Becoming a trader can be a very lucrative hobby, side job, and even a full-time job. But you can’t do that without using a reliable CFD trading platform.
But far more than that, the platform in question has to have modern features that enable you safe and pleasant investment ventures. If you’re serious about becoming a CFD trader, then finding the best platform is an absolute necessity.
So, with all that said, we’re here to give you our 4 tips for finding the best CFD trading platforms in 2020.
Why is a CFD Platform so Important?
Before we start giving you tips, let’s elaborate for a minute why a CFD platform is important. Without one, you won’t be able to trade, to put it shortly.
But it’s also equally important that you go for a quality service. Quality in terms of features will enable trader access to all kinds of metrics, statistics, real-time pricing, quotes, and tons of other stuff that will help you in your trading endeavors.
And we’re not done yet. The best CFD trading platforms also focus on user experience and user interface. UX/UI, for short, makes all the difference in how the user perceives the platform, what the platform does so the user can have a great time, and how easily the user can navigate through the many pages.
So, in essence, you should always settle for the best and never for mediocrity. With all that said, let’s begin.
1. Knowing What You Can Trade
This is quite literally one of the most important factors to consider when signing up for a CFD trading platform. What this means, essentially, is what type of access you will have when using the service.
This can come particularly helpful when you want to trade on other markets simultaneously. For example, you might want to trade on the US
market, but you also might want to trade on the global market.
Another reason why this is important is that some platforms have and some don’t have access to other products such as currencies, forex, etc.
Once you acknowledge the importance of this feature, you will save yourself a lot of time by eliminating a lot of trading platforms that don’t have this feature.
2. Know What You Need
It’s safe to say that understanding what you need and doesn’t need will set a lot of things into motion. For example, some features aren’t needed with CFD, and you can save some money by eliminating them.
But understanding what features you need is a different story. If this is your absolute first time doing it, then boy are you in for a ride. To say that these platforms are feature-packed is an understatement.
That’s why some CFD platforms might not even be good for you but essential to others. This will be likely the case when a rookie trader tries to use a service that many professionals use.
To say it simply, you will be left dazed and confused by the amount of information that you’ll be given the moment you make your account.
And even if you are a professional that pays a lot of attention to the dealings in the industry, you will still have zero use from some of these features.
Determining your needs in terms of features will help you establish the basics every trader needs.
For more information on CFD trading, platforms, and even an in-depth guide on CFD trading in the United States, then make sure to visit dayrtrading.com.
3. Understand the Trading Costs
So far we’ve gotten to understand some of the more important things that you, the trader, needs. Next on the line is for you to understand the certain costs and fees that come with these services.
Every service operates on fees. Every transaction and deposit have fees that you pay to the platform as a means to use the service.
But the important thing to note is that these fees can vary drastically between platforms. One type of fee that we didn’t mention is the brokerage fee. This is a commission that the broker charges. But we’re not done yet.
Other types of fees include account fees, withdrawal fees, software fees, data science and metrics fees, and tons of others. If you thought that using one of these platforms is free, well think again. What you will need to do is come to terms and understand what service charges the least while still provides you with all of your needs and wants.
Another thing to look out for is any potential hidden fees that might exist. These are very hard to spot and you will need to go through the agreements to uncover them.
4. Customer Support
Never go with a CDF trading platform is the service doesn’t have customer support. Customer support comes in a few ways. For example, they might have live chat where you can get in touch with an agent to resolve any potential issues, ticket support, and some even have a phone number that you can call.
Regardless, it’s important to uncover what options you have in terms of customer support as it can make all the difference. Issues, errors, and various bugs can occur at any moment.
This wouldn’t have been a problem if you didn’t have money on the link. So naturally, people can get quite concerned when their withdrawals haven’t arrived yet.
This is where customer support comes into play. By having that as an option, the user can feel safe knowing that the agent can resolve the issue.
If the service doesn’t have customer support or has bad customer support, then how would your issue be resolved?
Settling for the best can make all the difference in the world. That’s why you should take your time and never rush things. Make sure to do proper research and understand what features you require to make the trading that much easier and convenient.
Lastly, you should read reviews of these platforms to make sure you’re not getting in bed with a scammer.