The large number of brokers and platforms available for day trading can be overwhelming. There are several things to consider, regardless of whether you’re a new trader looking to invest money in the right place, or if you’re already day trading but looking for a better option than your current platform.
If you’re wondering how to find the best day trading platform in South Africa, look no further. In this blog post, we will cover five factors that you should consider when deciding on a day trading platform.
1. A PLATFORM WITH YOUR PREFERRED MARKET
Day trading can be done with several different assets. This includes, for example, cryptocurrency, stocks, foreign exchange money, and CFDs. There are no right and wrong answers on which market to go for – the decision should rather be based on your knowledge and interest. Don’t start investing in crypto just because there’s a hype about it unless you have a genuine interest.
The risk also varies depending on which market you trade on, and so does the amount of money you need to invest. Stock trading, for example, often requires more capital than for example the cryptocurrency market when you get started. Look for a platform that offers the assets that you want to invest in.
2. COMPATIBILITY WITH DIFFERENT DEVICES
Day trading is a fast-paced trading type, meaning you’re likely to need access to your account quite often. Because of this, look for a platform that works well on both your phone and your laptop. That means you can easily and quickly check on your investments during the day. A mobile app compatible with iOS, Windows, or Android might be a better option than having to use the web browser on your phone.
3. AVAILABLE TOOLS AND EDUCATION
Different brokers offer different kinds of features and tools that may help you in your trading:
- Educational texts and videos
- Charts
- Expert analysis
If you’re starting out, you probably want to focus more on platforms that offer education and free training. More experienced traders might be more interested in charting features and in-depth analysis.
4. GOOD CUSTOMER SUPPORT
Make sure customer support can be reached easily. Some brokers offer 24/7 customer support, using email, chatbots, or phone communication. In case anything goes wrong while trading, it’s crucial to be able to easily contact someone who can solve any problems.
5. COMMISSIONS AND CHARGES
As day trading involves frequent buying and selling, low charges are important. The broker will get a cut (commission) on your trading, no matter if your trade is successful or not. Compare different brokers and their platforms and look at reviews from customers and online resources, in order to find an option that suits you.
THE POPULARITY OF DAY TRADING
Once you step into the world of day trading, you will get to experience both the possibilities and the risks of fast changes on the markets. It has become a hobby for people all over the world, and for some even a full-time job. Keep learning and stay up to date with the news in order to get the most out of your day trading experience!
