciding whether it will meet your needs.
5. Pay attention to the interface – is it clear, intuitive, easy to use and, vitally, written in your language? The interface should be designed in such a way that you can intuitively navigate through the information in various modules. The better the first impression, the greater the confidence in the trading platform meeting your needs.
6. Check the configuration options of the investment platform and its functionalities. The following solutions can be useful to try: browsing several charts simultaneously, changing chart types, scheduling and automatic execution of transactions, access to market analysis and breaking news, alerts informing on interesting investment opportunities, SMS/e-mail alarms about the investor's position of interest, etc.
7. Ask whether the broker offering the plaform provides free training for their customers. Training is a good opportunity to get to know the markets and trading tools with the security blanket of the broker's expertise.
Almost every good trading platform has its loyal users, but – contrary to appearances – not all are well developed to suit everyone's needs. For some investors, the most important thing in a platform is intuitiveness in usage and ease in placing orders. Other traders (mostly professional investors) look for complex and advanced platforms that will offer them a wide range of technical analysis tools. With no universal rule governing which platform is best, it's best to check several options and discover what works for you. Of course, choosing a broker that will enable the platform by providing a few different ways to trade is also very important.