If you’re just getting into trading, you’re in that exciting period where you’re just figuring out your trading objectives, type of trading, and even the platform to use. Fortunately, many online trading platforms exist with different functionalities and cater to different trading needs, and finding one that suits you will not be challenging. But you might not know much about trading platforms or what to look for in a good one.
How to Get Started
When comparing different platforms, starting with fees, security features, and customer support would be best before moving on to other details. Then once you have your shortlist, you can examine factors like the user interface and user experience to help you narrow down the best choice. However, you first need to learn what all this is and why it’s important.
This article will look at comparing the best trading platforms in the UK and what to look for while making that essential decision. So keep reading to learn more.
1. Fees
Even though fees are not the best metric to gauge a trading platform’s performance, they are an essential aspect of this process. Some trading platforms boast of high performance and, as such, charge high fees on things like commissions and account maintenance. However, some might charge you highly for average performance, and it’s essential to be wary of these.
You should also check the minimum deposit requirements, paid advanced options, or free perks with an account.
2. Features
All trading platforms come with a set of features aimed to pull you in and make your trading more manageable. However, some platforms pull it off better than others, while others charge a fee to gain access to their more advanced ones. Assuming you’re trying to keep your costs as low as possible, you will want to use the least expensive platform.
In this instance, ensure that the trading platform has reliability, high-speed access, a mobile app, order management and charting tools as the bare minimum. You will also find that the more advanced a platform’s features are, the more likely it charges for them. Keep that in mind while setting your bare minimum and objectives.
3. Security
Today security is a significant concern for anyone investing online. The internet is laden with stories of people who lost a ton of money because they didn’t do their due diligence, and the last thing you want is to end up like them. Find out what type of account protection different platforms offer, two-factor authentication in particular and the kind of security technology around your account.
In addition, find out if the platforms offer fraud insurance or in case they go out of business. The more you can insulate yourself from misgivings, the better you will be.
4. Customer Support
Some trading platforms are good at dealing with customers’ queries and helping them solve issues. At the same time, others can leave you frustrated and wanting more. Figure out what kind of customer support is available and the different channels you can get help. In this regard, the platform with the most accessible customer care service and good reviews online is the best.
5. Trading Assets Supported
When you choose to get into trading, you already know what securities you want to deal in, and not all platforms will fall into that category. Eliminating the ones that don’t will help you quickly narrow your search to those that matter. You can then compare which have the majority of securities you’re interested in and fit most of your other criteria.
Furthermore, you should compare what kind of orders you can place on the different platforms and what controls you have over timing trade execution.
Conclusion
Picking what trading platform to trade on is essential to success in this line of work. However, not all platforms are made equal, and you will realise more success faster on some than on others. Therefore, you should diligently compare them and determine which ones best help you reach your goals and objectives with the utmost certainty because they might define your success.
In addition, you should also remember that the platform you pick is not the only thing that will lead you to success. There are many more factors to consider, and how you handle them will also play a big part.