As we enter into the first quarter of 2024, the trading market is poised for growth and potential volatility. With many factors impacting the market development, from global politics to technological advancements, traders need to keep a watchful eye on the trends and changes in the market. GBC Time collected the best trading platforms for beginners this year.
One of the biggest factors impacting the market is the ongoing global pandemic. While vaccination rates are increasing and many countries are opening up, the risk of new variants emerging and ongoing supply chain disruptions can still pose a threat to the economy.
Another significant factor is geopolitical tensions between major world powers. The United States and China, in particular, have been in a trade war for several years, which has impacted global trade and the financial markets.
Technological advancements will also play a role in market development in 2024. From the growth of artificial intelligence to the increasing popularity of cryptocurrencies, new technologies will continue to disrupt traditional industries and impact the economy. This can lead to exciting new opportunities for investors who can identify emerging trends and invest in cutting-edge companies.
These and many other factors have always been affecting the trading market and changing its development directions. But still, the trading market is and will be one of the best opportunities for businesspeople. GBC Time has collected the best online trading platforms for beginners and tips to send your career ship as a trader to sail.
Introduction to trading platforms
Simply put, a trading platform is a software application that allows traders to buy and sell various financial instruments, such as stocks, bonds, futures, options, and currencies.
Here are some of the best trading sites for beginners that will help newbies to make their first steps in such a highly-competitive market.
1. Fidelity
This trading platform on the list has earned the audiences’ trust thanks to its multiple-year experience in the industry. The parent-company Fidelity launched a trading platform, Fidelity Active Trader Pro to improve the trading process with a high-technology approach.
The first thing that users can see on the platform is a modern and user-friendly interface. Traders can create their own workspace layout. Another huge benefit of the Fidelity network is a wide range of trading features with over 400 technical indicators and Level II quotes.
If you are looking for the ultimate research and exclusive data, this platform is definitely for you. Fidelity has its own research team that provides in-depth analysis and commentary on the markets.
2. Merrill Edge
Merrill Edge is an online trading platform and brokerage service backed by Bank of America. it is probably one of those services that prioritize convenience at first. The traders can download a mobile app to manage their investments on the go.
In the trading app, you can find automated investment tools like Merrill Edge Guided Investing and Merrill Edge Select Portfolios. Sure enough, investors who want to take a more hands-off approach to investment will find everything they need on Merrill Edge platforms.
The users will also be treated perfectly with all the possible ways of online support. There is 24/7 customer support via phone, email, and live chat. The team is knowledgeable and responsive, which cannot but rejoice.
3. Interactive Brokers IBKR Pro
IBKR Pro is a trading platform launched by Interactive Brokers. And thanks to the robust and comprehensive trading tools, both beginners and professionals choose it for trading these days. The pack of advanced charting and analysis tools allows traders to perform technical analysis, track market movements, and execute trade performance.
IBKR Pro also offers a range of order types, including limit orders, stop-loss orders, and trailing stop orders. The platform also provides access to global markets, making it easier for traders to trade in multiple regions and asset classes.
Another noteworthy feature of IBKR Pro is its low commission rates. Compared to other online brokerages, IBKR Pro has some of the lowest commission rates in the industry. It also offers commission-free trades on certain stocks and ETFs, which can save traders a significant amount of money.
4. J.P. Morgan Self-Directed Investing
J.P. Morgan, one of the largest and most reputable financial institutions in the world, introduced its trading platform to contribute to the global market.
The platform and its features are available on mobile devices, which makes the trading process fast and comfortable.
What can you trade on J.P. Morgan Self-Directed Investing? There is plenty of investment products, including stocks, ETFs, mutual funds, and bonds, giving investors a wide range of options for building their portfolios.
Surely, the low fees can improAnother standout feature of the J.P. Morgan Self-Directed Investing platform is its low fees. The platform charges no commissions for online trades of stocks and ETFs, which can significantly reduce the cost of trading for investors. The platform also offers competitive pricing for mutual funds, bonds, and other investment products.
5. TradeStation
TradeStation is a well-established trading platform that offers a comprehensive suite of trading features.
One of the standout advantages of this platform is the huge variety of technical analysis tools, including customizable charting capabilities, real-time market data, and advanced trading indicators. Another noteworthy feature of TradeStation is its powerful backtesting capabilities. The platform allows traders to test their trading strategies using historical data, which can help them evaluate the effectiveness of their strategies and make necessary adjustments.
Talking of pricing, TradeStation offers both commission and commission-free pricing plans. The commission plan charges a flat rate per trade, while the commission-free plan charges a monthly subscription fee.
Benefits of using trading platforms
Trading platforms have become increasingly popular over the years as more traders are choosing to trade online. There are numerous benefits to using a trading platform, including:
Access to global markets
The first essential benefit that is worth mentioning is a wide range of global financial markets, such as stocks, bonds, futures, options, and currencies. Traders can research and study real-time market data and execute trades in different time zones around the globe.
