How to pick the right trading platform for you

How to pick the right trading platform for you

The global stock market currently boasts a market cap in excess of $80 trillion, with this number continuing to increase markedly year-on-year.

Trading stocks is undoubtedly a popular pastime, while it’s currently thought that as much as 80% of all trading through this marketplace is automated.

To execute stock orders and benefit from algorithmic trades without incurring substantial risk, you’ll have to identify the right trading platform for you. So, here are some of the key considerations when comparing the marketplace.

1. Accessibility and User-friendliness

If you’re relatively new to the stock market, it’s crucial that you identify a user-friendly platform that’s easy to use and incredibly accessible.

These just happen to be the key selling points of the MT4 and MT5 platforms, which are amongst the most widely used examples of trading software on the market.

Both of these platforms are incredibly user-friendly and offer access to a wide range of features through a single interface, while the use of customisable charts also allows you to view data in the most relevant way.

You should note that the MetaTrader 4 is most commonly used for forex trading, however, with the MT5 offering a superior alternative for those wanting to invest in stocks.

2. Features, Fees and Charges

You should also review each platform’s basic features and any additional functionality that they offer before making an informed decision, as this helps you to determine the value proposition of each one.

This also needs to be measured against your choice of asset classes and the commission fees charged for executing orders, which create a cost that must be subtracted from your forecast profitability.

Ultimately, the platform that you choose should be capable of at least meeting your real-time requirements, while you should prioritise software that you’re likely to get the most use from.

If you intend to scale your efforts over time, however, you may want to use a trading platform that offers a range of more advanced and upgraded features.

3. Customer Support

Last, but not least, you’ll need to select an online brokerage site that offers a constant source of real-time support.

This is particularly relevant if you’re new to the stock market, as you may need to rely on 24/7 support as you first execute orders and implement a carefully crafted trading strategy.

Support may be available in different formats too, from informative blog posts and instructional tutorials to how-to videos.

Ideally, you should choose a trading platform that can offer comprehensive and 24-hour support, as this may prove crucial as you embark on a constant learning journey.

 

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