Written by 
One of the first choices a new trader will make before he/she beigns to trade is choosing a provider, and a significant part of this decision is the trading platform on offer. Below are some things to consider when deciding on a trading platform:
Safety
You will be depositing and withdrawing funds from this platform, probably via your computer or phone could put your personal details at risk. Search for information on how the broker encrypts your information, as well as information on how you can transfer funds.
A reputable broker will have information about its trading platform’s security features available on its website or by phone, along with information about their risk management and backup systems, and guidance on how to increase your online security.
Reliability
How does the platform run under pressure? There is little point in using a trading platform that fails whenever trading volumes go up, as these times are likely to be the times that you would like to trade as well.
And is the platform available at all hours? Those who trade online might want access to international markets, or trade forex when different markets open. A good trading platform should be up and running 24/7, allowing you to trade international markets alongside placing orders to open when those markets are closed.
Speed
How responsive is the trading platform? If you trade short-term, making small, quick profits, it is crucial that you be able to open and close positions quickly. Even for long-term traders, speed is still necessary, as you could lose a trading opportunity if the market moves quickly.
Price
Is the trading platform free and, if not, what extras will you receive for paying for the platform, and how does it compare to the free trading platforms offered by other brokers?
Client support
Does the trading provider offer offers ongoing client support for the platform, as some only want you to open a trading account. A good broker will have client support contact details on its website, and may even have an FAQs section where you can read frequent questions about the trading platform.
Suitability
Does the platform suit your trading needs? Is it compatible with a Mac or Blackberry
Other considerations
Some trading platforms may come with additional benefits like trading opportunity alerts, charting packages, and market research.
If you are interested in charts, check whether they can be accessed from your iPhone or Blackberry, if the same functionality is available, and how easy they are to navigate. Can they be customised to suit your needs? And, can you trade directly from the charts, or would you need to close or open another window?
Some charting packages even watch the financial markets for you, alerting traders to potential trading opportunities through pattern recognition software.
Meanwhile, many reputable brokers offer free market commentary across a variety of markets. Again, it is a good idea to research whether this information are available for the platform or whether you would need to visit the provider’s website.
Closing thoughts
Regardless of how much research you do and how often you call customer support with your questions, it is difficult to determine how well a trading platform will serve you before you try it. Many providers offer demo accounts with some or all of the features of their live platform, and these can be a great way to not only compare platforms and providers, but also to test trading strategies.
————————
If you are interested in trying a trading platform from an award-winning trading provider, why not try my favourite platform, PureDeal? This trading platform is secure, reliable and fast with an extensive charting package and is available from a range of mobile handsets and your browser. They also offer a range of market research free of charge on the website. http://www.igmarkets.com.au/
