Beginners in stock markets require a user-friendly trading platform that is easy to use and offers quicker execution as well as the security of financial data.
There are a lot of web trading platforms available in the markets by various brokers, which makes it confusing for new traders to make a decision.
In this article, we will go through crucial factors that can help you to choose a user-friendly trading platform.
Factors to Consider When Choosing a Trading Platform for Beginners
It has been observed that at times individuals select the web trading platform just because it is being used by their friends and relatives. This is not an ideal approach.
First, you need to understand your requirements. Consider the features that you need in the trading platform. This majorly depends on your trading objective, preferred securities, etc.
Every trader has different goals and objectives. Therefore, a proper analysis of this needs to be done. Do not copy others. Select a platform as per your needs.
1. Ease to Use
When you are looking for a user-friendly platform, ease of use becomes a necessity. You should be able to place and monitor your trades and portfolio easily on the platform.
For this, you need to check the icons, settings, operating interface, etc. before selecting. They shall be easy to use and operate.
2. Research Tools and Resources
Research is very necessary before trading. Through proper research, you can make the correct trading decision. The research tools can help you understand the trend, pattern, industry analysis, etc.
An efficient trading platform will offer you research tools and resources to help you make informed trading decisions. This includes but is not limited to, stock screeners and watchlists, tools for technical and fundamental analysis, charts and indicators, educational resources, and more.
3. Security and Reliability
Security and reliability matter a lot when you open trading account online in India. See that the platform or the share market app provided by the broker has encryption, two-factor authentication, and other important security features.
Ensure that the app is stable. Also, assess if the broker has been registered with SEBI or not. Always prefer to select a platform that is registered with SEBI.
4. Demo Account
As a beginner, you don’t have enough knowledge about markets. It takes time to understand the market.
So, it’s advisable that you take a demo trade before starting actual trading and investing.
Certain brokers do offer you a demo account. With this demo account, you can explore the platform and its tools without risking your real money.
5. Customer Support
Good customer support is very much needed for a beginner in stock markets. As a beginner you may have a lot of queries like how to place an order, accessing reports etc. At such times customer support can help you.
Ensure that the platform offers multiple customer support channels like email, phone, and chat.
If you are new to trading and planning to open trading account online then this article would be very useful to you. While choosing a user-friendly platform, ensure that the platform has a simple and easy-to-use interface and has efficient customer support. Moreover, it should offer research tools. If you are looking for such trading platforms, Dhan can be an option.
Dhan is one of the most popular share market apps and platforms in India. It offers unique features like real-time market data, reports, live market scanners etc. In addition to this, you can also create multiple watchlists and activate price alerts for stocks in the Dhan app, which helps you with your trading journey.