Not all trading platforms are created equal.
This means that you need to do your research when it comes to choosing a trading platform. The main differences lie in the analytics and resources that a platform has to offer. You cannot expect a platform to provide you with everything you need if they are not fully transparent in what they have to offer. Moreover, the best platforms are the ones that offer you a demo account. That way, you can test out the platform for yourself before committing to any subscription plans.
In essence, any solid trading platform must offer you two things: access to all the trading tools you need and real-time analytics. These two elements will determine how useful a trading platform is, in addition to giving you the full range of tools you need to conduct successful trades.
It’s also important to note that trading platforms should offer you both a desktop and mobile versions. This is key, as you may not always be sitting at your computer. Consequently, having the option to conduct trades, or manage your account, from your mobile device is crucial. This can enable you to move around, especially if you travel frequently.
Trading platforms usually charge you two types of fees. First, trading platforms charge a subscription fee. This could be a one-time setup fee or an annual subscription. Depending on the range of services the platform offers, this is what you can expect to pay. If you have a basic platform service that doesn’t offer you real-time analytics and up-to-date information, then you can expect to pay a plat registration fee. On the other hand, if you expect real-time analytics and robust data management, then you may find that you will have to pay an upfront registration fee plus an annual subscription. The fact of the matter is that it’s best to pay the additional fee because real-time analytics is worth every penny you can spend.
The second type of fee which you can expect to pay is a fee per trade. Most platforms will charge you pennies per trade. This is something which you must factor into each trade you make as these fees can quickly add up. Therefore, it’s worth keeping in mind that finding a platform that doesn’t charge you high trade fees is always a good option.
Also, please keep in mind that most trading platforms see bundles. These bundles offer a lot of trades, say, 10 trades for $1.99. These bundles are worth the expense as they can help you to plan your overall cost per trade, thereby allowing you to visualize how much you stand to gain.