As a newbie in the online trading business, one of my business mogul acquaintances experienced a lot of problems. First, he wasn’t sure which online trading platform to choose. Like every reasonable investor, it was important to use the most reliable trading terminal available in the fintech world especially one that would be suitable for daily trading. And because he was dealing with his life’s savings, he couldn’t afford to make any mistakes.
Because his mind was already set on his trading needs, he began evaluating platforms based on specific criteria, which I shall discuss in detail below. First, you must note that settling for a trading platform is a bit like getting married. The wrong partner can actually make you miserable and cost you your money and peace of mind; it can even ruin your life. You can’t afford to gamble with the wrong trading platform or software.
So if you’re also new to online trading, you might want to consider the following top 5 tips for as they will guide you towards choosing the best online trading platform that will perfectly suit your trading practices and needs. Not only will you learn how to determine the strengths and weaknesses of each trading platform, you’ll also see how each platform will help you accomplish your goals and objectives.
1. Will You Receive Adequate Corporate Info To Help With Research and Decision Making?
The most successful investors often attribute their success to one main factor—making informed choices.Decision-making models can serve as helpful guides. Alternatively, you can take advantage of the technical and basic information available on the websites of online securities trading providers. This way you can stay abreast of all the important information on every particular security you may want to invest in. Therefore, it is important to choose a trading terminal that provides its users with a lot of research and corporate information.
Often, there is a lot of information available on the research or stock quote tab. This reveals the security’s key financial data. For instance, you can look upincome statement, balance sheets, and earnings per share, price-earnings ratios and dividend yields.
Good platforms provide newsfeed panels that feed users with up-to-date investment news reports. Your best is to opt for an online trading platform that conducts the bulk of the research for you while giving you reliable information to make your decision-making process easier.
2. Beware of Hidden Charges
Most trading terminals have hidden charges, which they conveniently forget to mention. It is common to hear top-notch investors complaining about how several bank fees and service charges are eating into their profits. Take the advice of the experts: find out what the trading costs are and how it might affect your earnings.
The best online trading platformsprovide personal profit and loss calculators that make it easy for investors to make trading decisions. The in-built calculator clearly specifies the fees and charges for each trade. It makes it easier for the investor to know what exactly is to be expected.
3. Opt For Multi-Channel Platform and User-friendliness
It is no longer a secret that we live in a high-tech, fast-paced world and even the fintech world has been revolutionized by technology, especially with the invention of financial apps. Every investor wants a smart app they can operate on their smart tablets and phones, even while they are no the go.
So when you decide to install a trading app, it is important to select one that will allow you the liberty to carry out a wide range of transactions. Many big investors prefer trading terminals that perform a wide range of functions. From allowing you to book airline tickets to permitting, you to strike a trading deal online.
If a trading terminal doesn’t meet your needs, you’ll get frustrated with it. So before you select a platform, make sure that it is not only user-friendly but that it will have different channels through which you can trade from your iPhone or Android device. The best apps make it easier for you to accomplish your trading goalsandeven view your portfolio on the go.
4. Ensure That There’s An Availability of Worldwide Interconnectivity
This is especially important for investors who prefer to trade in local and regional stock markets.There is no point in using an online trading terminal that restricts international access when you know you want to trade in foreign stock exchange markets.
Before you choose that trading platform, be sure that it provides access to the most important global exchangessuch as the LSE, the Deutsche Boerse, the New York Stock Exchange and NASDAQ. It is best to have access to a wide range of investment options.
5. Do You Have Access To Smart Trading Tools?
Investment experts say that it is best to choose an online trading platform that has inbuilt smart trading tools that ease the stress of trading. These smart trading tools are supposed to make it easier to manage your trading orders with the click of the button.
Before you settle for a particular trading terminal, opt for a test run, see if it has all you need. Chances are that you’ll learn firsthand about the pros and cons only when you experiment with the app.
Shruti Gupta is a writer, marketer and outreaching expert .She writes about technology, startups & other niches. She has contributed to a number of famous websites like Thenextweb, Deccanchronicle and Crazyegg. Stay tuned with her at:@shruti_gupta01 or via Skype : shrutigupta2811