Does your choice of trading platform matter?

By Swindon Link - 9 July 2021

Features

For anyone who lives in Swindon, keeping up with the latest local news and trends is important.

Knowing that Lower Shaw Farm is set to reopen at the end of July 2021 is a perfect example of this, as is staying in touch with the latest business gossip. When it comes to money, trading on global financial markets is a trend which has really taken off across the UK in recent times. The digital transformation seen in the industry has been instrumental to this. This now means that the world of online financial trading is open to people outside of the professional banking sector.

This involves investing money online into markets such as stocks and cryptocurrency in order to make a profit. Crypto trading is particularly popular and has grabbed the headlines recently due to Bitcoin’s impressive performance. When you think that the global cryptocurrency market is said to be worth around $1.6bn, it is easy to see what a vibrant market this is for traders.

Does which trading platform you use matter?

Not only is trading fun and easy to do from home, it is also fairly simple to understand. If you do start trading, you will soon find that signing up with a trading platform is essential. However, with so many around to choose from, does it really matter which one you pick? The simple answer is that it does! Anyone in Swindon who is thinking of trading therefore must pick the best trading platform UK wide to use.

But why is this so important?

Keeps you safe while trading

For the majority of people, this way of investing is done online. As with any online activity, it is key to stay safe and secure while trading. Taking your time to carefully choose a secure, legitimate platform to use will help with this. For example, UK traders must look for sites who are FCA regulated, so they know the platform in question is reputable. In addition, picking a platform which uses SSL data encryption is sensible because this keeps personal data away from hackers.

Impacts on what you can trade

Your choice of trading platform will also impact what you can trade. While you might think that all platforms offer the same assets to invest in, this is not true. The assets you can trade on one platform, such as Bitcoin or Ethereum, are often very different to what you can trade on another. This is naturally important to think about, so you should sign up with a platform that carries the assets you wish to trade. No-one wants to waste time using a platform which does not enable them to trade how they like or access the assets that can make them money after all!

Effect on your trading experience

The effect on your whole trading experience is a critical reason why your choice of platform matters. Every platform will have a unique user interface, customer support levels, layout and range of tools to use. Many will have different types of trading software to use also – from platforms with a web-based approach to those who use specific software such as MT5. As a result, the platform you choose will directly impact your overall experience.

Dictates how much support you may get

This is a key point for all traders but especially crucial for newer ones who are just starting out. All platforms will usually come with a range of help and guidance around trading. However, some platforms may offer more advice to people than others and do so in a wider range of formats.

The best platforms often offer a section with the latest financial news to base your trades on. They might also carry helpful videos and articles to guide you through trading or help you understand how the platform itself works. As this level of help can differ between trading platforms, it really is vital to pick the one you use very carefully. 

Trading platform is key in crypto and other markets

Whether you plan to trade Bitcoin on the world’s digital currency market, shares on the London Stock Exchange or standard currency on the FX market, the platform you use does matter. As the above shows, this will have an influence on how safe you stay while trading in addition to your whole trading experience. If you are planning to start trading and live in Swindon, this means it is definitely something to research thoroughly in advance.

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