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What to look for in a trading platform

Finding a suitable trading platform is perhaps one of the most important things. Your platform may impact the way you trade and your profits, and it cannot be an afterthought in trading strategy.

 

With the abundance of platforms out there, how should one choose? Below are a few factors you should consider before opening an account and depositing your funds.

 

  1. High level of security

 

Arguably, the most important thing to look for is a high level of security. Whether you have an account with a bank, a broker ,having a secure platform is essential. Security comes in the form of tools like multi-step verification when logging in and data encryption and back-up options.

 

To ensure that your capital and trades are safe, it is advisable to only open accounts with reputable brokers. Check out reviews on the web, ask your friends for recommendations, and do sufficient research before depositing your funds.

 

  1. Good customer service

 

One of the popular ways many professional traders use to determine the rating of a trading platform is through its customer service. Good customer service means fast response times, ability to accommodate multiple languages, offering helpful responses, and always being transparent about fees and costs.

 

Many trading platforms also ensure customer inquiries are responded to and resolved quickly by installing live chat boxes on their platforms. Alternatively, they will provide hotlines and emails for you to reach out. No matter the method of communication, the bottom line is that you need a responsive and helpful customer service team. Otherwise, you will risk being stranded on your trading platform, unable to withdraw your funds nor talk to anyone about it.

 

  1. Availability on smartphones

 

If you are always on the go – whether on business and personal trips or you simply lead a nomadic lifestyle – it is important to make sure your trading platform is available on mobile devices. This way, you can access your funds and portfolio all the time and trade whenever you want.

 

Truth to be told, most trading platforms these days come in desktop and mobile versions, so there is little for you to worry about here.

 

  1. Compatibility with trading robots

 

Forex trading robots carry out algorithmic trading based on market signals. They determine whether – and when – to buy and sell currency pairs, and they are fully automated. This makes them quite popular, as many retail traders do not have the time to monitor their positions twenty-four seven.

 

If you would prefers to automate your trades, make sure you choose a platform that is compatible with trading robots. You should also check whether the use of algorithms to trade is legal in your country.

 

  1. Execution speed

 

Last but not least, the execution speed of a platform matters. If you plan on trading volatile markets with rates that fluctuate every few seconds, trading platform needs to be able to execute the opening and closing of your trades as soon as you make the order. Even if you are a long-term investor who does not need to actively monitor charts, having access to the latest information is essential.

 

If a platform’s execution speed is not up to par, traders will suffer slippage – not only on your stop-loss orders but also on your take-profit orders. You will thus suffer more losses and take home less profit.

 

Conclusion

Having access to the right trading platform is an invaluable asset for traders who want to get far. If you are unsure about a platform, you can always set up a demo account and test out its functionalities, before opening up a live account and funnelling in your capital.

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