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The Best Trading Platforms Of 2020

Wed Sep 09 2020 02:38
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Choosing what kind of trading you are going to start. But it matters what kind of online trading platform you will choose for you. Some aspiring traders ask, will a trading platform have an impact over profits? Does it make changes when you don't have the best trading platform for you? Yes, it has a huge impact on your trading career. So always choose carefully before you start trading. You must know how each trading platform works. You must try to know what fees a trading platform is charging. Well, don't worry, we will explain everything. Have a look at the best trading platforms picked by our experts.

What Is A Trading Platform? 

The first that comes to some beginner’s mind is what is a trading platform? Is it a broker or what? A lot of beginners are still confused at trading platforms. That is because so-called experts and experienced traders are not teaching others. You can simply assume a trading platform as a software used to trade. In other words, we can assume a trading platform as a virtual workspace for traders. You will daily go to the digital workspace and watch all the financial instruments there. Now you choose an instrument and start trading with it. Is the trading platform responsible for this only? No. There are some other features like market research tools, analyzation, news, etc. available to help traders. 
BONUS TIP: Never choose a trading platform just because it is mostly recommended by trading news websites & experts. 

Best Trading Platforms Of 2020: 

You must check all the pros and cons of these trading platforms that XoSignals experts have gathered for you. 

#1. Interactive Brokers 

The interactive brokers are providing commission-free trades to the traders. These trades are attracting new traders. From forex to ETFs, everything is available here for you on this platform. Also, this platform is famous for the lowest per-trade price, which is sometimes zero.

Pros: 
Various financial instruments are available that are easy to use for analysis. Traders can also trade mutual funds without transaction fees along with discounts. Along with this, the customer service of Interactive group is also good and it supports mobile trading.

Cons: 
The user interface of this site has a slight learning curve. And the inactive traders will need to pay extra fees for trading at this platform. 

#2. TradeStation 

Most of the Tradestation traders are professional. Beginners show less interest in Tradestation. However, now they are also attracting newbies. 

Pros: 
Vast market research options available for a beginner and it comes with simple tools. Be it analysis or market trend updates, you will find at one place. TradeStation also offers stock trading with zero commission. 

Cons: 
Traders need to opt for a Premium membership for basic trading. Along with this, they charge a fee on mutual funds trading. If you are starting as a beginner on this platform, you may face a little confusion with its pricing section. 

#3. Merrill Edge 

This trading platform is well known among Bank of America customers. Because they have special integration with this bank. Traders get support at more than 2500 Bank of America branches.  

Pros: 
This tool supports various third-party tools for vast futures trading with bank integrations. You can link your bank account and make the trading process seamless. 

Cons: 
This platform lacks some advanced analysis tools which will disappoint experienced traders. If you are looking to learn and trade, then it's a best tool to go for.

#4. Ally Invest 

Ally invest trading platform is the first choice for the traders looking for a low-cost trading platform. Ally invest is providing attention toward all kinds of traders, but the options traders get more facilities here on this platform. 

Pros:
No commission from the broker side on U.S stocks and some other financial instruments. Along with this, no least deposit needed to start trading with this platform. The real time dashboard offers quite useful real-time insights for trading stocks. 

Cons: 
There are no such major cons of this online broker but you might face delay in the customer support section. 

#5. E-Trade 

Earning with a learning approach gives place to this online brokerage platform in the list of the best trading platforms. Their stock-market educational resources are amazing. If you are a trader always trading with option trade, then this among the best online brokers for you.

Pros: 
This platform has inbuilt volatility and charting reports which let you browse different buy or sell analyses from accounts. The day-trading version is also quite fast and adoptive.  

Cons: 
There are no major cons to address over this platform. But as a beginner, you take some time to know the interface of their trading accounts and advanced trading. 

Things To Know While Picking Trading Platforms? 

Now you know almost everything about all the best trading platforms. Now it is the right time to choose one that is suitable for you. But how you will check whether a trading platform is suitable for your trading ambitions or not. 

For this, you have to open an account and go through the demo account of the trading platform. Most of the trading platforms are providing a demo account. You can create a demo account without paying anything. After that, you can check how good that platform is based on the below-mentioned factors. 

User-Friendly Interface

The interface of the trading platform must be good enough. It must be user friendly to achieve a good position in the list of best broker platforms. 

Additional Features 

All the popular platforms will offer you basic day trader or other features and you need to check if your purpose is getting solved. You must check how many additional features such as market analysis and brokerage services are there on the platform. 

Easy To Switch 

When you are a beginner in trading and performing well with your investments, then you will think about upgrading your online investing. You may need to upgrade your trading account with more technical analysis features. But if your platform doesn't provide an easy way to switch or upgrade, then it is hard to continue. So always choose a platform in which it is always easy to switch. 

Compatibility 

The trading platform is a kind of trading software that you need to operate on some kind of device such as a computer, MAC, smartphone, iPhone, Tab, etc. So always check that your device is customizable with your trading platform or not. 

Customer Support System 

You will face issues when using a trading platform. To whom you will ask to resolve the issues? Yes, it is the customer care team of the stock trade provider. 

Conclusion 

Having a look at the list of best trading platforms won't make you able to choose the best platform. You must consider these things before you start investing or trading. Yes, all of us need to check some trading platform part performance. But how will you compare these all trading platforms? One other question is that as a trader, what is your requirement? What do you need your trading platform to do? 

All these things must be asked before you choose any platform. In the above information, choose any top online trading platform that’s best for you. We are just making you able to choose the right platform for you. Simply read the information, compare spreads, clearing, and then make a decision for you. 
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