Forex trading platforms are very important. You must choose carefully before you pick any of the available ones. In fact, it is impossible to trade online if you do not have a trading platform. There are so many categories of trading platforms out there today claiming to be the best.
Unfortunately, only very few of these trading platforms are reliable for that highly desired trading experience. If you do not want to get it wrong, make sure you properly investigate the available trading platforms. Understand them better before you register with any of them.
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If you reside in the UK, you can find reliable trading platforms UK where you can start online trading. In this write-up, we will open your eyes to some of the very important things you need to consider before you register on any of the Forex trading platforms available out there today.
Check for regulation
A reliable online trading platform should be regulated by the approved government agencies. If not, you should never register on such a trading platform at all. In fact, one of the best ways to identify the best trading platform UK is by checking if the platform is regulated or not.
For a UK trader, you are better off with a trading platform that is regulated by the appropriate agencies. The agencies responsible for the regulation of online trading platforms are:
- The Financial Conduct Authority (FCA)
- Prudential Regulation Authority (PRA)
You will never get it wrong at all if you register with a Forex trading platform that is regulated by these bodies. Such a regulation gives the assurance of security and safety. A regulated online broker will never steal your money.
The regulatory agencies find out if these trading platforms conform to certain standards before approving them. So, you will be in safe hands when you register with a regulated online trading platform in the UK.
Before you count any of them to be genuinely regulated, you should take time to check the websites of the regulatory agencies to find out if the trading platform is listed among the brokers regulated by that agency. So, you should never take their words for it but carry out adequate research about the trading platform.
Quality of customer service
Before you register with any of the online trading platforms out there today, you need to find out about its customer service. You should only register with an online trading platform if the quality of customer service is top-notch. Anything short of this is not acceptable at all.
Find out if the trading platform offers trading opportunities for different categories of traders. If you are a day trader, then you should only opt for the best day trading platform for beginners UK.
Find out if the trading platform offers a series of contact methods for the customers. Also, find out if they respond very fast to calls and messages. A good online trading platform will make it possible for its customers to get in touch via various methods as follows:
- Live chat
- Phone call
Such a trading platform will also respond very fast to the messages of the customer. Check if that platform has what it takes to assist the investors.
Ease of use
A good online trading platform will make its site very easy to use. A beginner should be able to navigate the site without hassle. Some sites will go a step further by providing short tutorials for their registered members on how to use their sites. Any online trading platform that fails to meet up these expectations is not worthy of your attention. Such a platform cannot be counted as the best day trading platform for beginners. Even if this is the first time you are visiting the site, you should not have a problem using it.
Customers’ reviews are important
Before you register on any of the online trading platforms out there today, find out what the current and past users have to say about that trading platform. Good trading platforms UK will have positive reviews from the end-users.
However, you must bear in mind that it may be difficult for a trading platform to have a 100% positive review. Even at that, the negative reviews should not be too many. A trading platform that has positive reviews of about 70% to 80% of the time can be considered worthy of attention. Trading online on such a platform will not be a bad idea.
When reading reviews in search of the best trading platform UK, it is better to read such reviews from neutral sources. This will allow you to get reliable information about the trading platform. As a result, you will be able to make informed decisions when choosing among the trading platforms available to UK traders.
Deposit and withdrawal processes
When looking for the best day trading platform for beginners UK, go for one that will not delay processing your deposit and withdrawal. A good trading platform will process your deposit instantly.
A good trading platform should also process your withdrawal without delay at all. If the withdrawal processing is more than 24 hours on a working day, then you should never put your trust in such a trading platform.
An online trading platform should have no reason to hold your money aside from the purpose of trading. So, there should never be any delay in the processing of your withdrawal.
Before you register with any of the online trading platforms out there today in the UK, find out if the platform offers an endless list of assets for trading. A trading platform that offers the highest number of markets and assets can be counted as the best day trading platform for UK online traders. Some of the markets you can trade are:
- Stock markets
- Futures markets
- Forex markets
- Cryptocurrency markets
- Options markets
- CFD markets
A good broker will offer all the markets above and also make it easy for the customer to navigate the online trading world with complete ease and comfort. You will never get it wrong at all if you consider all the points above when choosing an online trading platform in the UK.