What are the criteria to look for when choosing a good trading platform? In this industry where trading platforms are rampant and traders get to choose from their wide array of tools and services, how can you really find the best trading platform that perfectly suits your needs?
Here are some of the critical things that you need to look at when choosing a trading platform.
Reliability
A good trading platform needs to be reliable. This is the first factor that needs to be considered. The trading platform needs to have a reliability of execution as well as reliability on withdrawals and deposits. These are the key factors to consider when choosing a reliable trading platform. When it comes to reliability, MetaTrader 5 (MT5) is one of the best in the industry. It has proven to be on the top of its competitors as seen by the positive reviews of its clients for so many years.
Licensing
After reliability, there goes the licensing. This will ensure that you are trading under a properly regulated trading platform. Every jurisdiction offers different kinds of licenses. So when you pick a trading platform, you need to check for its licenses, multiple licenses as much as possible. Being able to secure a license means that your money is guaranteed to be protected from all sorts of scam activities.
Fees and Charges
Your financial capabilities must also be considered. Check on the fees and charges that the trading platform may charge you. Never overlook these things or your profits will only be consumed. If you are a scalper, you must consider these first hand or your profits will refuse to grow just like how you want them to be.
User Interface
Especially for new traders, you might find trading confusing. For this, you should pick a trading platform that won’t add to your confusion. The interface of the trading platform must be user-friendly. Some traders nowadays even make this their primary consideration when picking a trading platform. When it comes to a user-friendly interface, MT5 is top-notch. It is very easy to use this platform and it is accessible from Android and iOS operating systems.
Once you find a reliable trading platform with the qualities mentioned above, you can feel secure that you are in better hands. You will also have less leverage and hassle-free when withdrawing money and making a deposit to fund your account.
Prop Platforms and Commercial Platforms
There are two types of platforms – the Prop Platform and the Commercial Platform. Prop Platforms are those that are developed by brokers while the Commercial Platforms are platforms developed by companies that specialize in trading. These two kinds of platforms have their own specific rules and abilities.
As for MetaTrader 5, it is a commercial platform that was developed by MetaQuotes Software. This is the company behind MT4 which is also very famous among Forex traders. If you base their performance on their reputation then you will surely see positive feedback from traders and investors who have been using the trading platform for many years.
