Online investing and trading have skyrocketed over the last two decades with the emergence of zero-commission trading platforms, readily available access to numerous stocks, different brokerage service types and fees, portfolio management solutions, and so on.
The trend has risen so much that almost 4 in 100 people have used one of the largest trading apps worldwide at least once, whether to open an account or trade assets.
While trading shouldn’t raise concerns about understanding in theory, it’s safe to say that nailing it and generating profits isn’t child’s play. On a trustworthy and well-developed platform that accommodates millions of traders and runs minimal risks of failing, you can access a wide range of trading tools and research that will help you make more of your experience. The only question left is: how will you spot that big-ticket app in today’s crowded market? What are the green signs you should look for?
Good reviews
Ratings, reviews, feedback, and everything in between speak for the provider. This is why some apps that include but are not limited to trading would go to any length for some comment-formed praise and promotion from their users. This means you must trust the resource that helps you sift through trading platform reviews. Often, such prudence will lead you to steer clear of influencers’ and affiliate marketers’ chatters.
Should you seek some reliable and insightful eToro opinions, you’ll learn to look for them on trustworthy review forums and websites that give you facts and stats. Moreover, you’ll look for certain information in such feedback, such as the mobile app experience, quality of trading tools, educative resources, trading features, and other elements, some of which are highlighted in this article to ease your work.
Words of caution
It’s common knowledge that investing and trading are risky undertakings, and service providers are the first to know this. Against a backdrop of widespread awareness of threats like poor money management and overspending, one can’t help but ask themselves why trading platforms seem to sweep them under the rug. At best, some websites attach a small reminder to invest responsibly somewhere on the homepage. Would you feel safer if reminded to keep a tight rein on your cash when placing an order? If so, you’re not alone.
Trading platforms have to let you know if a desired transaction breaks the rules within the industry, meaning that you’ll have to deal with the stock order yourself. On the other hand, overspending remains one of the biggest threats to investing, as reports show.
A legit trading site always warns that investing comes with no profit guarantee but can bring boundless risks. From teaching you how to safely set up your account to being transparent with the security tools that safeguard users’ data, such information is a green flag you can rejoice over.
Trading within reach
Opportunities can disappear in a split second, and the last thing you want to do is to blame the app for that missed money-making chance. Instead of beating yourself up with such issues, why not leverage the one-click trading technology that allows you to open positions in an instant through parameters already established by you? These include take-profit, stop-loss, leverage, and so on.
Since it’s an irreversible move that takes a second to be taken, you’ll want to ensure you don’t abuse this possibility, nor are you allowing much room for failure. Some investment tools, including one-click trading ones, are meant for seasoned traders, and even they should practice caution. Fortunately, a platform offering these options indicates you’re dealing with a committed provider.
Extra help
Indeed, every trading platform eventually does what it’s supposed to do, namely, allow you to buy and sell stocks in easier or harder ways. Nevertheless, some platforms have shied away from taking on the responsibility of actually getting invested in users’ experiences and outcomes, refusing to put helpful tools and research at their disposal. Platforms limited to trading are also the same ones that don’t facilitate newbies’ entrance into investments. Should an app make you feel outsmarted by its functions, the reality may be the exact opposite and disclose the provider’s unpreparedness and lack of commitment to users. You could be looking in better directions, to conclude with.
At a quick glance through users’ reviews and feedback regarding trading platforms, you can get an idea of how rookie-friendly the services actually are. Do they specify how the provider helped their entrance upon trading and eliminated their unclarities? Or is anyone mentioning a certain tool or feature that sheds light on trading strategies, market trends, colourful charts, candle sticks, and so on? If so, you may have come across a reliable platform that will make trading more approachable.
Easy access to useful tools
The proper trading tools can affect your results, so look for those that will help you throughout your journey.
If your eyed platform offers fundamental analysis for value investors on an abundance of financial information, including earnings per share (EPS), return on equity (ROE), free cash flow, debt-to-equity, and so on, it’s likely a keeper. At the same time, look for calendars and datebooks notifying you of important events, market changes, stock performance, etc. Some events impact financial markets and generate volatility, most of them being known beforehand, such as policy changes, elections, Federal meetings, rate modifications, and so on. Why struggle not to lose sight of them when you can rely on the platform used to keep you posted?
Stumbling upon charts that help you explore and understand complex tech analysis is another sign you may have come across an excellent service provider. The more elevated the chart, the better your decision-making becomes. These metrics must be disclosed through easy-to-read graphs and visuals on a user-friendly interface, allowing you to carry out transactions with the speed of light to make the most of an opportunity. Accurate charting features and readily available current data that keep you in the know will help you assess the market better and foresee upcoming price fluctuations and prospects.
Lastly, ensure the platform’s credentials are within reach.
There’s no such thing as information that should be known by a platform’s user but cannot be found. The platform you will use for trading should offer abundant information, such as registration data, headquarters location, customer support, phone numbers, and so on. You should access them with a few app or Google taps and be able to use them when in need.
Moreover, a legit trading page must make these credentials visible on their website. Otherwise, you could be dealing with a sketchy page, a case in which you’re encouraged to spread the word so others don’t fall into such a trap.