What are the different types of trading platforms?

A trading platform enables individuals to place trades and to monitor accounts. Trading requires a specific strategy to be put in place and it is also dependent on discipline and a full understanding of how trading works. 

Trading platforms can also be tailored for stock, currencies, options or futures. Platforms are different and your trading platform is given by the broker when you open your account with them.  

Before a trader selects a method of trading suggested by a broker, it’s essential to consider fees and features provided. Individuals may have to fulfil certain requirements before opening some kinds of trading accounts. 

For a Standard Account, for example, you need to have a specific amount of money in order to open it. Mini Trading Accounts were established to enable individuals with smaller amounts of money to start. 

It’s also essential to choose a platform you are most comfortable with.  

There are web-based platforms like L2 Dealer, which is ideal for direct market access. ProRealTime is highly useful for advanced technical analysis.  

Finding a good trading platform should mean that you don’t have to watch your screen all day to monitor markets. It should also be well-equipped with all advanced charting tools, which facilitates a simpler way to trade. 

It should also stream news articles to make it easier to keep track of events. 

The customisation is key. Technology has helped to lower barriers to entry, so it makes sense that it should make it easier to implement trading strategies. 

Practise trading by using a demo account first, which can be obtained from an online forex broker’s website. 

Understanding how to use the different types of trading platforms can go a long way towards finding the best ways to trade, thereby maximising on finances.