If you have still never tried your hand at some form of trading, it is likely that you know someone who has. For many individuals who have yet to visit an online trading platform, it is because they have no idea where or how to start. It can either prove too confusing or too intimidating to a first-time trader, so it is completely understood.
In addition to this, a lot of people who have already started trading end up stopping, and not because they don’t enjoy trading but because they end up thinking that every online trading platform is the same, when, in fact, they have just picked the wrong one. This is a common misconception; however, it couldn’t be further from the truth.
If any of this sounds familiar, then you have come to the right place. This article has been put together in order to help anyone who wants to know how to approach the process of choosing the best trading platforms in the United Kingdom, as well as to offer a helping hand on where to find the one that is best for you. There are some key factors that you should consider when deciding which trading platform is best for you so let’s take a look at some of the most important.
Comparison & Review Sites
When it comes to most new purchases, whether it is a product or a service, a large proportion of people turn to the internet to conduct some research. The internet is now one of, if not the most, common method to research a potential new purchase, and while it is an incredibly useful resource, there can be some stumbling blocks along the way.
For starters, as there is an abundance of information available, it can often prove difficult to know which sources to trust. Furthermore, due to the number of sources and sites available, it can prove to be an incredibly laborious process. Well, trading platforms are no exception, and while the internet is still the ideal place to begin, you need to know where to look and what to look for.
There are many trustworthy comparison and review sites, but when it comes to choosing the best trading platforms in the United Kingdom, we suggest that you take a look at a list that is specifically about this particular market. For example, if you click here, you will find the best Forex trading platforms available in the United Kingdom today, saving you countless hours of research in the process.
This list breaks down trading platforms based on their supported currency pairs, fees and commissions, trading tools, payments, and customer support, giving you a comprehensive overview of the best available trading platforms in the United Kingdom in one convenient location.
So, now that you have a better idea of where to look, the big question is what you should be looking for. Well, most people will already know to look for the aforementioned low fees, what commission it charges, what assets you can trade, and its customer support reputation.
And yes, these are all very important and should be at the top of your list. However, when it comes to going into detail, we have decided to choose two further aspects of trading platforms that you should be considering when looking for the best trading platform in the United Kingdom for you…
Does the Platform Have the Opportunity to Open a Demo Accounts?
This is something that we highly recommend for anyone who is new to trading. And yes, demo accounts are exactly what you think they are. If a platform provides you with the opportunity to open a demo account and you are new to trading, it is a no-brainer, take full advantage.
Demo accounts allow you to have the chance to trade in a real-world environment without having the pressure of the fact that every decision you make could cost you money. This is what teachers would often refer to as an effective learning environment (check this website for more information), and we couldn’t agree more on how important it is.
You can trade at your own pace and hone your skills before you actually trade with real money. For many first-time traders, they can fall into the trap of reading and making notes about all the ins and outs of trading without ever actually doing anything.
While it may seem obvious, trading is still the best way to learn about trading, which makes the demo account one of the most important tools when it comes to learning how to trade. Trust us, if you are new to trading, this is the ideal way to begin your journey.
Is the Platform User-Friendly?
We have all experienced that moment when you switch from one piece of software to another and suddenly realize either how great the previous one you used to be or how cluttered and complicated it was.
Remember, that while some products will be considered user-friendly by the public, good design is subjective, so be sure to always keep what you like in mind when searching for a platform.
If you end up continuing trading on even a semi-regular basis, the trading platform you use will be something you look at and interact with a lot. Make sure that it is something you are comfortable with and that it is usable on whatever type of device you would like to use it on, whether that is a laptop, smartphone, or tablet.
The Bottom Line
When it comes to finding what trading platform is right for you, there is not a one-size-fits-all answer. Our advice is to do your research, find a selection of possibilities and then take full advantage of the demo account option in order to make sure that you are picking the right platform for you! If you do this, you can rest assured that you will be in an ideal position to trade at your optimal level.