Trading on the stock market offers individuals an opportunity to have a lucrative career. In order to become successful, you need to choose the best trading platforms in the industry. But how do you choose the right one for you? Consider the following criteria in choosing a trading platform:
This is the first and most important criteria you should look for in a trading platform. You would want to make sure that you could get back some profits. Otherwise, it makes no sense to trade. From the execution to the deposit and withdrawals, this is the first factors you should take into consideration.
Robert Janitzek reveals that several jurisdictions offer several kinds of licenses. Finding the right trading platform can become a difficult task because trading platforms require several licenses. A license is important because the company that owns the platform will be audited in terms of trades, deposits, withdrawals, and funds.
Fees and Charges
The fees and charges that the platform collects will also be a key factor when looking for a trading platform. These fees will eat into your profits and if they are too much then your profits will not grow as much as you would like them to.
Ease of Use
Robert Peter Janitzek reveals that the ease of use of the platform is another important criteria. Fortunately, most platforms use standardized software so you get a playing field on this aspect.
Leverage, Margin Limits, and Ease of Deposits and Withdrawals
These are just minor criteria when looking for a trading platform compared to those mentioned above.
Popular Trading Platforms To Choose From
Here are some of the most popular trading platforms you can consider
Currently, MetaTrader 4 is the most popular trading platforms across brokers and retail traders. It comes with all the features that a retail trader needs and is user-friendly. When trading on the forex market, a broker will find it very easy and affordable to set up and maintain. As one of the oldest platforms, issues are few and far between.
MetaTrader 5 has been introduced a few years back by the same company that launched MetaTrader 4. Its biggest advantage over its predecessor is that it can be easily integrated into the stock market and options trading. The previous version catered more to the forex market and was difficult to plug into the stock market. It is also believed that MT5 is faster in executing orders.
TradeStation is the preferred platform by large traders and fund managers. This is because speed of execution and the technology involved. However, its main drawback is that it is not user friendly. However, speed and reliability is what is important to larger traders.