Gone are the days when a trader had to visit or call their broker to be able to trade the financial markets. Now there are brokers all around the globe who are accessible online and allow traders to trade within the comfort of their home using an online/electronic trading platform.
A trading platform refers to the software used for the purpose of opening, closing (buying & selling) and managing market positions through a financial intermediary that is a broker.
Today, with online trading platforms, trading has become a do-it-yourself activity. In other words, traders can now buy and sell assets on their own. In fact, an online trading platform allows traders to carry out multiple trades without anybody’s help provided that a trader has minimum knowledge about online trading and the platform being used.
Online trading platforms are often flooded with features and tools that help traders optimize their trades for the best outcomes. Some of the advantages of using an online trading platform are as follows:
- Reduced cost of transaction.
- Faster trade execution.
- Elimination of broker bias.
- Real-time trading.