You should choose a contract for difference (CFD) trading platform with the following qualities: flexibility, expanded market access, educational features, accuracy and a simple interface. Choosing the best CFD software will require you to make a list of needs based on your trading strategy. The markets or instruments you trade in frequently, your preference for long or short positions and your availability to actively engage in trading should all impact your decision.
Flexibility refers to the CFD software’s ability to place different types of orders at various times of the day. The CFD trading platform should also offer you the option of various instruments in different markets. Some platforms only offer certain markets or certain products. If you are trading part-time or only have the time in the evenings to actively manage your investments, being able to buy a CFD or place a stop loss order at any time of day is important.
The best CFD trading platform offers genuine educational support to further expand your trading capabilities and understanding of the market. Some platforms offer multiple markets for trading. Training programs on the platform enable you to take advantage of those markets for financial speculation. The training portion of the CFD trading software should enable you to create and refine new trading strategies.
All of the above is useless without accuracy. The CFD trading platform has to offer real-time information quickly and accurately. The profit or loss on a CFD can be affected by the software’s capacity to deliver precise information; this is especially true for day trading. On larger contracts, the difference of a few percentage points can mean hundreds or even thousands in lost profits.
Simplicity and ease of reading should be the hallmark of your CFD trading platform. Charts, data, and market information should be laid out in a format that you can instinctively use to open and close contracts. The layout should also allow you to quickly initiate and complete actions without having to lock your computer or take extra time to switch screens.
Many brokers use similar types of software platforms. That is to say, the platforms share features and commands, although they may appear to be different from one another. If you find software you like, there are probably other brokers providing similar platforms. This is important to keep in mind if you decide later on to expand your trading activity to markets not offered by your first choice of platform.
