Millennials are better aware of their financial responsibilities than the common prejudice against them as carefree. They know that you need to invest rather than save to live carefreely. They are intelligent and educated in this regard like never before and are letting their money do the work by investing it wisely in markets.
Also, it is significant to note that, while doing all this, they also take time to enjoy life. Therefore, making trading and investing accessible for them is paramount. This is what the eToro trading app does. But, before you learn more about eToro, understand the essentials you need in your trading platform to make your experience faster and better.
Features Essential in a Trading Platform
The trading apps and platform should have various features for all levels of traders. It should be accessible to all kinds of people with just internet service. Check Out the following features before choosing the right one for you.
Having different platforms for different trades can be tiresome. Therefore, finding a platform where you can trade in various markets like Equity, Forex and Commodity would make it easier to watch all your trades simultaneously. Some platforms also offer crypto trades and allow you to invest in mutual funds.
Knowledge and Demo Account for Practice
This is a good place for beginners to become pros. Experts write and share their experiences in the market and provide insights into the trends and analysis of the markets. Newbies can read, understand and gain knowledge before entering markets. They can also put their knowledge to the test by trading in the demo account. This helps students who don’t have money to invest gain confidence and understand the nuances of the market before investing money.
When analyzing the charts, there should be tools to draw the patterns, identify the patterns better, set targets, stop losses based on fib retracements trends, etc. There should also be alert tools that alert you when stocks on your watchlist hit targets.
There should be features to set stop-losses that help you stay disciplined. If you are a beginner, this tool would be essential for you.
Ease of access
Even a techno expert would like simplicity when in a hurry to buy or sell. Markets are volatile, and you can lose thousands in less than 5 minutes. Therefore the platform being easily accessible, say you can buy and sell with just a click, would be helpful.
Fees and brokerage
Platforms charge you a minuscule percent of the trade as brokerage. These brokerage percentages range from as low as 0.03% to 20%. There are also annual maintenance charges that we might have to pay. There are offers across all sites like referral bonuses.
This is essential since we deal with money, and digital platforms have a place for many mistakes. If the website is down for some, there should be proper communication to avoid the commotion. If we doubt while registering or regarding the platform’s functioning, we should be able to raise a query and get it solved immediately. Especially, live market support would be of great help to the newbies.
Compare all the trading platforms available based on these factors and arrive at a well-informed decision. Also, look at the exclusive features and offers each site offers. eToro is one such good platform, learn more about eToro on its website and check out exclusive features like Copy trading, social trading, and one-click sell/buy options. It has features for everyone from a beginner to an expert. Learn and then trade.