One of the most common issues that traders will encounter is choosing the most applicable and modern trading platform. As the sheer number of such portals has grown exponentially during the past few years, this is no easy task. How can an investor know which system works the best and what are a handful of common indicators that a platform deserves a closer look? These important questions are not to be taken lightly and without knowing the main metrics to look for, costly mistakes can be made. What do the experts have to say in regards to this topic?
The first thing to determine is whether or not the provider offers the ability to employ mobile-friendly applications alongside traditional techniques. Are Android and iOS systems supported? As a growing number of Forex traders are now operating remotely, this feature should never be overlooked. Another concern is if the smartphone software offers the same levels of functionality as a static system. As some have already predicted that mobile trading could one day overtake traditional methods, most reputable brokerages already offer this option.
When one invests in a platform, he or she is also relying heavily upon the technical tools that are available. Some of the areas which should always be included are:
- Historical prices.
- Drawing tools.
- A flexibility of chart intervals.
- Comparing the performance of two different assets.
- The option to customise and save a specific chart for later use.
- Future price projections.
These mechanics represent the virtual “backbone” of any trading system and if such basic options are not made immediately available, it is normally best to look elsewhere.
Another important concern involves the aesthetics of the platform itself. Architecture that is easy to read and interpret is essential when quick actions need to be taken. Are all charts clear and concise? Are critical features such as buy and sell prices, time frames, account statuses and current holdings immediately visible? Does the overall graphical user interface (GUI) feel clean and uncluttered? As investors will be spending the bulk of their time within such a domain, comfort always correlates with success.
Judging a book by its proverbial cover can be a dangerous approach within the world of online trading. Transparency is therefore very important. This is the main reason why well-known firms such as CMC Markets provide a demonstration account. Users can examine the instruments and the turnkey trading systems before committing to a purchase. Demo accounts are also excellent ways to hone one’s skills and become comfortable with proprietary software. After the allotted time frame expires, the trader can register and begin real-time transactions with much more confidence.
This article is meant to take the guesswork out of selecting the most relevant and efficacious trading platform. As portals such as CMC Markets continue to evolve, enjoying the opportunities that online investing has to offer is now within reach.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.