Are you thinking of dipping your toes into the world of trading? It can be challenging to choose the right trading platform, as there are a plethora of options available. A trading platform is an essential tool for investors and traders who want to buy and sell securities, cryptocurrencies, forex, and commodities online. In this guide, we will discuss the top trading platforms this year, their features, fees, ease of use, and user reviews, so you can determine which one is right for you.
What you can expect in this article:
The Top Trading Platforms
1. Fineco Trading Platform
Fineco is one of the most user-friendly trading platforms available today. The platform was launched in 1999 and quickly established itself as a leading online trading platform. It is a multi-asset platform that allows traders to buy and sell forex, CFDs, stocks and ETFs at some of the industry’s lowest costs.
The platform is simple to navigate, and newbie investors can access an array of information and tools to understand market trends better. Additionally, Fineco offers a specialised training academy where investors can learn how to become experienced traders.
Pros of the Fineco Trading Platform
- Low-fees
- Extensive trading choices
- User-friendly, intuitive interface
- Powerful analytical features to make investment decisions easier
- Live customer support 24/7
- High-quality tools, research data, and educational materials
- Book a free trading demo
Cons of the Fineco Trading Platform
- Charges for inactive accounts
- Limited educational tools
- Bank transfer is the only deposit option
2. eToro Trading Platform
eToro has steadily become one of the most popular social trading platforms in the world. The platform has a user-friendly interface that can be accessed from either mobile or desktop devices. eToro allows users to buy and sell stocks, cryptocurrencies, indices, and commodities. Users can copy the trades of more experienced traders, making it an ideal platform for beginners who are unsure how to make profitable trades.
Pros of the eToro Trading Platform
- Beginner-friendly
- The social aspect where users can learn from top traders
- Low fees
- User-friendly, intuitive interface
- Over 2,000 options to trade
- CopyTrader function to copy other traders’ portfolios
Cons of the eToro Trading Platform
- High withdrawal fees
- Limited technical analysis
3. Plus500 Trading Platform
Plus500 is another platform that is user friendly and ideal for novice traders. Plus500 allows trading in CFDs, commodities, indices, and Forex. The platform offers an array of analytical and charting tools to help analyse market trends and offers an excellent interface for mobile apps.
Pros of the Plus500 Trading Platform
- Zero commission fee
- User-friendly design
- Offers over 2,000 tradable options
- Offers advanced risk management features like guaranteed stop-loss orders
- The platform supports multiple languages
Cons of the Plus500 Trading Platform
- Limited product range
- No phone support
- Negative reviews for customer service
Future Trading Platform Trends
The trading platform industry has evolved rapidly, with more advanced features for traders and investors. Mobile trading apps have become increasingly popular and are expected to be the future of trading.
The deployment of Artificial Intelligence (AI), Machine Learning (ML), and Blockchain might be game-changers for the trading industry in the coming years. Many trading platforms have already integrated AI and ML to manage risk and automate trades.
The future of trading platforms is exciting, and investors must remain abreast of the latest trends to maximise their profits.
Choosing a Trading Platform
Choosing the right trading platform is essential for new investors who want to build a profitable trading portfolio. We have discussed some of the top trading platforms and the pros and cons of each platform.
It is essential to do your research before choosing a platform and experimenting with demo accounts as much as feasibly possible.
While choosing a trading platform, keep in mind your trading strategy, level of experience, and available trading capital. Remember that successful trading involves a combination of knowledge, skills, and discipline, so by using the right trading platform, you can unleash your investment potential and start building a successful trading portfolio.
