Before embarking on your financial trading adventure, you need to choose based on your preferences and open a trading account. That can be done in numerous ways either with a financial institution (e.g., like your bank), brokerage firm or an online trading platform.
Get started in your financial in stock trading platforms adventure
Opening a trading account with your bank (or any bank) can generally be a bit more complex due to higher capital requirements. Additionally, you will often not have the liberty to perform and execute trades on your own, hence you will have to go via a representative that will facilitate the transactions on your behalf. The other factor to take into consideration is the transaction fees that are not negligible vs. the online stock trading platforms that we will elaborate in the next paragraphs. The situation is very similar to other brokerage accounts that require minimum committed investment amounts in order to open an account with them.
If you are just getting started in the financial trading world, we recommend considering opening an account with any of the below enumerated trading platforms:
Note that for none of the above trading platforms there is no minimum deposit required in order to open an account and be able to trade their instruments. Also, the process of opening and verifying the account is pretty straightforward allowing you to be able to initiate trades either directly via their platform on the web and/or via their app which can be downloaded on your phone.
There are many more platforms our there providing access to trading financial instruments depending on your country of living and your needs. Your needs may include what stock market platforms you prefer to invest in, or which asset groups you are most interested in.
For instance, if you are solely interested in crypto trading then platforms such as the below are a better alternative as those focus solely on crypto’s:
Some of the other aspects to take into account before choosing your trading platform is the platform’s education material, demo account and usage of virtual money, user friendliness, customer service, asset classes and transactions fees.
E-Club Trading is providing market-leading access to financial and stock trading education and is what we encourage any trader to consider next to financial trading platforms and applications.
The E-Club Trading community was founded in order to assist passionate traders to have the confidence to execute trades and devise strategy in a sustainable long-term manner maximizing capital and satisfaction. If you’re an active day trader the Morning Game Plan is the most suitable product for you, offering daily before the US stock market an insight into what is shaping the financial trading world and their stock pick with detailed technical analysis explanations.
If you’re more of a swing, long-term investor then we recommend the Weekly Newsletter product, that comprises a comprehensive review and game plan of all the financial trading industries including commodities and cryptocurrencies. The company also offers a bunch of free materials to chose from such as the Trading Academy that is available free of charge. The Trading Academy comprises daily charts with technical analysis explanations, videos and different articles for all trading levels related to stocks and cryptocurrencies fundamental and technical analysis aspects.
Once you have opened the trading account with a platform, we suggest to use for a period of time the virtual money product in order to familiarize yourself with the user experience before committing actual capital that may incur unexpected losses due to a misunderstanding of how a trade has been performed. The virtual money feature that many trading platforms offer is a great tool to help you learn about the technical aspect of trading.
We also recommend not using leverage trades at the beginning as those are risky and generally oriented towards more experienced traders.
Leverage is both a great instrument to maximize gains but at the same time it can go in the other way and if not properly hedged you may see your capital quickly vanish especially for very volatile instruments such as Crypto’s. Best is to be cautious and allocate a percentage of your capital that you do not immediately need for your day-to-day activities.
Remember that trading is a complex profession which requires a certain skill set and advanced financial education in order to become good at. Furthermore, a couple of good trades does not make you a successful trader as there is a saying in the industry: “Trading is not a sprint but a marathon”. That is why besides trading you also need to have the financial education to be a successful trader. We are here to make you feel confident and best understand how trading is performed successfully.