Trading currencies has never been as fun and accessible as now. Unlike before, when you needed a broker to trade currencies, online trading platforms allow you to do it by yourself. Not only that, the trading platforms enable you to become a better trader.
However, you can only enjoy the benefits of online trading platforms if you choose a good one. For example, currency trading with Pepperstone is a secure and easy way to trade. The importance of using a good platform cannot be overstated.
The advantages of a good online trading platform include the following:
- Access training programs
One of the advantages of having a good trading platform is to gain access to their trading courses. Not only will the courses help you learn trading skills, but these lessons will also help you hone your skills if you’re not a beginner. You can learn how to trade forex with Pepperstone as they provide you educational material for trading.
By using these courses, you can have a better understanding of how markets work. You’ll even learn how to become a better trader. Because markets can be volatile, you may feel overwhelmed as a beginner. In fact, many first-time traders lose their money because they panic when the prices don’t move in their favor. That’s because they don’t have enough training.
A good trading platform won’t guarantee instant returns. However, it’ll teach you proven strategies in trading. Moreover, you may even get certified by financial institutions when you finish training.
- Receive market signals
Another reason why you should choose a good trading platform is to receive market signals. By receiving timely signals, you can make the right decisions when trading. The market signals will come from expert traders on the trading platform. Experts have an in-depth knowledge of trading and they analyze the markets regularly.
For most online trading platforms, you can receive signals via emails or on their app. When you open the platform, you can see the time frame, desired markets, and directions.
If you’re more of a charts person, technical signals are available as well. Here, most trading platforms include entry and exit price targets so you can decide whether the market is favorable for trading.
The trade signals don’t just come by chance or luck. Your trading platform uses concise market analysis to provide you the resistance and support levels, provider’s level of confidence, and the entry and exit prices. By knowing when to buy and sell, you’ll minimize your losses and avoid trading because of emotions.
- Trades real-time
When you’re using an excellent online trading platform, you’re trading on real time basis. With a good platform, you can get accurate and fast quotes to stay on top of the market. Real-time quotes mean that they provide you with real-time prices, unlike quotes that you get with 15 minutes delay.
Most trading platforms allow you to customize alerts and watchlists for hot markets. That way, you can get notified about the markets that you think may give you returns.
When you’re trading with real-time quotes, you can easily hit that buy or sell button when it’s at your target price. It even shows you real-time bids and asks from other traders.
A trading platform with real-time quotes uses advanced technology and is more expensive to run. Consequently, such trading platforms charge you for this feature.
- Save on fees
When you’re using a trading platform, you can lessen your costs of trading. Since you eliminate an agent or a broker, the fees for making a trade are way cheaper than the traditional ones. However, even if you think that you’re only paying small fees to a broker, the costs add up and eat up your investments.
That’s why it’s best to choose a good trading platform. Of course, compare and research to choose the one with the best transaction fees.
Since you’re removing a third-party to make the trades for you, you’re also eliminating broker biases. Some brokers give financial advice that benefit them but may not be profitable for you. If you use a good trading platform, you can expect unbiased trading insights.
- Can flexibly trade
Another importance of choosing a good trading platform is that you can use it to trade anytime, anywhere, even with a busy schedule. Trading is time-sensitive, and you must be able to access the trading platform quickly without having to open your laptops or desktops.
With a good trading platform, you can expect them to offer mobile trading facility so you can access and monitor your markets while on the go. Even if you’re traveling or lining up on the grocery stores, you can trade with their app while waiting in line.
Moreover, unlike traditional trading, online platform trading allows you to trade any time of the day or night.
- Make faster transactions
Since you can check the quotes in real-time, you can buy or sell currency with a few clicks. With brokers, you need to call to put your trade order. By that time, the price may have already changed.
With a good trading platform, you can access their automated trading system. In here, you don’t need to stare at your screens and wait for your target price. The system allows you to create rules that’ll be executed automatically, even when you’re offline.
For instance, you can set a target price to buy or sell, and when the price target is hit, the platform will automatically execute the order for you. Doing this can even help you avoid losses when the currency you’re trading suddenly changes direction.
With the tips above, you know why you should go for a good trading platform. You can start trading and earning money. Just remember, a good trading platform has its training courses wherein you can learn trading strategies. A good platform also provides market signals to guide you to make wise trading decisions. Also, you can trade real-time since you can see real-time quotes that the platform provides.
Moreover, you can save on fees with the trading platform as there’s no broker involved. Since you do the trade yourself, you can do it anytime, anywhere. You can even automate your trades so that you can trade even when you’re offline.
Samantha is the head of content and politics columnist for Best in Australia. Prior to joining the Best in Au, she was a court and crime reporter at SM.