An online CFD trading platform gives you access to the financial markets and can make or break your trading strategy. Pick the best there is for maximum profits.
CFD or contract for difference trading is a novel way of investing that enables you to trade treasuries, shares, stock indices, commodities or currency pairs that you have not entirely purchased. This form of derivative trading allows you to speculate on the fall or rise of these items in the global financial markets and either go long (buy) or short (sell) for profit.
To start trading in CFDs, you will need to find a broker of high repute who should introduce you to an excellent online CFD trading platform. Your success in selling a CFD is highly hinged on the quality of the platform you trade on, so you have to get very well acquainted with it.
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Features of an excellent online CFD trading platform
- Should have real-time pricing and quotations Having price data feeds at your fingertips will make your decision-making process efficient and will help you make that dollar more easily. The key to real-time data reception is a stable internet connection and a powerful computer.
- Should have plenty of analytical tools An excellent online CFD trading platform should have plenty of charting tools and pricing indicators amongst other useful analytical tools. These tools will assist you to spot foreign investment assets faster giving you an edge in the trade.
- Should reliably place your orders
The most important aspect of a CFD trading platform is its ability to place your orders fast, reliably, consistently and safely in a live environment. - Should provide safety The proliferation of internet trading has made many traders vulnerable to hacking, sometimes leading to theft of funds from their accounts. Your online CFD trading platform should ensure that your financial information is private and protected.
The must-have features of a trading platform
- The ability to accept orders 24 hours of the day, Monday to Friday without a hitch.
- The CFD platform should be integrable across both mobile and PC environments and have a user-friendly interface.
Tips on getting the perfect CFD trading platform
- Before settling on one CFD trading platform, first of all, establish the scope of your trading. Ensure that your chosen platform has all the tradable instruments of interest that your broker has to offer. Do you wish to have access to your broker’s range of investment instruments on your platform such as indices, currencies or forex?
- Get a trading platform that has what you need without unnecessary frills and thrills. This will avail you an easy to use platform whose features will not be expensive too for a beginner.
- Trading costs vary amongst providers. Are you going to be charged on a commision basis or is there a spread being combined with quoted prices? Are there software, account or data streaming fees? Though individually these costs may appear minimal, they can quickly add up over time taking away a good chunk of your capital. Conduct thorough research and ensure that there are no sneaky hidden fees too.
- The sophisticated nature of online trading platforms can be overwhelming to a new user, and that’s where fantastic customer support comes in handy. If you are stuck and need an helping hand, you should easily email, call or chat with the support live to suss out all issues.
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