When it comes to choosing the right trading platform, you have to know all the aspects that help you decide the right one. The problem is, many traders are very new to the trading world and they do not know much about trading platforms. When they compare two or more trading platforms, they pit wrong aspects against each other. Today, you will learn about the right way of comparing two trading platforms so you can pick the best one. Here you go:
Comparing Trading Platforms – DOs and DONTs
Don’t Compare Leverage
You do not want to compare the leverage information that you get from the broker. Yes, you can use that information to compare brokers, but not trading platforms. The trading platform you are on does not have anything to do with the leverage you get, but your broker does.
Do Compare the Ease of Use
What really matters when you are comparing trading platforms is the ease of use. You cannot pick a trading platform that does not offer you ease of use. You will end up spending too much time on learning it whereas the same time should be spent on learning how to trade in financial markets.
Don’t Compare the Bonuses
Again, you will be making a mistake if you compare the two platforms on the basis of the bonus you get when you sign up. The bonus comes from the broker you sign up with. The same broker can take away bonuses or offer even more while using the same trading platform. You can definitely use the bonus information when comparing two different brokers.
Do Compare the Ease of Access
That’s probably the most important thing about any trading platform today. Ease of access can mean a lot of things. First, it means the devices you can use to access the trading platform. The right platform will be available on desktops, laptops, tablets, and smartphones. Secondly, you should not have any compatibility issues. In the case of web-based trading platform, you never run in to compatibility issues.
Don’t Compare Asset Types
You have to realize that the asset index is a thing that shows the capability of your broker, not the trading platform. Online brokers are offering different types of assets. Some offer you stocks while others offer you forex currency pairs only. There are some that let you trade CFDs. In the case of CFDs, you can trade just about any asset that you can think of. That’s why CFD trading platforms have the highest number of assets on them available for you to trade.
Is There a Verdict?
There can never be a verdict when it comes to picking the right trading platform. Despite one platform offering more options than another platform, a trader can pick any. Which platform you pick is entirely your choice. However, you should make sure that you research your broker before you sign up on a particular trading platform. Even if you have the best trading platform at your disposal, having the wrong broker on your side can make your life difficult as a trader. While you are comparing trading platforms, you should definitely consider XTRgate full review.
If you are a new trader, you have to realize the importance of picking the right trading platform. It might not appear as an important thought at first, but a wrong trading platform can become a pain in the neck. You want to trade smoothly and without silly glitches costing your profitable trades. If that’s your aim, you should spend time in comparing the right trading platform the right way and then picking one.