Whatever market you get into, trading by nature is volatile. So before entering the trade, you must keep this in mind; it won’t be easy. But if done right, it can be pretty lucrative and enjoyable for some.
Even seasoned and professional traders still face losses, slips, and setbacks, so don’t be surprised if you also do. But what they do to get back on track and even profit in the first place is by taking advantage of resources.
Resources can be learning materials, trading tools, quality analytical tools, trading platforms, etc. Anything that can help amp up your odds of taking home a hefty profit is a resource you need.
To begin on a good note, start by choosing a good trading platform. This is important since all your trades, practice, fees, and tools depend on your chosen platform. To lend you a hand, listed down below are the best trading platforms to consider for 2023:
1. Fidelity
Fidelity is a platform recommended for all sorts of traders, whether you’re a new or seasoned trader and invest in long or short trades. Plus, to start an account with them, no minimum balances are required, so you’ll be able to join them as soon as possible.
Photo by Maxim Hopman on Unsplash
To get you better acquainted with Fidelity, here’s its list of pros and cons:
Pros
- No required minimum balance to open an account.
- No commission fees for online EFT trades and US stock.
- Allows you to swiftly buy shares in a fraction of companies such as Google, Apple, etc.
- It offers a monthly newsletter that helps you learn the basics of trading and how to begin.
- Offers a podcast, “Fidelity Fresh Invest,” that keeps you enlightened about the market and its latest news and happenings.
- Offers webinars like “Fidelity Viewpoints” and “Women Talk Money.”
Cons
- Has high trading fees for non-free mutual funds.
- Has high margin rates.
- Doesn’t have a mobile app. (Not favorable for active traders)
Is Fidelity beginner-friendly?
Yes. This trading platform is one of the best ones to start with since it’s one of the best low-cost platforms today. Plus, it’s also pretty easy to use! So if you aren’t techy, this platform might be for you!
2. InteractiveBrokers
IBKR is one of the most popular platforms today, and it’s no surprise why. This platform covers over 200 countries and offers options, futures, stocks, currencies, bonds, cryptocurrency, and much more! So you can guarantee a broad scope when it comes to available markets.
To know more about IBKR, down below is a list of its pros and cons:
Pros
- It has a $0 minimum balance to start an account with them.
- It is rated a 5/5 rating from NerdWallet.
- No commission fees for EFTs and US-listed stocks.
- Offers low commission on other products they offer.
- No added spreads or ticket charges.
- Provides a low margin rate.
- Has two plan options to consider: IBKR Lite and IBKR Pro.
Cons
- Opening an account can be complicated since it takes 1-3 days.
- Customer service is poor in quality.
- Has a complex trading platform.
Is InteractiveBrokers Beginner-friendly?
Although it comes with tons of great perks, this platform is, sadly, not ideal for beginners. This is because the platform is too complex and is usually great for experienced traders. But if you still want to give it a try, go ahead! They have no inactive fees, so you can take your time getting used to the platform before trading.
3. MetaTrader4
If you’re a forex trader, then this platform is for you! MetaTrader4 is a legitimate trading platform that mainly supports forex trading. What makes this ideal for traders is that it’s available on various devices like your mobile phone, PC, tablet, and laptop.
Photo by Pierre Borthiry – Peiobty on Unsplash
To know if MetaTrade4 is the platform for you, down below is its list of pros and cons:
Pros
- Offers expert advisors.
- Supports smartphones iPhone/iPad, Huawei, and Android.
- Supports PCs Windows, Linux, and Mac OS.
- Offers Signal and Market additional services.
- Offer good trading stability, which results in little to no chance of slippage.
- Has Multi-Account Management.
Cons
- Trading execution speed isn’t the best.
- Its app is tedious to use.
Is MetaTrader4 Beginner-friendly?
Yes! MetaTrader4 is excellent for beginners and seasoned traders alike! Its platform’s interface is straightforward to use. The programming language on which MT4 is based makes it appropriate for new traders who are not as involved in developing their algorithms for their trading methods.
Take Away
Now that you know the top trading platform for 2023, start your trading journey with flying colors by trying these platforms! Knowing what you know, you can now make a more accurate decision when picking a platform for you!
