In today’s fast-paced world, stock trading has become a new fad among people From heavy investors to low-key ones, it is one sector that has been gaining immense popularity among people from different genres. And when it comes to finding the best reason behind this rising popularity, no one can deny the acceptance of trading platforms among today’s people. And the presence of various trading platforms makes stock trading amazing simpler, accessible and powerful.
But have you ever thought what are the things that make a trading platform the best trading platform in India? Before we move ahead, let’s find out what a trading platform is.
A trading platform refers to a software system that is used for stock trading: opening, closing, and managing market situations through an intermediary such as an online broker. Online trading platforms are often offered by brokers either for free or at minor charges in exchange for the maintenance of a funded account and/or making a quantified number of trades per month.
In other words, a trading platform is used to allow traders and investors to place trade orders and check their positions at any time of the day. Sometimes, trading platforms come loaded with other features, such as real-time quotes, charting tools, news feeds, and even premium research. Platforms may also be precisely customized to particular markets, such as stocks, currencies, options, or futures markets.
Now when it comes to choosing the best trading platform in India, one needs to keep in mind various factors. This is a necessary step as the trading platform you choose plays a big role in deciding the success and failure or your stock order. And to deal with this, it is necessary to have knowledge about the basic fundamentals of the best trading platforms in India.
For your help, here are the 5 crucial fundamentals of the best trading platforms in India.
1. Responsiveness
The proper management of time holds the key to success in stock markets. If you wish to trade in a particular stock at a given price, you have limited time to trade in that stock. But what if your trading platform is not responsive enough to get this order placement done at the right time? Or what if lags the speed needed for a successful transaction.
So, to avoid such loss, it is much needed to count on a trading platform that is extremely responsive. You can check the same by going through various reviews left by existing users. This will give you an idea of how robust the platform is and you can take your decision accordingly.
2. Analytical Tools
Another factor to under how effective your trading system is and how to improvise it is being able to analyze your trades after they are outdated. It would be highly difficult to make a substantial profit on a daily basis without the use of analysis tools, because you would be virtually making investments in the black hole.
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3. Data Security
Whether you are trading on high values or low ones, the most important thing you need to consider is not allowing your personal data to be compromised, therefore the trading platform you want to use should be extremely secure. You need to verify the type of data encryption your platform of choice uses, which will give you some understanding of how well your data will be safeguarded as it gets moved over the web. Popular trading platforms make use of firewalls both on the server and application level. They also make the use of two individual synced servers on which the data is stored, allowing any lost information from one of the servers to be recovered by the other.
4. User-friendly Interface
In the trading world, user-friendly refers to the easy placement of an order. One-click trading and handling of stop-loss, limit, and other order types are some of the main things that a trader may want to consider.
Besides, it is quite beneficial for the overall navigation of a platform to be user-friendly. If a platform features extra charts and tools, they should be very simple to access and apply as well as optimized for quick access of various graphs at once.
5. Automation
Today, there are lots of trading platforms in India that make use of AI to provide tips and suggestions related to traders and investors which would help make sound decisions. This is certainly a great feature that tends to help new investors a lot in terms of finding the right stocks and their trading. So, make sure you check this option even if you are associated with the best stock broker in India.
FAQs
What are the charges for using trading platforms?
In most cases, there is no charge levied for using these trading platforms. However, some stockbrokers charge a negligible amount against the maintenance of these platforms. Please check before subscribing.
What is the best trading platform in India?
Generally, you can refer to many sites that rate trading platforms on the basis of their performance. Some of the leading ones are Zerodha Kite, Upstox Pro, Motilal Oswal Trader, Angel Speed Pro, and 5Paisa Trader Terminal.
Are all features available for free in NSE NOW?
Yes, NSE NOW is available for free to trade at NSE. To trade at BSE or MCX, your broker may charge a fixed monthly amount.
How can I trade using my mobile?
As today most stock trading platforms available for both iOS and Android, one can easily download the trading app and start trading with ease.