A platform for investors is a web-based tool that allows you to buy and sell assets in the financial markets 24 hours a day. Investors have many such platforms at their disposal, and each of them has its advantages and disadvantages. What should you pay attention to when selecting it?
The Main Tips for Your Choice
While choosing the platform or stocks trading app, check the following issues:
1. Get acquainted with the broker the instrument belongs to. The more reliable the company is, the greater the guarantee that transactions will run smoothly and on time. In addition, a professional broker offers customer and brokerage services. You will never be left alone with your doubts but will always have someone to ask for help and advice.
2. Check spreads and account management and transaction fees. The lower they are, the better.
3. A good option should give you access to all possible financial instruments and as many markets as possible. If you know what you need in advance, this variety does not have to be great, but if you are considering different options for your capital, look for a solution that provides you with the widest choice.
4. A professional platform should provide the opportunity to use demo accounts. In other words, you should look for opportunities to test the tool. This will let you know if it suits your needs.
5. Pay attention to the interface – how clear, intuitive, and easy to use it is and whether it has a version in a language you understand. Do not think that once you have mastered all the features, you will be able to start investing right away, but rather expect the interface design to allow you to intuitively guess what information can be found in various modules. The better the first impression, the more confidence that the platform will meet your needs in the future.
6. Check configuration options as well as their functionality. The following actions can help: view multiple charts at the same time, change the type of charts, schedule and automatically execute operations, access to market analysis and the latest news, notifications about interesting investment opportunities, notifications by SMS and e-mail about positions of investor interest, etc.
7. Ask if the broker provides free training for clients. Such training is a great opportunity to get acquainted with the markets and trading tools.
Complex or Simple – Which Platform Is Good for You?
Almost every existing platform has loyal users, but unlike the look and feel, not all platforms are well-designed.
For some of us, the most important thing is intuitiveness and ease of submitting orders, for others (primarily professional investors) – complex, advanced platforms that offer a wide range of options for technical analysis.
There is no specific reason why clients should prefer one platform over the other, so your best bet is to check out a few options and choose a broker that will allow you to trade in a variety of ways.
Therefore, do not hesitate to try the demo mode of a few options and then make a choice.