How to choose a Trading Platform?
Choosing the trading platform is a subjective matter. Before you choose a platform, clarify your needs and choose the platform best suited.
Nowadays, trading platforms are available on many devices. It includes mobile apps, desktop apps, and even web browsing. All these options make your task easily accessible and manageable.
Following are some of the basic features that may help you in selection:
Live quotes, price, and news:
The market fluctuates rapidly, and thus for day traders, notice of these changes is crucial. It can help them make a profit. If there is a delay in this, one might suffer loss.
Transparency of charges:
The platforms can charge you on various bases. It includes opening an account, charges on trade, and even some hidden charges. Some trading platforms do not clearly state their charging policies. Charges can affect your gains, so look out for them.
Response time:
When you perform day trade, the response time of showing trends and performing the trade is crucial. A slow response can sometimes incur huge losses.
Margin trade:
Margin trade is a very common trading approach. In this, one borrows money from the broker to perform trade and return with some interest. But, to be eligible for this trade some platforms ask you to maintain a minimum balance in your trading account. This minimum balance differs among the brokers. One should make sure that these are reasonable.
Platform interface:
A simple interface enables the user to make navigation smooth. It also improves user experience with the platform.
Easy transfer of money:
The Trading Platform requires performing two main types of money transactions. One is to deposit money in the trading account from the bank so we could trade. And the other is withdrawing profits from trading to a bank account. The trading platform should provide secure tools to carry out this function.