Choosing the right trading platform should be a priority for anyone who’s thinking about making money online through trading. The platform you choose will have a huge impact on how well you perform and how fast you can learn to trade. If you’re new to trading, then you have to pick a platform with a gentle learning curve. It should also be stable and fit different trading styles. Let’s take a look at a few tips that will help you find a great online trading platform.
Licence and Reputation
The first thing you have to do when you’re looking at trading platforms is to check whether they’re lawfully operating in the country and what people have to say about them. If the broker is serving South African traders or is located in South Africa, you want to look for certification from the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FCSA). You should also go with a broker that has been there for a good while and has a reputation for offering great service. If you want a platform that ticks all these boxes, check out this online trading South Africa broker.
Ease of Use and Customer Help
The next thing you have to do is check how beginner-friendly the platform is. The best way to know this is to try the platform yourself with a trial account. If you don’t feel like opening dummy accounts with dozens of platforms, only open one or two of them at a time. You can choose which broker you should try next by looking at reviews.
It would also be a good idea to go with a service that offers tons of different support options. You should be able to contact the broker through email or phone at all times, and they should ideally have a live chat through which you can contact them 24/7. Try to test their live chat at different times of the day and see how fast they react. Also, try calling their customer service line and have very specific questions to see how much they actually know about the platform.
Financial Instruments and Options
Another thing you have to look at is the number of financial instruments and options the platform offers. If you want to do some forex trading, for example, then look for a platform that has a high number of currency pairs. If you want to trade over the stock market, check how many stock market exchanges you can trade over. You should also pay attention to whether they offer exotic products like CFDs or binary options.
Last, but not least, you need to check if the platform in question goes above and beyond to help traders become better. It should have an extensive resources section and a discussion forum to allow people who use the platform to exchange strategies and help each other. Also, check if the broker has some social trading options as they can come in handy when trying to flesh out a trading strategy.
These are all tips that will allow you to find a great trading platform fast. Only work with a safe and reputable service, and make sure that it fits your trading style and level of expertise.