Choosing an online trading platform is an important step in a beginner trader’s career. A trading platform is your gate to the market, so it’s crucial to choose wisely and pay attention to every little aspect. From this guide, you will learn what makes a good trading platform and how to choose the best trading platform India and the world market can offer.
1. Transparent Fees
Service charges can significantly affect your profit-and-loss calculations if you don’t know about them in advance. That’s why you have to look for a platform that doesn’t have any hidden fees. Reading other users’ reviews can be very helpful in this regard as you don’t want to challenge your luck just to figure out what the fees are. A good trading platform will notify you about all the charges in the user agreement.
2. Global Trading
Most traders conduct international operations, which requires a trading platform with global connectivity. It’s highly recommended to look for platforms with access to most or all international exchanges to feel more flexible and test your skills in different markets.
3. Multi-channel Accessibility
It can be quite hard to bring your laptop everywhere, so it’s necessary to choose a platform that offers not only a desktop solution but also an app for smartphones and tablets. Don’t underestimate the importance of this factor as it will save you a lot of time and nerve in the long run.
4. Smart Trading Tools
With the help of smart trading tools, you can pay more attention to the whole picture instead of focusing on numerous smaller things. Some of the most valuable smart tools are:
- Stop-loss orders – this option will automatically close your positions if the price moves against you too sharply. You can pre-determine the stopping point and feel much more secure about potential losses.
- GTD (Good Till Date) – using this feature, you can pre-determine preferred validity periods for specific positions.
- Notifications – SMS and push notifications will keep you updated on specific securities and important statuses of your current positions without requiring you to keep the platform running all the time.
5. Informational Support
Information is the most important tool for a trader, so it’s important to look for a platform that will keep you on top of the news 24/7. You need quick access to both the latest news and the “history” of market highlights to keep up with the market.
6. User Support
Technical issues and misunderstandings can happen even on the best platforms, so it’s necessary to have a responsive support team on the other end. A trading platform that values its users must have a fast and helpful tech support service.
Now you can make an informed decision and register on a platform that is really worth your time and money. It’s ok if you listen to expert opinions, but the final word must be your own as no one can know better what exactly you need but you.