Factors to consider when choosing an online trading platform: Technological advancement has simultaneously caused investors and traders to use augmented online trading platforms. Thus, having the appropriate trading platform can make all the difference between making profits and losses.
Are you new in the trading world? Choosing the best platform is a crucial step to online investment as it’s considered one of the keys to enabling you to withstand any difficulty you might encounter in the trading market.
Although no trade is risk-free, there are ways to lessen these risks. One such way is to choose the right trading platform.
There are several factors to consider when choosing an online trading platform. In this article, I have carefully examined a few of these factors to help you get started on the right foot.
Let’s dive right in!
Top 10 Factors to Consider When Choosing An Online Trading Platform
1. Understand Your Need
When considering the trading platform to go for, your first consideration should be whether the trading platform aligns with your need. Profitable trading requires you to use the services of a brokerage that suits your requirements. Mainly, you choose a broker based on your style of learning and investment goals.
For instance, if you are a beginner trader, you may need services like basic, detailed glossaries, educational materials, easy access to support personnel, and the option to conduct practice trades may be necessary before starting with actual cash. Not all platforms offer such resources so pay attention to the ones that do.
2. Available Trading Tools
The second factor to consider when choosing an online trading platform is the available trading tools. The world is in rapid transformation always, and trading is no exemption. Nowadays, nobody needs brokers to plan and perform trades. Nevertheless, using appropriate trading tools has made trading much simpler and more affordable.
Trade losses often occur from traders’ confusion during market instability or when security depreciates in many situations. So, with the right trading tools, you can easily trade online or place an order. To limit your losses on a specific position, ensure you go for online trading platforms with a Stop Loss order, which will sell security automatically when it gets to your specified price.
If you are busy monitoring price fluctuations, having a Stop Loss order assists, particularly if a security price drops suddenly rather than gradually. Therefore, ensure you bear this in mind when choosing a trading platform.
3. Easy Of Use
Pay attention to the interface – is it straightforward, intuitive, easy to use, and written in your language? As a new trader finding your way into online trading, you need to consider a platform you can quickly wrap your head around. The trading platform interface should be designed so that you can easily navigate the information in different segments.
The higher the first impression, the more confidence you have in the trading platform meeting your needs. Good platforms also provide tools and charts that are easy to access and comprehend. They are also optimized for quick access with an easy navigation element that even beginner traders can quickly understand.
So, while considering your choice of a trading platform, ensure you examine the trading platform and determine if you love the interface at first glance. If the answer is “No,” then look for another thing.
4. Fee and Commission
While other factors may be more crucial than fees and commission, you need to know the charge or rate you will have to pay to use any trading platform. An essential factor to consider when trading online is the fees and commissions charged. This differs among trading platforms; while some platforms charge a percentage of the trade value, others charge a flat fee per trade.
This also applies to commissions, where brokers charge you each time you purchase or sell a security. Your fees and the commissions demanded significantly affect your total profits and returns. Interestingly, some trading platforms offer affordable trading at the lowest rates with 0% commission.
Overall, it would be a great idea to sacrifice as little as feasible for your investment gains to bookkeeping costs and trading charges. But it doesn’t necessarily mean you have to spend a lot to use a trading platform.
5. Security
Security is among the most crucial factors to consider when selecting trading platforms. It plays a significant role, particularly for focused traders who want to invest big bucks into trading online. So, the best trading platform would ensure your personal and financial details are safe and secure.
As such, you must protect your capital from becoming a successful trader. The trading platform terms and conditions and licensing are also worth checking. Research if the platform you want to choose uses preventive measures and the algorithm used to protect your money.
Your money safety should be a top priority when selecting an online trading platform. Also, you need to confirm if the platform is coded using the maximum-security standards for safety from hackers and whether it is registered with the Security and Exchange Commission (SEC).
6. Accessibility
This is similar to user-friendly or easy usage. Every trader would want to trade security in the international markets, and this can’t be possible without a platform that gives global accessibility. For instance, Deriv’s online trading platform offers traders access to perform their trades in the universal markets without interruption, paving the way to a trading options world that can be accessed easily.
Aside from global trading, consider a trading platform that can be accessed through apps via Android or AiO. This gives traders a chance to manage their portfolios on the go. Overall, with the present age of mobile gadgets, you need to consider the platform that suits your lifestyle; hence, the best platform offers you the accessibility to trade online from mobile phones, anywhere and anytime.
7. Payment Methods
Before you select an online trading platform, consider their modes of payment. For example, some platforms may offer just a single means for cash transfers, which might not be suitable or convenient for you. While some advanced platforms may give different payment methods such as check, transfer wise, wire transfer, credit cards, PayPal, or local payment means characterized by free transfers.
The more payment methods a platform gives, the better. This benefit cannot be underrated. For example, suppose you have to access your capital fast; you will need to go for a platform that offers immediate funding.
8. Customer Support
If you’re a beginner, you’d undoubtedly need backup. Ensure your choice of the trading platform has a well-trained customer support team that is always on the ground and ready to assist you with any question or problem you may have. Hence, the best trading platform should provide 24/7 customer support, compared to others that restrict customer support during commercial hours.
So, consider this when deciding on an online trading platform.
9. Available Features
The kind of order performance and the performance speed also play a significant role in your trading success and are worth considering when choosing the best platforms for your online trading. The latter is essential when trading on foreign exchange markets, as foreign currency prices can change within a twinkle of an eye. Even slight changes in terms of pips can lead to significant losses when trading in big sizes.
Also, you want to check other features that the trading platform support. For example, you always want a good choice of timeframes, graphical objects, and technical indicators. Hence, an excellent online trading platform will allow you to verify or test new trading features and approaches before using them with actual money.
10. Reliability
Depending on your gadget’s software and hardware features, you should select a desktop or a web-based (Java) application. For smooth trading, knowing the best trading platform that is suitable for you is vital.
Naturally, you want a platform that won’t freeze or crash while trading, particularly during global economic events, when traders want stability. Therefore, your trading platform’s reliability is more of a concern than you think.
So, aggressive traders who execute big, regular trades need stable platforms that hardly or never crash always. Nevertheless, you can be more flexible if you are a passive trader that doesn’t view the market constantly.
Unsure Of Which Trading Platform to Go For?
Have you heard of Deriv? Deriv is one of the world’s largest online brokers, offering CFDs and other derivatives such as forex, cryptocurrencies, etc. It’s an online trading platform available 24/7 with fast deposits and withdrawals, plus synthetic trading.
With the aim of making trading accessible to anyone, anywhere, Deriv offers incredibly low commission fees, ensuring they meet your trading needs.
Conclusion On The Factors To Consider When Choosing An Online Trading Platform
Selecting the best trading platform can be perplexing because of the various options available in the market. Several companies offer their services, but you have to find a less expensive and more convenient trading platform. With the appropriate trading platform, you can enjoy the maximum benefits at minimal fees aside from hassle-free trading.
Overall, don’t rush; take your time to weigh the different online trading platforms to ensure your money is safe. Finally, your choice should be based on what is best suitable for your trading needs.
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