How to Rate the Best Trading Platforms

319

The quality of trading platforms ranges from awful to excellent. Here are some essential things to consider when determining a platform’s overall rating. 

crypto_photo

10 Things to Consider When Rating the Best Trading Platforms:

The number of trading platforms available today is immense. Some platforms are excellent, providing you with a smooth experience all through, while others will get you frustrated almost every day.

So, how can you tell a good trading platform from a bad one? Below are some things you need to do so that you could determine the rating of any platform you are considering.

1. Assess the Charting Tools the Platform Provides

Charts are essential for technical analysis. An excellent platform should avail typical charting options, such as candlestick, bar, and line charts consisting of fundamental indicator studies, such as moving averages, Bollinger bands, RSI, and so forth. Furthermore, the capability to add trend lines is invaluable.

More high-end platforms offer even more advanced charting capabilities. These include Fibonacci plotting, Ichimoku, wave studies, line break charting, point and figure, etc.

2. Is Information Readable and Easy to Interpret?

A highly-rated trading platform boasts of information that is readable and also easy to interpret. A platform that has very lengthy and complicated guidelines will make it hard for anyone to get started. When it comes to charts, the information within them should be understandable, and the index readings should be legible.

3. Evaluate the Oscillators and Indicators

A platform without a comprehensive set of oscillators and indicators or a method of including those indicators to a chart will score low in ratings. An excellent platform enables users to set periods and other variables in the indicators according to their liking. And note, using the oscillators and indicators should be straightforward.

4. Gauge the Reliability 

While you can always get quick help finding a trading platform, another essential factor in the rating of such a service is its reliability. A good platform does not frequently crash or freeze, especially when information on global economic news and events is coming in. Aggressive traders need more stability since it allows them to make significant and frequent trades.

5. Assess the Fees Levied

It would be great if you also looked at the charges that a platform imposes as you endeavor to rate it. After all, assessing these figures can help you to understand whether they’ll eat into your profits, particularly so if you are a scalper. That said, good platforms tend to have relatively lower charges.

6. Consider the Availability of News Feeds

A good trading platform should provide its users with the latest news and valuable data to traders. Such feeds, which include financial and stock market events, announcements, and trends, are helpful for day traders. Most platforms offer news feeds through add-ons from PR Newswire, Reuters, etc., on a subscription basis. A trading site that provides the option to subscribe to market news is always better than one that doesn’t.

7. Look at the Support Structure

How easy/difficult is it to reach the support staff? What support channels are there? A trading platform should have reliable and experienced support agents, who can solve trading and technical issues that traders may face. Support should be available on email, call, and online chat if possible. If there’s a way to get in touch with the customer service agents on the platform directly, then that is a plus.

8. Assess Whether There Are Research Tools

Well-developed research tools allow traders to search and find useful information about companies quickly. Some tools provide general details, such as past income figures, relevant news, among other metrics. However, you will also find platforms that provide much more detailed data like financial reports and ratings from analysts, etc. The more sophisticated the research tools are, the higher the score for a platform.

9. Interface Usability

When rating a platform in the financial markets, its interface responsiveness is another aspect to keep in mind. The interface should be user-friendly. And that means that a trader should be able to place and close a trade instantaneously whenever they need to. Among the things you should check when assessing user-friendliness are stop-loss, one-click order placement, and limit setting. Also, look at the ease of navigating in general.

10. Look at the Security of Trader’s Data

Lastly, check how investors’ data is handled. The security features that a platform offers its users are crucial. Look at the data encryption methods that the particular site uses to get a good idea of how they handle people’s private data.

Final Words

Like any other platform, trading sites and applications should have essential features that make it easy for their clients to do business. And for such trading platforms to attain a high rating, they should possess the critical advantages discussed above.

Like this post? Let us know!
  • CoolAF (0%)
  • Cool (0%)
  • Whatever (0%)
  • Boring (0%)
  • WTF (0%)
Summary
Title
How to Rate the Best Trading Platforms
Description
The quality of trading platforms ranges from awful to excellent. Here are some essential things to consider when determining a platform’s overall rating. 
No tags for this post.

More News from Nexter

Online Therapy Assistance
Сope with an anxiety and get help today from professional counselors
Depression Help
Relationship Counseling
ADHD Therapy
Generalized Anxiety Disorder
Professional Counseling