Recommended Online trader platform?

brettly

Junior member
15 1
Hi Lads.

Well.. For the last 6 months or so I have been demo trading cfds through Plus500 and while the spreads seem large, the platform seems ok. No fees (those are incorporated into spread) and a very straight-forward way to trade.

Just wondering as a newbie about to take the plunge into trading with real money (1000 or so) would this be the broker for me? I mean Plus500 have limited charts and limited software on their trading platform. Would this matter to a new roller?

I'm not a hardcore dedicated trader. Don't mind looking at screens for periods of time and reading stock and trading news, but hobby trading for now.

Like everything else who knows I may get serious.

Basically just looking for online platform that gives best bang for me buck I guess. Do I need to try several and get familiar?

Brett
 

Hate2Lose

Active member
155 3
Hi Lads.

Well.. For the last 6 months or so I have been demo trading cfds through Plus500 and while the spreads seem large, the platform seems ok. No fees (those are incorporated into spread) and a very straight-forward way to trade.

Just wondering as a newbie about to take the plunge into trading with real money (1000 or so) would this be the broker for me? I mean Plus500 have limited charts and limited software on their trading platform. Would this matter to a new roller?

I'm not a hardcore dedicated trader. Don't mind looking at screens for periods of time and reading stock and trading news, but hobby trading for now.

Like everything else who knows I may get serious.

Basically just looking for online platform that gives best bang for me buck I guess. Do I need to try several and get familiar?

Brett


I haven't used plus500 myself, but friends have told me they're fine in small size, not so good with bigger size. They don't give you DMA, which means they take the other side of the bet - they may give you poor fills if you're in bigger size, I.e. Re-quote. Particularly if you start doing well!
 

timsk

Legendary member
7,343 2,135
. . . Do I need to try several and get familiar?
Hi Brett,
In answer to the question above - yes!

There's a few threads about Plus 500 - so I suggest you do a search and read those first before depositing funds with them. Here's one to start you off: Does anyone actually use PLUS500? Besides that, here's some general advice about finding a broker . . .

New brokers spring up daily (or so it seems), and long standing ones continually update their products and services in a bid to remain competitive. Consequently, it's hard to offer advice about who to use and who to avoid. As a very rough guide, you’ll need to consider the following seven points when choosing a broker . . .

I. Regulation & Security
First and foremost, you need to avoid the riffraff and unregulated firms. Don’t be seduced by glitzy looking websites, laden with attractive offers and low spreads etc. Apply common sense and gut instinct and, above all, conduct due diligence. Specific advice explaining how you go about doing the above can be found in this thread: Is my broker / money safe - basic due diligence

II. Tradable Instruments
If, for example, you wish to trade U.S. stocks, you’ll want a broker that offers the largest universe of instruments (i.e. companies) and whose spreads are narrow and whose commissions are low - compared to other brokers.

III. Financial Vehicle
Most brokers only offer one or two financial vehicles with which to trade. For example, a bespoke futures broker will only enable you to trade futures contracts and not shares, options and CFDs etc. At the time of writing, Interactive Brokers (IB) is one of the few firms that allow you to trade a variety of markets and instruments from a single universal account. (Please note: T2W is not affiliated in any way with IB and this is not a recommendation to open an account with them.)

IV. Account Size
If you only have limited capital with which to fund your account, you are likely to be restricted not only in your choice of broker, but in your choice of financial vehicle and markets as well. For example, you are not going to be able to open a ‘Patten Day Trader’ (PDT) account with a direct market access broker to trade U.S. equities, as there is a legal requirement to have a minimum of U.S. $25,000 in your account.

V. Trading Platform
This is the mechanism you use to enter trades, set stop losses and exit trades etc. There are many different platforms with different features; most traders like some more than others. The one you choose must offer the features you require and you must be comfortable using it. Most brokers offer a demo account so you can get used to their platform without any obligation to fund an account with them.

VI. Customer Service
This is very important, so much so that some members would argue that it’s better to pay a little extra in spreads and/or commissions and get the level of customer service you want, than it is to go ‘cheap and cheerful’ which won’t include much in the way of client help and support. Check out the Broker Reviews on T2W to see how the broker you propose to use fairs.

VII. Experience
Experienced traders usually advise novices to steer clear of sophisticated derivative products such as options. So, skip options brokers for the time being at least! If you’re unsure what type of broker is suitable for you - just start a thread in the First Steps forum.

In addition to the above, there is a this FAQ: Can You Recommend a Data Feed, Charting Software & Broker?

Lastly, one bit of advice often imparted to new traders is to open a margin account rather than a credit account. The reason being that you should only trade with money you can afford to lose. That means money you won’t miss if it’s not there, as opposed to your housekeeping pot, mortgage funds or savings earmarked for a holiday or a school trip for your children etc. Credit accounts encourage a gambling mentality, as your broker can continue to lend you money to cover your losses. Margin accounts simply stop operating once your capital falls below a certain level. It’s then up to you to add more funds if you want to. With a margin account, you are in control - not your broker.
Tim.
 

lloydbee

Well-known member
275 17
Hi Lads.

Just wondering as a newbie about to take the plunge into trading with real money (1000 or so) would this be the broker for me? I mean Plus500 have limited charts and limited software on their trading platform. Would this matter to a new roller?
.
Asking this in my eyes means you are not ready to go live, well unless you are more than happy to wipe off your $1000 test live account.

I'm not a hardcore dedicated trader. Don't mind looking at screens for periods of time and reading stock and trading news, but hobby trading for now.

Like everything else who knows I may get serious.
Brett

Shouldn't you want to 'GET SERIOUS' before you touch your real money. CFD's will take your $1000 and some pretty quickly I am thinking.

Before you go live, try other platforms/brokers BUT go spend some time online and read about trading Options. They are better than CFD's.
 

Vicorka

Active member
246 7
Hi Lads.

Well.. For the last 6 months or so I have been demo trading cfds through Plus500 and while the spreads seem large, the platform seems ok. No fees (those are incorporated into spread) and a very straight-forward way to trade.

Just wondering as a newbie about to take the plunge into trading with real money (1000 or so) would this be the broker for me? I mean Plus500 have limited charts and limited software on their trading platform. Would this matter to a new roller?

I'm not a hardcore dedicated trader. Don't mind looking at screens for periods of time and reading stock and trading news, but hobby trading for now.

Like everything else who knows I may get serious.

Basically just looking for online platform that gives best bang for me buck I guess. Do I need to try several and get familiar?

Brett

Check TD ameritrade who acquired thinkorswim who previously took over Prophetfinace charting solution. You may also check https://www.tradeking.com/rates who also has a lot of tools for analysis plus one of the lowest commission rates.

If you plan trade frequently, with $1K for trading you should be checking for the low commissions otherwise you will mainly feed the brokers. Again here could be TD Ameritrade who offer 2 month on free commissions foe new accounts:
https://www.thinkorswim.com/tos/displayPage.tos?webpage=promotions
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock