There are many ways that you can work out what trading platform is right for you - you could check out a recent publication for recommendations, or you could do some research online. Ultimately though, you need to choose the platform that is right for you.
But how do you decide which trading platform is right for you? It all comes down to knowing what to look for! With that in mind, here’s our beginner’s guide to selecting the right trading platform to make you successful!
Figure Out What You Need
The first thing that you need to do is work out exactly what it is that you need from a trading platform. Of course, this can be difficult to know at first - after all, you’re a beginner. You may not know what you’re looking for!
There are some things that you should definitely look out for if you’re just getting started though. For instance, you may wish to find a platform that will give you some educational materials to help you to learn more about trading. Likewise, you may want easy access to support staff, or the ability to do practice trades so you can get the hang of it all without wasting money.
Make sure that you find a platform that’s simple to use. Check what the fees are for using the platform, and whether your asset of choice can be used on it. Also check what features the platform has to ensure that you are getting the best value for your money.
Your needs will likely change as you get more experience in trading, but these are some things that you may find useful as a beginner.
Don’t Be a Sheep
It’s tempting to copy what your friends are doing and to choose the exact same platform as they are using. Sure, this can be helpful for some - you may find that their platform of choice has exactly what you need. On the flip side though, choosing a platform just because someone else uses it may not be beneficial for your trading journey. You should always be selecting a platform that works well for you.
Check The Performance Of The Platform
You need to make sure that you choose a trading platform that is going to work for the software on your chosen device. The last thing that you need is a platform that’s going to take a million years to load. You want something seamless that works effectively for you. Without seamless performance, you may find that you are more likely to make errors thanks to having outdated information.
Sure, you could choose a trading platform that offers the bare minimum for your needs, but why do that when there are so many platforms out there that will offer you much more? For instance, does the platform offer mobile trading? You could even look into platforms with more advanced tools for charting. You’ll want to look into the ones that have additional tools and features that will make your experience even better.
Check out the Fee Structure
Before you get a subscription to a trading platform, it’s always a good idea to check what you’re going to be paying for it. Some trading platforms may be cheaper than others, but that doesn’t mean that it’s the best option. See what gives you the best value for money.
Certain platforms simply aren’t going to be compatible with the kind of trading that you want to do, in which case it’s best to look elsewhere. You don’t want your funds to quickly come flying out of your account on platform fees, after all.
While you shouldn’t be basing your platform decision solely on the words of others, it can still be beneficial to network with others in the trading sphere to see what they used as a beginner. They may be able to point you in the direction of the perfect trading platform for you. Likewise, they may also be able to teach you some strategies that you will find helpful.
Do A Trial
There are a lot of trading platforms out there that allow you to make demo accounts so you can try out their services. If you have this option then you should definitely take it, as it will allow you to see if the platform works for you.
Those are our tips on how to choose a great trading platform for you. Remember, make sure that you choose the option that works best for you. Good luck!