Trading platforms nowadays are a dime a dozen, and it’s easy to get lost in the sea of offerings. However, your trading success will ultimately depend on the platform you use.
With so many to choose from, how will you know which is the best trading platform for you? Consider these 5 factors.
Table of Contents
Licensing and Regulation
It’s easy to differentiate a legitimate trading platform such as Avatrade from inferior scams out there. All you need to do is check for regulatory licenses- Avatrade has it across 5 continents, which means they’re allowed to operate within those regions.
Licensing is important unless you want to take unnecessary trading risks. More often than not expert traders will check for regulatory content before registering with a trading app or company.
Intuitive Dashboard and Ease of Use
A typical trading dashboard is one that has a lot of graphs, computations and data. Granted, getting into trading as an investment will have a learning curve but a trading platform should serve to make it easier for beginners, not more difficult.
A good, user-friendly interface will put the investor at ease and in full control of his or her assets. The ability to close a trade or get an order shouldn’t take more than a few seconds, and being able to navigate to even the more obscure functions shouldn’t take more than a few clicks or taps.
Uptime and Reliability
What good is a trading platform if it’s always down, out of service or undergoing maintenance?
Much like any other service, a trading platform’s reliability is one of the ultimate deciding factors when picking the right platform. It has to be up and running, doesn’t freeze, lag or crash even during high traffic and doesn’t glitch at the most important time.
If the platform has an app, test drive it to see if it functions well and does what it’s supposed to. It has to work the same, if not better than its web-based counterpart.
Reviews
Tap into the power of the online community by seeing what they have to say about a particular trading platform. If the reviews are mostly positive then you’re almost assured of a good experience.
Don’t just check the review numbers, though- read up on the comments and the response of the company in question. Also, perfect 5 star ratings doesn’t always mean they’re legit as they could be fake.
Security
Lastly, a good trading platform must have the best security systems and measures in place.
Trading apps and sites process hundreds and thousands of transactions each day, and it could be the target of a hack or a security breach. They must protect their users by investing in the latest technology to keep the money from falling into the wrong hands.
Check the platform’s features and see what kind of security they have in place. Also, check and see if the company has experienced a security breach or a hack lately. If so, it’s best to avoid them and look for another one.