Convenience
Nowadays, the more digitalized the industry, the more convenient it may be, and trading is not an exception. Traders can use a web-based or mobile app platform to manage their trading accounts and execute trades from any sort of gadget. This flexibility allows traders to take advantage of trading opportunities as they arise, even when they are away from their desks.
Low costs
It is also not a secret that trading platforms have lower transaction costs than traditional trading methods. Traders can benefit from lower brokerage fees, no commissions, and tighter spreads, which can result in lower trading costs and more profitable trades.
Automated trading
Automated trading tools are definitely the top tendency these days. Their main task is to help traders automate their trading strategies. This can save time and increase efficiency, as the software can analyze the market and execute trades automatically based on predefined rules and criteria.
Risk management
Risk management may be the most essential tool, especially while trading. Stop-loss orders, take-profit orders, and other risk management tools can help to minimize losses and protect the trading capital.
Types of trading platforms
There are various types of trading platforms available, each with its own unique set of features and advantages. Here are some of the types of the best online trading sites for beginners these days.
Web-based trading platforms
These platforms are accessible through a web browser and do not require any software installation. Considering the advantages of web-based trading platforms, there must be mentioned accessibility from any device with an internet connection and the ability to access real-time data.
Desktop trading platforms
This type of platform is supposed to be downloaded and installed on a trader’s computer. They service traders with execution times, the ability to customize the interface, and an option to access historical data.
Mobile trading platforms
According to the name, these platforms are available as mobile apps. There are the same available features and tools as web-based and desktop trading platforms, but with the added advantage of mobility.
Social trading platforms
These platforms provide a social community where traders can share ideas, strategies, and market analysis. On such platforms, traders can learn from experienced specialists and automate their trading.
Algorithmic trading platforms
Algorithmic trading platforms use complex algorithms to analyze market data and execute trades based on pre-defined rules. Traders are able to execute trades faster than manual trading, backtest strategies, and minimize human error.
How to choose the right trading platform for beginners
Searching for the best beginner trading platforms can be challenging, especially for those who just started exploring the industry. Here are some of the steps you can take to speed up and facilitate the process.
1. Determine your trading style
The first step to consider is to determine your trading style. Are you a long-term investor or a short-term trader? Do you prefer to trade stocks, forex, or cryptocurrencies? Different platforms cater to different trading styles and instruments. Therefore, it is essential to choose a platform that aligns with your trading style.
2. Research available platforms
Once you have determined your trading style, it is time to research the available platforms. Look for platforms that offer the features and tools you need to trade effectively. Some important features to consider include ease of use, accessibility, real-time data, charting tools, and news and analysis.
3.Check fees and commissions
Check the fees and commissions charged by the trading platform. Some platforms charge flat fees, while others charge a percentage of the trade value. Make sure to choose a platform that offers transparent pricing and fits your budget.
4. Read reviews and ratings
Before making a final decision, read reviews and ratings of the platforms you are considering. Look for reviews from other traders who have used the platform to get an idea of the platform’s strengths and weaknesses. Even the best trading websites for beginners can have some pros.
5. Consider customer support
Finally, consider the level of customer support offered by the platform. As a beginner, you may have questions or need assistance with the platform. Make sure to choose a platform that offers 24/7 customer support and provides resources such as tutorials, webinars, and forums.
Tips for trading platforms for beginners
Trading platforms can be overwhelming for beginners, especially if you are new to the world of trading. Here are the top 5 tips for trading platforms for beginners:
- Choose a user-friendly platform;
- Start with a demo account;
- Keep track of your trades;
- Learn from other traders;
- Manage your risk.
How to Get Started with Trading Platforms
Getting started with trading platforms can be overwhelming for beginners. However, with the right steps, you can start trading with confidence.
1. Choose a trading platform
The first step is to choose a trading platform. Consider your trading goals, preferred trading instruments, and trading style when choosing a platform. Hopefully, the list of the best stock trading platforms for beginners helped you to understand your priorities and preferences.
2. Create an account
Once you have found a platform, create an account by providing your personal information and setting up a password. You may also need to verify your identity with documents and address of living.
3. Fund your account
Most trading platforms accept multiple payment methods such as credit cards, bank transfers, and e-wallets. Choose a payment method that is perfect for you and meets the platform’s requirements.
4. Develop a trading strategy
As a beginner, you may want to start with a simple strategy and gradually improve it over time. Consider factors such as risk management, entry and exit points, and position sizing when developing your strategy.
5. Start trading
Start with small trades and gradually increase your position size as you gain more experience.
Conclusion
In conclusion, even the best online trading websites for beginners cannot still guarantee you the highest and the fastest revenue increase. You still have to be attentive to your strategies, steps, and choices. Improve your approach to trading every day and contribute to your knowledge and skills.
