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How to choose the best trading platform for the modern investor

Trading platforms have opened up the world of trading to everyone in the UK and across the globe, regardless of wealth or knowledge.

By LLM Reporters  |  November 30, 2021
Trading pair BTC BUSD at Binance mobile app running at smartphone screen with a trading page at background
Image Credit: Iryna Budanova/Bigstock.com

With cryptocurrencies like Bitcoin and Ethereum reaching their highest ever values this year and the prospect of the metaverse now on the horizon, there has never been a better time to learn the art of trading. And, as we head into 2022, we can expect to see a record number of amateur investors dipping their toes in the water in a bid to grow their fortunes and get to grips with Forex, CFDs and other exciting investment trends.

Gone are the days when only professionals could make money through leveraging stocks and shares, and while there’s no denying that a certain level of skill and knowledge will go a long way towards seeing success, the advent of a new generation of online trading platforms has made the pursuit more accessible than ever before. Using artificial intelligence to analyse market activity and make predictions for future fluctuations, automation and signalling have changed the face of the investment world forever – which is good news for the inexperienced individual who is eager to get involved.

With such a vast variety of options, choosing the right trading platform can feel overwhelming, especially if you’re unsure what to look for. But armed with the right criteria, it’s easier than you think to sniff out your perfect match and to get yourself set up and ready to transform your finances in the new year.

man using trading platform
With cryptocurrencies like Bitcoin and Ethereum reaching their highest ever values this year and the prospect of the metaverse now on the horizon, there has never been a better time to learn the art of trading

What exactly are trading platforms?

Trading platforms are online services that allow you to buy and hold shares, bonds and funds all in one place, as well as selling those you already have. For those just getting started, you have the option to choose a ready-made portfolio to match your risk tolerance – so if you haven’t a clue what to invest in, then this is a great way to begin.

And you don’t have to know what you’re doing to get started either, because many provide automated guidance, or ‘robo-advice’, on what to trade, and when to make your moves.

How to choose an investment platform

When looking for the perfect investment platform to suit your needs, it’s advisable to consider how and when you intend to use it. If you’re eager to be able to keep an eye on things whilst on the go so that you can make quick moves when you need to, then a slick mobile app is essential – however, if you only plan to make trades on your laptop, then a desktop offering will suffice.

Comparing costs is important, as some demand high fees in exchange for access. Considering you’re investing and trading with the aim of making money, this can quickly eat into your profits – so be sure to shop around and choose a platform that won’t make you pay through the nose. If you’re opting for a ready-made portfolio, then this will likely come with a management fee attached, but make sure to find out if this includes transaction costs to avoid being hit with any unexpected additional charges.

trading platform
When looking for the perfect investment platform to suit your needs, it’s advisable to consider how and when you intend to use it

If you like to know what you’re investing in and are eager to put your money into companies that align with your values, then look for a platform that offers ethical funds. That way, you can be sure that you’re not inadvertently supporting something you are morally against.

It’s also worth considering what you intend to trade; if you plan to focus on Forex or CFDs, then you can find out more here about the best platforms to consider. If, on the other hand, you intend to work only with cryptocurrencies, then you may find that a specialist crypto trading platform is better suited to your needs.

When it comes to your money, excellent customer service is essential as you’ll need timely advice on how to sort out any issues that may occur to keep any related stress to a minimum. If your balance is looking off, or you make a deposit that doesn’t immediately appear, you’ll want quick reassurance and a speedy resolution – so read up on reviews of your short-listed platforms to work out which is likely to provide the highest and most efficient level of support.

If you’re still finding it difficult to decide, then you can try out some demo accounts to determine which is the most user friendly. Doing so will also allow you to get a feel for investing and trading before bringing real money into the equation – you can sign up for a trading demo account here.

Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.