If you’ve decided to get into the world of futures trading, you’ll need to find yourself a trading platform that can help you make some trades.
But if you don’t know much about trading, you’ll probably struggle to find the best futures trading platform for your needs.
Below you’ll find four things you should look out for when selecting a futures trading platform. With the help of these tips, you should be able to find a platform that’ll help you become a talented trader.
1. A Good User Interface
The user interface can have a significant impact on how easy it is to use a particular trading platform.
If the user interface is too complicated, you may struggle to see the kinds of data that’ll help you make winning trades.
Some platforms will offer you with the ability to adjust the user interface to best suit your needs. For instance, you may be able to change the main dashboard so it shows information relevant to your trading goals.
2. 24/7 Support
No matter how much trading experience you have, you’ll likely run into some issues when using a new trading platform.
If these issues prevent you from investing, it can result in you losing money, as you’re unable to capitalize on a window of opportunity.
Thankfully, some trading platforms will offer 24/7 support. This support is useful because it can help limit the amount of time you’re unable to make a trade, due to an unexpected problem.
It’s worth noting that you should pay attention to how fast the trading platform will respond to support tickets.
If a trading platform isn’t able to provide support within the hour, you may want to find another one that can do this. After all, the faster the support, the sooner you can start trading again.
3. Reasonable Fees
You can’t get away from the fact that trading platforms will charge you fees for using their services.
However, this doesn’t mean you need to pay excessively, and it’s a good idea to look out for platforms that are cost-effective.
In some cases, you may find it difficult to calculate what your fees will amount to after making a trade. To help you with this, consider creating a spreadsheet and use it to calculate the profit you’ll make after each trade.
In some cases, you can also read reviews to help you work out the fees associated with using a certain platform. This review regarding the tastyworks broker platform is a good example of that.
4. A Good Mobile App
Though it’s often best to trade from a desktop computer, there will be times when you need to make some trades on your phone. Thankfully, a lot of trading platforms will provide you with an app that lets you do this.
That said, not every trading platform has a good app. You’ll want to take a look at the reviews and see how existing users feel about the app.
You should also take a look at the number of releases, to get a sense of how often the developers are updating the app.
If there are a large number of releases, it’s usually a sign the company is committed to making their app better. This is good for you, as it means any feedback suggestions you provide will likely be acknowledged and used to make the app more suited to your needs.
Do You Know How to Select the Best Futures Trading Platform?
These tips should help you avoid some of the rookie mistakes people make when selecting a futures trading platform.
Of course, there’s no guarantee you’ll select the best futures trading platform the first time around. This is not a huge concern, though, as you can always choose another platform later on down the line.
As long as you’re aware of what you need, and what trading platforms are on offer, you should soon find a platform that aligns with your style of trading.
Want to do some real estate investing alongside your futures trading? Check out this post to learn how you can get started!