Are you planning to try online trading? Starting a trading journey can be overwhelming since it requires time and effort. You need enough knowledge and skills about trading, the market, and the strategies.
You can start by learning the basic information, such as the definition of trading, what’s the financial market, and how trading works. Next, you should be familiar with the terms and functions of every component of online trading, like financial instruments, and technical and fundamental analyses.
And while you’re learning about how trading works, you can look for your ideal trading platform. Besides, it’s one of the most essential things you should have when you trade, including a reliable broker.
In this article, we’ll guide you to finding the best trading platform for beginners.
But first, what is a trading platform?
A trading platform is where the magic happens. It’s a software system that allows traders to buy and sell stocks and instruments. Usually, professional traders prefer a trading platform that allows them to trade wherever they are. So, if the trading platform can be accessed across devices, mobiles, tablets, and desktops, it’s a plus.
However, even in choosing a trading platform, there’s no such thing as one size fits all. So, as the user, you should still make the final decision.
Meanwhile, here are the basic features you should look for in a trading platform if you don’t prefer anything yet.
1. User-Friendly Interface
Since beginners in trading have limited knowledge and still learning to navigate trades, a trading platform with a user-friendly interface is recommended. Usually, a trading platform with easy-to-navigate tools, clear instructions, and helpful tutorials can help beginners move forward.
You can look for the most popular trading platforms among beginners, but you also need to consider your preferences. If you start learning about various trading platforms, you may encounter popular ones like MetaTrader 4, cTrader, and eToro.
Meanwhile, one thing you should do to test whether a trading platform is ideal for your needs is to test them out.
2. Reliable Resources
Aside from conducting trades, the best trading platform offers a wide range of educational resources. Of course, these resources are made by reliable professional traders and experts that have been in the industry for so long. Some of these include videos, tutorials, articles, and courses.
In addition, aside from existing resources, there should be news and updates about your trading needs. For instance, if you’re into forex trading, you should have all the necessary information about the current forex market news and trends.
3. Low Commissions and No Hidden Fees
Trading can be complicated, so you should keep an eye on fees and commissions. Since you don’t have enough experience yet, choose a trading platform that doesn’t require additional fees and hidden payments.
Similar to looking for a user-friendly interface, the only thing you should do to know the payment process and fees of trading platforms is to explore them. Usually, trusted trading platforms post their pricing online, so potential investors can easily see them. Meanwhile, other trading platforms that usually have high fees tend to conceal their price range.
4. A Wide Range of Investment Options
The best trading platform for beginners has a variety of investment options. If you can trade anything you want, such as bonds, stocks, and forex, it’s easier to create a diverse portfolio. Besides, having a well-rounded portfolio is one of the best tips for managing risks, so you should be careful about trading in one financial instrument with a big trading size.
5. Reliable Customer Support
Beginners often need help in navigating the trading platform. Even if it has the most straightforward user interface, there are instances when it’s hard to find things.
If ever you encounter similar problems, don’t hesitate to contact customer service. However, some trading platforms have poor customer service. In some cases, you think you already found the best trading platform that suits your needs and preferences, yet no one’s responding when you need assistance. So, before choosing a platform, make sure to explore everything, including customer service.
6. Security Features
The development of the digital world isn’t just about the betterment of applications and platforms. However, it also comes with some negativities, including the rise of data breaches and cyber-attacks.
Unfortunately, not all trading platforms have high security when it comes to personal and financial data. Once a trading platform has been attacked, all the information about its clients can be collected and used in illegal practises.
7. Demo Account
As a beginner, you should know how to navigate the trading platform before testing it out in the real world. Fortunately, most trading platforms now offer a demo account. A demo trading account allows new users to test their strategies without investing real money.
And although it’s a demo account the results and information are the same as what’s happening in real time. Additionally, having a demo account is a great way to know if the trading platform has everything you need.
Final Thoughts
Looking for the best trading platform may take a while, but it’ll all be worth it once you find the one. From having a user-friendly interface to offering a demo account, these qualities should be the first thing you should look for when searching for the trading platform you’re going to use. After that, the next thing you should consider is your preferences. And once you find the trading platform with the complete package, don’t let it go away.
ABOUT THE AUTHOR
Aliana Baraquio has over 5 years of experience as a writer and market analyst. She specializes in developing beginner-friendly trading techniques and tutorials. Additionally, she suggests FP Markets as the top broker for trading CFDs and Forex.
