Choosing the right trading platform can alleviate some of the burdens common in this line of work. Whenever price volatility increases, you’d want data feeds to continue seamlessly. If you are exploring a new strategy, you’d want to have a large enough palette for indicators and a scripting environment for coding new ones from scratch.
Test Them Out Yourself
Nowadays, most brokers require you to open a live account before you are given access to their demo platforms. If you’ve already narrowed down your search for a broker, this should not be an issue otherwise you should try to look for a broker first. Testing the platform firsthand is a great way to get a feel of how the environment looks and feels like. You get to see the actual tabs and categories, price charts, economic news, and so forth.
Consider the Assets You’re Trading
Not all platforms are cut out for specific investment vehicles. Some platforms are geared towards stock, currency, commodity, or indices. Others, like UltraTrade, cater to a balanced range of assets with a primary focus on binary options. It’s loaded with a ton of functionality and is backed by round-the-clock technical support.
Consider Number of Screens
It might sound excessive, but many traders actually outfit their offices with multiple screens. Having multiple computer screens allow you to display price charts simultaneously without having to switch back and forth. If you have more than one screen, using different platforms is possible. UltraTrade, for example, can run with Meta Trader 4 and other trusted platforms.
Check for Compatibility
Even if it passes your personal tastes and preferences, a platform should also undergo scrutiny in terms of technical compatibility with devices. You don’t want to be limited in using the platform on a computer. What if you have to leave for an important trip but would like to monitor your trades on the go? Your chosen trading platform should also be accessible through mobile devices including smartphones, tablets, and laptops.
Read the Fine Print
What terms and conditions are exercised by your platform? How often and easy can you withdraw returns on your investments? Are there minimum amounts required before you can make withdrawals? One other thing you should consider is how often the platform is offline to conduct maintenance. You’d want to keep downtime at a minimum so you can access account or market information when needed.