Trading strategies aren’t really ‘picked’. They manifest and evolve based on skill level, risk tolerance, and market exposure; balancing technical expertise against fundamentals and often, a hunch, or gut feeling. Whether seeking a passive income, wealth preservation, or capital appreciation, your approach will be as unique as your style, budget, and needs.
When picking a platform from which to trade, the choices are more clear cut. The UK market is fragmented among many highly-specialised operators, each with individual merit. But in these trying times, now more than ever, picking a platform that is both comprehensive and adaptable to your requirements is paramount to your trading success.
So what should you be looking for in a platform? What follows is a series of make-or-break considerations that traders should take into account before upgrading.
Global access
Markets are inherently global, but many traders are held back by artificial digital barriers that impede their ability to trade abroad. Picking a platform from which you can buy into any market is more essential than ever. The response to the lifting of government-imposed lockdown restrictions continues to vary market-by-market. With economies reopening, opportunities to trade underpriced global brands are already a reality. Making sure your platform is global – with staff who have local market knowledge – will help you make the most of the turmoil.
Local Currency
Access to global markets is gradually becoming more common among platforms, but many include hidden fees and complicated pricing structures when converting currencies. Picking a partner with a multi-currency account enables traders to make seamless conversions at the true exchange rate with zero admin, conversion, or transfer fee. The ability to access world markets in local currencies… what benefit? In terms of speed, access, response time
Suite of tools
The decisions you make as a trader are only as good as the tools that guide them. Most platforms offer free basic market data, but beyond that, the options are often limited or come at a high extra cost. Fineco is the only UK trading platform to offer free real time DMA, advanced charting tools, and a stock screener as part of its free platform. It also includes OCO conditional orders as standard, and is one of only three noteworthy platforms to offer traders the ability to make recurring investments.
Range of products
You can have the best strategy in the world – be a veritable Sage of Surrey – but if your platform partner doesn’t react as you do, your chances of success diminish. Fineco is a one stop shop, offering banking, trading, and investment products from one centralised location. The advantage is simple: from the same place you bank, you can trade in any asset in any market, in any currency, with the best tools and local knowledge at your disposal.
Competitive platform fees
For serious traders who regularly make multiple orders, finding a platform that offers all of the above with a competitive platform and transaction fee structure is essential to maximising profits. Many platforms promise low fees or no-commission, but usually there is a catch; a hidden clause that eats into your hard-earned profits. For FinecoBank customers there is no compromise. Fineco offers commission-free trading, with no added spreads, at a premium level in the UK market, reaching beyond existing platforms to cater for professional and serious traders.
Striking a balance among all of the above elements would in the past have required subscriptions to multiple platforms. Fineco is your one stop shop, allowing you to pick and choose as conditions determine. If your strategy is to change due to the shutdown, having a partner that can adapt to your needs, rather than the other way around, will help you better navigate the world of investment through covid’s choppy waters.
Find out more about trading with Fineco