Are you planning to expand your trading skills? If you already know the basics of indices trading, then it’s time to go further and find the best indices trading platform, also known as indices brokers.
Just a quick review, an index comprises a basket of stocks grouped and monitored in the standard procedure. Moreover, compared to traditional trading, indices trading enables a trader to open a position in just one go. So when you open a position, you enhance your exposure to various markets, and not just one.
Now, if you’re knowledgeable enough to take the next step, then you can find an indices trading platform that suits you. Just make sure it’s a safe platform where you can freely trade the way you like. Additionally, it might take you a while to find the perfect platform, but it’ll all be worth it.
If you need help in finding the best indices trading platform, here are some tips you should try!
1. Know what you need
As a trader, you have personal needs to trade comfortably. So the first thing you shouldn’t do when choosing a trading platform is to pick what the others are using impulsively. It’s more likely that you don’t trade the same as everyone, which is why you should explore more options,
You can easily spot a helpful indices trading platform if they offer the things you need. For instance, as a beginner, you need to practise first. So if the platform can allow you to trade for practise, then it must be a good one.
Consequently, it’s essential to get to know the things you need when trading so that it’s easier to assess the trading platforms. And while you’re at it, you should also try to come up with goals you want to achieve in this investment.
2. Search for reputable platforms
Have you already found some indices trading platforms that features your needs? Then it’s time to narrow down your options. Sure, an all-in-one platform would be a jackpot, but the platform’s reputation is just as important as your needs.
Since the platforms have websites, you can easily look at their reputation online. Aside from the ratings on their homepage, some blogs and threads feature comments regarding these platforms.
In addition, you can also ask some of your friends who are also trading indices. But as mentioned before, you should not just pick a platform just because someone recommended it to you.
3. Understand the fees
Whether you’ve already set a meeting with the broker or not, do your best to find out details about the fees. Of course, finding the best platform is not just about the fees. However, since you’re investing, you should also take the price into account.
If for instance, there’s a pricey indices trading platform that features all the essentials you need, would you still take it? Or would you settle for a cheaper one that doesn’t have cool features? In the end, it’s still your decision, but take some time before you decide.
Meanwhile, if you’re still undecided, you can always compromise other things that don’t have much impact. Like, if you think you can still trade properly using the cheaper, then maybe you should take it!
4. Navigate their platform
Once you’ve narrowed down your choices, you should take a closer look at their offerings. Most trading platforms exhibit different tools and materials that can help you trade with them. But as a beginner, or even when you’re an advanced trader, it’s still important to know how things work in a specific platform.
A promising platform would allow you to sign up for free, and let you discover the magic behind their offerings. On the other hand, if you think a brokerage website is just setting a trap so they can catch you, then you should run.
Once you entered the platform, and it’s not as you thought it was, then you can just look for others. Just remember that this step is not a waste of time, and it’ll all be worth it in the end.
5. Know if your investment is secured
Apart from making sure that the trading platform offers your needs and that it’s easy to navigate, your investment should also be secured. So it’s best if you ask them about certain situations that may occur while trading.
You can curate some of the security-related questions like, “What keeps the traders’ accounts safe?” or “Do they have a two-factor authentication feature?”. It’s also necessary to ask if they provide the traders’ personal information to third parties.
Once they give you a document or contract that’s reassuring you that everything’s safe, then you can proceed.
6. Access to customer service
As a beginner, you require assistance every step of the way. So if there’s constant access to customer service, then you’ll feel at ease. It may be overwhelming at first, but once you get used to the platform, you can handle things on your own.
Sure, the FAQs can be filled with information created for newbies, but it’s still different if you have someone to talk to at a certain moment. And although customer service may not be the key factor in choosing an indices trading platform, it still says a lot about the company.
Now that you’re prepared to look for the best trading platform, it’ll be easier to decide. Don’t forget to share your experience in finding your trading platform by leaving a comment below!
