Written by Brian Ellison, editor of SA.FXExplained
The spread of the COVID-19 coronavirus across the planet in 2020, has been accompanied by a surge in interest in online trading.
This has been driven by a number of factors, which would include:
- A significant increase in financial markets volatility, which brings with it the potential for bigger profits, however, and the possibility of bigger losses too.
- A viral trend of individuals trading, driven by social media and to some extent the US phenomena of the RobinHood traders.
- More personal time available during national lockdowns.
With this surge in interest in trading has also come a new demand from newbie traders who have looked to open trading accounts with brokers.
If you are a trading beginner, then we are going to try to assist you with what to look for in a broker, with a particular focus on the technology being offered by the many brokers out there. Also, we will look to guide you on what and who to avoid.
What to consider when choosing a broker?
There are many important factors to contemplate when choosing a trading broker. These would include:
- Trading Platform
- Mobile Options
- The markets you can trade
- The costs and fees
- Customer Service
Here we will specifically look to guide you to what technology is on offer and what to look for, with a focus on the trading platforms and the mobile apps.
With respect to the trading platform, the features you should consider are:
- User friendliness – how easy is the platform to use?
- Features – how many different features does the charting package have, is the fundamental analyses and research packaged in the platform?
- Functionality – can you trade and adjust trades directly from the chart?
- Customisability – can you set up the platform as you want it?
To learn more, please check out the best trading platforms list by sa.fxexplained.
For the mobile apps, you should look to check out:
- Does the broker even offer trading apps? – are apps available on Apple and Android devices and are their different options for phones and tablets?
- Features, functions and customisability – as above for the trading platform, how much can you do on the app? Can you fully manage your account and trade? Can you do all/most of what you can do on the desktop/web-based trading platform?
- Synching – do the setting and features set up on the trading platform synchronise with the mobile app
To get a far better understanding of what you can do on the mobile apps on offer, go review the best trading apps, according to SA.FXExplained.
If you are new to trading, choosing the right broker, trading platform and mobile trading app is a vital step in your trading journey.
By reviewing the above factors we have outlined here and visiting SA.FXExplained, you will be able to choose a broker that is a good fit for you.