If you have still never tried your hand at some form of trading, you likely 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 article has been put together 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.
Comparison & Review Sites
When it comes to the majority of new purchases, whether it is a product or a service, a large proportion of people turn to the internet to conduct some research. Well, trading platforms are no exception, and the internet is the ideal place to begin, as long as you know where to look.
There are a large number of trustworthy comparison and review sites specific to your country that make it easier to assess the merits of each trading platform. Reviews are always a good source as they not only give you the functionality of the site, but also the client perception.
This resource is not only used by would-be-traders looking for a reliable platform but by customers evaluating an online store or even those looking to play new slot games using bitcoin either in New Zealand or even in the UK. The premise of utilising any comparison site and reading reviews is that research hours are saved allowing you to get straight into the action.
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 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 Account?
This is something that we highly recommend for anyone 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 the chance to trade in a real-world environment without 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, and we couldn’t agree more on how important it is.
Many first-time traders can fall into the trap of reading and making notes about all the ins and outs of trading without ever actually doing anything. Trading is 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.
Is the Platform User-Friendly?
We have all experienced that moment when you switch from one piece of software to another and suddenly realise either how great the previous one you used was 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’s right for you, there is no 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 to make sure that you are picking the right platform for you!