If you are indulged into stock trading, you must have known what a trading platform is. A trading platform is basically software that assists investors to buy and sell stocks. Besides, it also provides a detailed analysis of the stock market which further helps investors in decision making. In general, it is the stock brokers that provide trading platforms to their investors. However, when it comes to choosing the best online trading platform in India, there are various factors that one should look into. Today, most of the stock brokers in India allow investors to test their platforms on a demo basis which is certainly a great way to move forward.
In this post, we will go through each and every aspect that may play a pivotal role in delivering an enriched stock trading experience.
1.Reliability
The first in our list is reliability. A reliable platform always remains the foremost choice of investors who can choose to trade in stock as per their ease and time availability. Whether you prefer to use a desktop-based trading platform, web-based or mobile trading platform, reliability should be your topmost priority.
Always go through various online trading platform reviews before jumping the bandwagon. As trading platforms are largely based on technology, one must ensure that it doesn’t crash or free often, especially during trading hours.
If you are an aggressive stock trader, it becomes more than necessary to choose the best trading platform in India that is fast and reliable as the success and failure of your transactions majorly depends on the efficiency of the trading platform.
2.User Interface
Stock trading is considered to be a complex system and sometimes it becomes difficult to understand various features and functionality of a trading platform. This is why experts recommend paying thorough attention to the user interface of a trading platform which simply means how easy it is for you to work on a trading platform.
Ideally, the platform should be easy to comprehend and have a well-laid-out structure that would make it quicker and easier for you to acquaint yourself with all its features.
3.Analytical Tools
One most important thing about a trading platform is its analytical tools. These tools simply mean how deeply and quickly the platform can analyze the stock market and present the data in a detailed yet understandable manner.
Today, there are lots of trading platforms promoted by various stock brokers in India that are known for their strong analytical abilities which help investors and traders in faster and better trade order placement.
4.Broker’s Charges
Being an investor it is not suggested to overlook the broker’s fee completely, however it can be prioritized accordingly. Normally brokers charge for the transferring funds or closing account.
Make sure before transferring your account to another broker you have a clear idea about the new business. Farthest the broker’s fees can be evaded by choosing an extra service that is going to charge further.
Commonly your broker may charge extra for trading platform subscriptions, dormancy charges, annual fees, and research or data that could be stimulating for beginners.
5.Customer Support
This is indeed the most crucial aspect of choosing a trading platform. Your chosen stock broker should be well known to work with a platform which you are preferring to choose. Not only you but also the team should know the platform too. Now you’re ready to pick a new trading platform.
Make sure that the customer support is available round the clock which means you can expect to get steadfast support in regard to any query you may have about the platform.
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FAQs
1.Do all stock brokers provide mobile-based trading platforms?
Yes. Today most of the stock brokers in India provide trading platforms that can be operated using a desktop, web browser and smartphones.
2.What is eKYC?
Electronic Know Your Customer, refers to a paperless Aadhaar based process to fulfill the KYC requirements to start investing in Stocks. SEBI has recently allowed Aadhaar-based KYC to be used for stock investments, for the convenience of investors or in order to reduce paperwork. In eKYC process, one need to submit the digital copy of documents and OTP based Aadhar verification.
3.How internet speed affects the performance of a trading platform?
All trading platforms work by submitting and retrieving information to the server which means the bandwidth of your internet connection plays a major role in delivering the desired online trading experience.