Are you a seasoned trader or someone who’s just getting started?
Either way you need a trading platform that’s tailored to your needs and delivers on key points of interest.
Maybe it’s the price you’re most concerned about, or stock size. Perhaps you care about the products on offer, the integration of the service, or the design aesthetic of the source code.
In this post we look at the essential criteria you need to consider before investing your time and money in a trading platform.
Don’t mess about, read on to find out more.
THE PRICE
Very few things in the world are free and trading platforms aren’t any different. There is usually a cost associated with trading on a platform, this could be a monthly premium or a commission per transaction. It’s important you understand the price before trading.
When you understand the cost of a trading platform like IRESS it means you can organise your trading to account for these deficits. Often the higher the monthly payment is the one features and benefits you have at your disposal.
STOCK SIZE
Different trading platforms have different products available and different rules that govern those products. When you research online platforms for trading take a look at their range of products and what they offer for free.
Most trading platforms will have a range of products you can access without a fee however, you may have to pay a premium at some point to access the more lucrative products – this is fairly standard.
TYPE OF PRODUCT
Maybe you already know what type of products you want to trade and invest in, or, perhaps you’re waiting to find out what’s on offer with the trading platforms so you can make some intelligent choices. Either way, the types of products you choose can affect your success.
On offer, you might see physical or digital products, domestic or foreign trades. The type of products you choose will have various criteria attached that affect the price and outcomes of your trading experience.
INTEGRATIONS
How well integrated is the trading platform you’re thinking of investing in? Does it have access to a range of markets and exchanges, and does it have options to build your portfolio or obtain some mentorship. These are all important factors to consider.
The last thing you want is to sign up to a trading platform for a monthly premium only to discover it’s limited in certain ways that prevent you from fully engaging with the markets or growing your expertise. Choose carefully.
DESIGN
The colours, shape, and feel of your trading platform might not be important, especially if it’s only for private use and you’re working from home. On the other hand, it could make all the difference to your company image, if you’re running it from your business.
While many platforms don’t offer many options for design cistomisation, some do, and it can make all the difference to how your trading platform is perceived in your office space or place of business – this is worth looking into.
What to Look for in a Trading Platform
