Investing online might sound like a piece of cake, but you can tell once you’ve got some hands-on experience that it’s far from that. In fact, it can be challenging to the point of overwhelming. Unless you’re using the right platform, that is. For those who’ve been lucky and/or wise enough to solve this task successfully, much of the burden is lifted automatically — the platform’s always there for them.
Let’s leave whatever we can’t control to luck. The choice of platform, on the contrary, is something we can assume responsibility for. In this article, you’ll find the answers to the following questions:
- What makes a trading platform efficient?
- What’s MetaTrader 4, and why has it been so popular?
- What other great platforms are there, and who will benefit from which?
The Good, the Bad, and the Excellent
It might seem at a first glance that all trading platforms are the same. The term refers to software that traders use to manage their positions as well as for a set of additional functions which we’ll focus on later. Commercial platforms will target a large population of traders. Those known as prop platforms, on the contrary, are customized to meet the specific needs of a certain group.
As a beginner trader, you might want to prioritize ease of navigation over advanced features aimed at day traders. It’s also a good idea to consider the fees. This is not to say that the lower the fee, the better since there might be trade-offs to consider.
Many platforms specify eligibility criteria that you need to meet to be able to use them. For instance, the minimum equity threshold can be set well above yours, so it’s a good idea to read the terms and conditions first. Which broker to use is also a nuance that can be vital with some platforms, while others are agnostic to this aspect.
Ideally, you should look for affordable fees, flexible subscriptions plans including the basic and advanced features that meet your needs, and a user-friendly interface. This is what makes a really good trading platform. Pay attention to cross-platform support as well if you plan to trade on the go.
While it’s true that you don’t need to imitate others’ choices to succeed, a popular trading platform might be a good place to start. MetaTrader 4 and MetaTrader 5 are both well-known for their versatility.
Both platforms come with a bunch of analytical tools for you to base your decisions on. MT4 has long been among the most well-known trading software products and is the predecessor of MetaTrader 5, which comes with a serious twist into non-Forex analytics.
For greater flexibility and a more novice-friendly interface, the FBS trading platform is a great option. Developed with ease of use across devices in mind, it’s a powerful tool that offers great bonuses to new users and is capable of informing the most challenging decisions.
Finding the Perfect Platform
As you can see, the choice of a trading platform depends on a broad range of factors, from your trading experience to the preferred strategy with a lot in between. Here’s a list of questions to ask yourself that will lead you to the perfect match:
- How much am I prepared to pay for the trading platform?
- Am I going to use strategies like scalping that necessitate frequent closing?
- What kind of analytics do I want?
- Which devices do I need the platform on?
Can you think of other aspects to consider? Leave a reply below and share your wisdom!