Trading platforms

How to choose the best trading platform?

If you are new to the financial markets, choosing the best trading platform is the most important step in your investment. Choosing the right trading platform is the key to helping you deal with the challenges of trading in the financial markets. To choose a platform, consider several points and get familiar with the criteria for choosing the best trading system. In the following, we will learn some of these points and criteria.

Choosing a platform based on the trader’s needs

Never make the recommendation of others in your final decision for choosing a good platform. First, measure your trading needs and see which tools, facilities, and features you need for an easy trading process. For example, a new platform that is not well-known may meet all your needs, while an old and well-known platform needs to have some of the tools you need to facilitate your desired transactions.

Easy access and ease of use of the platform

Your trading platform should match your lifestyle. If you are always on the way, choose a platform with mobile software for your mobile operating system so you can use the platform’s services anytime and anywhere. If you are comfortable with a PC or laptop, your job is easier because most platforms are accessible through the site (using a computer browser) or computer software. Also, the platform should be easy to use, so you don’t have to call others for any problem.

Demo accounts

Some Trading platforms have demo or trial accounts. These accounts help newcomers to the financial markets to buy and sell virtual assets with virtual capital in a simulated environment like the target market. This feature helps these people to learn the platform settings and analytical tools and try some trading techniques before entering the market.

The possibility of connecting to global markets

Apart from domestic market traders such as Tehran Stock Exchange, most traders and investors need access to global markets such as Forex, digital currency, CFDs, NFTs, etc., and this is only possible with a platform with international access.

For example, some platforms provide round-the-clock access to the global Forex market, and others provide access to the New York Stock Exchange and Nasdaq.

Online smart tools

Today, AI technology has come to the aid of Trading platforms in various matters, so traders can save time in planning trades and financial calculations and analyses by using the smart tools of these platforms. It is also possible to automate many transactions using these trading tools.

Trading robots are another example of smart technologies on these platforms. These tools can even decide for you, with your permission, when to enter the trades. Also, smart tools reduce mistakes in transactions and settings of trading systems.

Transaction fees and commissions

Before deciding to choose a platform, you should check the costs of using different Trading platforms. These costs include transaction fees, asset transfer costs, asset conversion costs, trading commissions, interest rates for services such as lending, margin trading conditions, leverages, spreads when buying and selling, and swaps. The importance of checking these costs is that higher costs will slow down your capital growth even if you are successful in trading.

Note that some platforms have discounts on the Pro version; some offer discounts for trading certain symbols; some offer bonuses such as welcome bonuses, and others charge close to zero fees for certain transactions or trades.

Checking the exclusive features of trading platforms

You need to find out about a trading platform’s well-known features. Also, you should know the feature on one platform which is not provided on other platforms, or you need to get information about platforms that provide a feature with the best quality, support, and benefits; these are the same competitive features that can be the basis for your selection.

For example, you can ask yourself these questions before choosing a platform:

• Does the platform provide real-time asset prices?
• Can I access real-time data without paying?
• What is the minimum amount to start a transaction, and can I finance and pay it?
• How many types of trading accounts are offered on this platform?
• What are the trading tools of this platform?
• Does the platform have free and paid educational features or content?
• Does the platform offer a variety of profitable strategies?

Security is a serious issue in choosing a trading platform.

The safety and soundness of transactions in financial markets is the concern of all traders and investors. The trading platform must guarantee the safety of your identity information, transaction information, information such as passwords and bank account numbers, etc. Check what features and algorithms the platform uses to ensure the security of your capital. On the other hand, the best trading platform for you uses encryption security standards to prevent hacker attacks and malware.

Variety of payment methods on the platform

Before choosing a platform for trading and investing in financial markets, you should also pick up information about payment methods on this platform. For example, a platform may have only one payment path, which is unsuitable and easy for you. The variety of payment methods can be in the context of various online payment portals for PayPal accounts, credit cards, domestic bank cards, etc., or the variety of payment methods in asset type.

For example, some platforms allow users to pay using fiat currency options such as dollars and euros, digital currencies and stablecoins, and vouchers. Also, platforms should be able to show trading profits according to the platform’s rules quickly; however, long waiting lines to receive funds are not a good specification for a platform.

Diversification of orders on trading platforms

Some trading software systems and online digital currency brokers and exchanges only register simple orders such as market orders. In contrast, professional platforms can create orders such as stop loss and adjustable orders such as multi-step orders. These orders will help you develop trading strategies and reduce trading risk.

Customer support

Newcomers to financial markets always need platform support services. On the other hand, professional traders also need to receive some advice for various reasons during high-volume investments or software problems, etc. Therefore, before choosing a platform, check whether the desired platform has a trained and always available customer support team. Note that many financial markets offer 24/7 financial services, and it is better for your platform to have 24/7 support services.

Having the necessary permits

One of the points that increase the credibility of a platform with customers is the licenses and approvals that the platform has received from global, regional, national, or industrial bodies. For example, first check where the company providing the platform is registered. Also, some platforms offer their services based on the regulations of certain institutions, including SIPC, SEC, or FSRA.