If you are wondering how all those people are successfully managing, opening or closing their market positions, then you have probably never heard of a trading platform. With a trading platform, you can do all of the above mentioned through a middleman or in other words an online broker. You can get access to these online trading platforms for a certain fee or even free through a broker. If the broker offers you a trading platform for free you would probably have to keep up with their rules and regulations asking you to have a certain number of trades in a week, month or even a year. There can also be a rule that you must have a certain amount of funds in your account if you want to keep it.
If you want to know more about trading platforms and want to use them, you will first have to understand its basics.
Types of trading platforms
So, by now you probably understand what is the role of a trading platform. A software that gives you the ability to invest, place your own trades and monitor all your accounts, stocks or whatever it is. Depending on the quality of the trading platform, they can come with loads of different other features such as news feeds where you can check out all the latest news about the market, detailed research of a certain stock, detailed charts to help you keep track of the stock prices and many more. You may also find trading platforms that are focused on certain markets. So if you want to track stocks, your best bet is to find such a platform, if you are looking for the state of currencies, you should find a currency focused platform and so on.
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Commercial platforms that target retail investors and day traders and prop platforms which are made by bigger brokerages so it can suit their needs and styles are the two types of trading platforms you can find. The former usually have easy to understand features, including charts, news feeds and other options that can help you research before you invest.
So, depending on what your type of trading is, you should find a platform that will cater to that certain type of trading.
How to pick a platform
When you have to decide on which platform you should start, your priorities for consideration are the features you can find on those sites and more importantly, its fess. So if you are a short-term trader and you are trading on a daily or weekly basis, then you are probably looking for one which offers in-detail charts to help you with your decisions. While other types of trading will probably need more intricate tools or features to help you.
Fees are also a very important factor when making a choice. While lower fees may seem like a no-brainer, you should keep in mind that most of the low fee websites offer fewer features while the ones with bigger fees may have hundreds of features that can suit your needs