How To Choose The Best Online Trading Platform for Day Trading | UK
Day Trading For Dummies 101
For beginners, selecting an online day trading platform can be confusing. A trading platform is a tool one uses for communicating trade data between trader and broker. There are many different options available, and you should determine which day trading platform is best for you depending on your needs. This guide will help you refine your choices and assist you in making the best possible decision:
Fees
While some online trading platforms offer day traders free usage of their services, others have a once-off sign-up fee or a monthly fee for day trading. Depending on your budget or on your needs, you will want to keep a lookout for any fees that you may incur.
Regulation
You will want to be sure that your personal information is secure while you are trading. Each country has its regulatory body, such as the Financial Conduct Authority (FCA) in the UK. You will want to make sure and check the credibility that the broker and online day trading platform you choose is properly regulated so that all your information is secured when day trading.
Customer Service
Online day trading is fast-paced; therefore, you will want to be sure that you can reach the customer service departments if the need should arise. Check out the different customer support options that each day trading platform offers as well as the wait time to receive help. The information could be valuable and save you much stress in the long run.
Deposits and Withdrawals
Each online day trading platform offers different methods for making deposits and withdrawals. Some payment methods can be more time consuming than others. Try to check out the various options for deposits and withdrawals and the time each one takes can help prevent any frustrations when you are using the platform.
Platform Options
There are different platform options such as day trading apps, and sites for desktop, and mobile trading. Depending on if you are doing most of your trading at home or on the go, you will want to find the trading platform best suits your needs.
Tradeable Assets
When selecting a brokerage, most people have stocks in mind. However, there are also many investment alternatives that are not offered by every company. These include Forex (FX), CFDs, ETFs, futures, options as well as gold/silver certificates.
Additional Features
Some online day trading platforms come with different features, such as advanced charting tools, live updates, and risk management tools for trading. Having extra features can help make your trading experience the best it can be.
Here at TopBrokers.Trade, we take pride in providing the best possible online trading broker comparison, reviews and ratings. These reviews enable you to select the best day trading platform for your needs. We don’t just help you to pick a great place to trade, but also do everything that we can, to show you how to get started. For more information on CFD trading, please see our tutorial: The Basics of CFDs.
