CFD trading involves buying and selling contracts for a profit through an online provider. When trading CFDs, the agreement is to exchange the difference gained or lost in an asset price. This happens from when a contract is open till it is closed.
Choosing the Right Trading Platform
When selecting the best CFD trading platform, you should find one that features real-time charts, quotes, and prices. The platform also gives you the main features within its interface to make your trading more efficient. Many times, beginner CFD traders give up easily when looking for the best platform and its providers.
It is easy to see why because the list of trading platforms increases daily. Choosing the right platform determines the type of trader you will be in the long run. The platform you choose is very important if you are serious about trading.
Many platforms have standard features as well as secondary ones. Some of the features offered by different platforms are more expensive to use than others on different platforms.
Instead of succumbing to the pressure of market size because of a big broker, you can use the purchasing power and utilize it to your advantage. Learning the markets and patience pays off in the journey to be a successful CFD trader.
So how do you choose a good trading platform?
- What Can You Trade?
You need to know what the platform offers as tradable instruments and if the platform narrows down the first search you make. For example, you want to trade in Australian markets and beyond, you need to gain access to forex, indices, currencies, etc.
- Your Specific Needs
You need to establish your needs clearly before choosing a platform. This will help you get a platform that works for you while reducing costs significantly because you will not be paying for features you do not need. The platform that is tailored to meet your needs best is cost-effective and efficient while using.
- Trading Costs
After identifying a platform, you need to check how much they charge to use the features. You have to view several platforms to review the prices against efficiency and your needs. The fees charged are the commission per trade and the brokerage fee. You need to check if the platform is spread-based, commission-based, or both.
Look for all the hidden charges like software fees, account fees, or data streaming fees. These fees might not be significant daily but if accumulated they might be a lot of money. Ensure you get the best services for a cost-efficient price.
- Customer Support
Many rookie traders do not see the value of customer support in CFD trading. Trading platforms are very complicated and you need to ask many questions before choosing a platform. The only way you can do this is through reliable customer support. You are not going to use the feature daily, but if you cannot access some resources, you will need to communicate with a support team that is friendly, timely, and reliable.
You can trade using capital.com. It is a web-based platform to get all the above catered for plus the additional features you need.