There are plenty of guides on how to choose a broker. Let’s say you figured that one out, but there is still one major question of choice that matters. How to choose a trading platform?
Most brokers don’t have their own platform specifically designed and coded for trading - they provide you with the possibility to create an account, make quick deposits and withdrawals, and everything in between, leaving the trading aspect to already existing digital solutions. However, they mostly have several platforms available for traders to choose from.
So, which one is the best?
There are some essential criteria that you can use while doing your research on platforms.
Most trading platforms resemble each other in terms of their design and functionality. However, some of them are more old-fashioned than others, still implying a non-user-friendly, challenging to understand navigation.
It’s better to choose the platform that you intuitively understand. One more feature to consider is how comfortable it is for you to work with the chart and additional instruments. Is it easy enough?
Not all platforms have the same set of indicators and trading instruments. This criterion is for you to consider once you know what and how you want to trade.
Once you have your trading strategy and investing plan, you can estimate the functionality.
What exactly can you look for in this section?
number of trading instruments
analytical tools for fundamental analysis,
trading robots and expert advisors
Choose what suits your needs and you won’t be disappointed!
This part is crucial for every trader. The speed of execution is the critical parameter for trading, so it’s important to do your research. Ensure that the software responds without delays - this way, there will be no negative effect on the quotes’ update and charts.
Most software programs are compatible with modern operating systems - usually, it means Windows 7 and higher. However, if you have a Macbook or your computer runs Linux, you might face some issues with installing.
Ensure that the trading platform you have chosen is available on all devices you use, be it a smartphone or a tablet. It’s all about accessibility now!
The most popular trading platforms that everybody knows and works with include:
It’s up to you to choose among a great variety of platforms, but the criteria above will surely help you narrow down your options and settle for the optimal alternative.
Remember, this experience is individual, so make sure you consider all your trading strategies, plans and possibilities while choosing your perfect trading platform.