As online trading grows in popularity, so does the number of trading platforms to choose from. With such a wide variety of platforms on offer, choosing the right platform can seem daunting.  

So, how do you choose a trading platform? Our team considers this question and more below.   

What Is a Trading Platform?

A trading platform is a digital hub, or software system, for buying and selling assets online. In other words, it’s where you manage, open, and close your positions as a day trader. 

What type of features can you expect? It all depends on the platform. However, common features include: 

• Charting tools 
• Demo accounts 
• News feeds 
• Real-time market data  

Trading platforms may also provide educational content and tools.   

How Do Trading Platforms Work?

How do trading platforms work? They’re simpler than they might seem.  

An intermediary, such a broker or prop firm, provides the software. In exchange for platform access, the trader either: 

• Pays a fee; 
• Agrees to make a certain number of trades each month; or  
• Gives the firm a percentage of their profits from a funded account.  

Prop firms, for example, give traders access to simulated funded accounts. This includes full use of the trading platform and its array of features. In exchange, traders “split” their profits with the prop firm based on a pre-agreed percentage.    

To be clear, trading platforms and brokers are not the same. The broker or prop firm provides access to the tool. But they are not a trading platform.  

What Makes a Good Trading Platform?

The short answer is that it depends on what you’re looking for from a trading platform. For example, an investor focused on long-term stock options will have different needs from, say, a day trader.   

More specifically, though, good trading platforms all have certain features in common.  

User-Friendly Interface 

You’re trying to learn the art of day trading – not how to navigate a complex platform. The best online trading platforms are simple to use and highly accessible. So, opt for a trading platform that lets you manage your positions with ease. Avoid those with unnecessary, overcomplicated steps.    

Customer Service

It should be easy to contact the prop firm or trading platform team. After all, day trading stops for no one – you don’t have time to waste! Make sure it’s easy to chat to someone and get the answers you need, when you need them.  

Education and Support 

Day trading can be a solitary occupation. That’s why it’s crucial for traders at all levels to have access to resources to support their goals. Look for a platform with community support, educational tools, and information to guide your trading.  

Low Fees and Spreads 

The best online trading platforms want to attract talented day traders. So, they do their best to offer competitive rates.  

Look for a trading platform with low spreads and fees. Our broker, for example, offers some of the lowest spreads and commissions available for retail traders!  

What Is the Best Forex Trading Platform?

Trading in the foreign exchange (Forex) market is complex. This means that it’s even more important to have a platform which offers: 

• A simple, clear user interface to help you monitor the markets 
• Comprehensive access to real-time market data (even for demo accounts!) 
• Ongoing advice and support available 24/5 
• Inbuilt risk management systems  

Maven Trading offers a range of features to support Forex day traders. Contact us to learn more!     

What’s the Best Trading Platform for Beginners?

Beginner or novice traders need extra support. That’s where demo accounts are invaluable. There’s no financial risk involved, since you’re not using your own capital. But you will learn, using simulated funding, how to execute the perfect trade!  

New traders should focus on platforms with a simple interface so they can focus on learning their craft.    

Choosing the Best Trading Platform for Experienced Traders 

Experienced traders may lean towards platforms with more comprehensive features. These include more detailed charting tools and technical indicators.  

However, the best trading platforms cater to new and experienced traders alike. After all, the goal is to retain talented traders and grow together.  

That’s why, at Maven Trading, we’re serious about building a community. We see you as an investment. And we offer the tools you need to grow your skills from novice to seasoned day trader.    

Best Day Trading Platform: What to Consider

What’s the best way to choose a day trading platform? It all depends on your priorities and trading style. No two investors are the same – which is why choosing a platform is such a personal decision.  

With that in mind, here are some points to consider before you choose your trading platform. 

• Think about what you need from your platform. Newer traders may be looking for extra support, whereas experienced traders might opt for more technical features. 
• Look for a positive user experience (UX). Day traders should be spending their time focusing on their positions, not learning complex interfaces. Choose a platform which has clear rules and a simple interface. 
• Research the costs and fees involved. A trading platform’s costs should be transparent and easy to understand. Look for competitive features, such as no swap fees and low profit splits.  
• Prioritize risk management. The best trading platforms have in-built features to help you manage risk and prevent significant losses. They also offer support and guidance when you need it.  

Remember, there’s no rush. Spend as much time as you need researching your options so you can make a confident decision. 

Access the Trading Resources You Need with Maven Trading

Are you ready to take day trading to a new level? Then Maven Trading wants to hear from you. As a leading prop firm, we’ll help you hone your trading strategies and boost your skills. Simply complete our challenges, open a simulated funded account, and start trading.  

We only retain a small profit percentage in exchange for giving you access to simulated funds and resources. The rest is yours! Learn more about the Maven Trading community by contacting us. Or choose your account plan and get funded now.