Choosing the trading platform that is right for you can be a tough decision. Some trading platforms offer more features than others, so it’s important to know what you’re looking for in advance. If you are unsure of where to start, this article will provide some tips on how to find the trading platform that is perfect for your trading needs and style.
What is an online trading platform?
First, let’s define a trading platform. A trading platform is an online service that allows you to buy and sell stocks or other types of financial assets using the internet. There are two main categories: web-based trading platforms and desktop trading platforms.
Web-based trading platforms are accessed through a simple website, while desktop trading platforms require users to download software onto their computers in order to place trades on certain securities.
Desktop trading is more suitable for experienced traders who use advanced features like charting tools, stock scanners, market data feeds, etc., but it requires extra time and money as they have to purchase a computer plus pay subscription fees if there isn’t a free version available.
Online platform trading has a number of benefits over trading on the stock exchange floor. Online trading is very user-friendly and allows you to access your trading platform from any computer that has an internet connection. You can also trade at more affordable rates than if you were trading in person, which saves money for investors who are just starting out or have smaller account sizes.
Platforms to consider
There are a number of trading platforms to consider when making your decision. For example, e-trade is an online trading platform that offers all the tools you need for trading on multiple exchanges across several asset classes and markets including forex, bonds, ETFs as well as stocks.
The trading platform features include real-time streaming quotes from more than eight different global sources, which allow investors to get their hands on relevant information faster and easier. This is why multiple screens often help in order to give you a good look at everything. It’s also possible to trade in New Zealand dollars (NZD), US dollars (USD), or Australian dollars (AUD).
Another popular trading platform is BigCharts. This site provides free charts with technical analysis by drawing over 20 types of indicators directly onto them, plus there’s no registration required either!
The pros and cons of different platforms
There are many trading platforms to choose from, but there is no perfect trading platform that offers everything. It’s important to know what your trading needs and personal preferences are before making a decision on which one you want to use. Here we discuss the pros and cons of some popular types of trading platforms:
- Web-based Platforms – In general, web-based trading platforms tend to have fewer features than desktop trading software, however, this also means they’re cheaper as well because you won’t have any subscription fees or additional costs for computer equipment unless you absolutely need advanced functionality like charting tools, etc.
Some good examples include Yahoo! Finance Trading Center (free) & eSignal ($29/month). There are other free options available as well.
- Desktop trading platforms – With desktop trading platforms, you’ll have to download and install the software onto your computer, which will take up hard drive space. These types of trading platforms often offer a larger range of features like charting tools for technical analysis, stock scanners that allow you to search different markets looking for investment opportunities, market data feeds (delayed quotes) plus many more options in general! Some good examples include MetaStock ($549), RealTick Trading Platform Professional ($500/month) & Investors Edge Pro ($299). You might also try Stock Market Simulator if you want a free alternative option available online with no downloads required either!
Tips for setting up your account
It’s important to consider trading costs and fees before choosing a trading platform. This is because they can be very expensive, resulting in considerable losses over the long term, which is why it’s so important to find one that offers competitive trading rates.
Some examples of trading platforms with low trading commissions include e*Trade (0.60% fee), Sharebuilder ($12/trade) & Charles Schwab ($76—$235).
There are other factors you’ll also need to take into consideration when setting up your account such as currency type, minimum deposit requirements for new accounts or margin accounts, pricing schedule whether it includes rebates for active traders or not, shorting stocks (if applicable), the speed of execution plus more!
The perfect online trading platform for you may not be the one that’s best marketed or most popular. It will depend on your personal needs and preferences, what kind of account you are opening, and how much money is involved in each trade. We hope this article helped to make sense of all these variables so that you can find a great place to start investing today!