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How Advanced Trading Platforms Empower Traders

Yayın RAIN EDITORIAL TEAM - Jun 13, 7:00 PM

The capacity to access real time information in a safe and secure environment is an essential part of trading. While this information was restricted to traders in stock exchanges earlier, developments in technology and software have allowed everyone access to this market information through advanced trading platformsoftwares. A simplified and secure online advanced trading platform is now an essential for any trader.

What is an advanced Trading Platform? 

An advanced trading platform is an electronic application system that facilitates trade of financial products with a financial intermediary. Traders can execute and manage market positions using a computer software which provides real time market data. Traders can keep funded accounts with the trading platform, which can then be used to conduct trade online. Anyone can access these software systems provided by a brokerage or financial institution like Rain, and trade on their own. 

Traditionally, advanced trading platforms were used to trade securities, stocks, bonds or currencies. With the rise in adoption of Bitcoin and other crypto currencies, the idea of advanced crypto trading platforms has surfaced in the cryptosphere. These platforms offer traders the opportunity to trade between different cryptocurrencies, or trade cryptocurrencies for fiat currency. 

Who Can Use an Advanced Trading Platform? 

Anyone with access to the internet and a laptop or mobile device can use an advanced trading platform. There are two categories of trading platforms available, commercial and proprietary. Commercial platforms cater to day traders and retail investors; while proprietary platforms are made for large brokerages. 

These days, advanced trading platforms are particularly popular with people who are constantly on the move and travel a lot. 

Features of an Advanced Trading Platform and Its Benefits

The interface of a trading platform is simple and always consists of basic order books and market charts which beginner traders can use to place orders. These platforms can offer more sophisticated features which can be used by experienced traders to make trades, and to try out different strategies. 

The best part of advanced trading platforms is that they allow users to conduct trade from any location, all they need is access to an internet connection and a hardware device like a mobile or laptop which allows them to run the software. 

Some of these features are:

Order Book: An order book is an electronic record of all the buy and sell orders of a particular asset. Traders can use an order book to see what price and quantity an asset is being bought or sold at. Order books usually show a spread of the market to the traders, which is basically the difference between the highest and lowest bid price. This data is designed to help traders assess the potential direction the price of an assent may take. 

Types of Orders: Typical order books offer a few basic features which help traders automate their trade and ensure they reap profits, or don’t realize losses. Traders can place buy and sell orders in real time and make an instant purchase. Traders can also make use of market stop and limit orders to automate their trades. Market orders allow the user to buy or sell assets at the market’s current best available price. Limit Orders on the other hand is an order to buy or sell an asset at a specific price. Stop orders is an order to buy or sell an asset once the price has crossed a certain threshold set by the trader. If the asset reaches the stop price, the stop order is executed at the next available market price.  

Candlestick Graphs for Analysis: Candlestick graphs provide technical indicators used to conduct market technical analysis. A technical indicator is mathematically derived from price, trading volume, investor sentiments, or open interest data. It is applied to interpret market trends and investment decisions using past price and volume trends.

Other Miscellaneous Features:  Trading platforms host a number of features which are available to users based on their experience and rules of the trading platform. These features can include:  real-time quotes, live business and financial news feeds, instant access to a wealth of streaming and historical financial data, more sophisticated technical analysis tools, investment and educational resources based on premium research. 

Access to Increase Cyber Security and Customer Support: A good trading platform will place high emphasis on cyber security, and provide customer support to its customers. Information transparency, 2 Factor Authentication, completing Know Your Customer (KYC), 24/7 customer support on email or phone are just some of the steps a trading platform can employ to offer higher protection to new and experienced traders. 

How to Choose the Right Trading Platform 

In choosing the right platform for themselves, traders should keep in mind their purpose for trading, trading features available along with relevant fees. 

If you are a new trader, you would want to choose a platform that has a simple interface. You may want to look into features like educational resources provided by the platform to help you fill the gaps in your knowledge. Good customer support over the phone or email is another substantial feature particularly useful for new and experienced traders.

While cyber security is a constantly developing area of technology, traders must ensure they go to trusted exchanges that are regulated, follow KYC requirements, and use 2 factor authentication. Traders should avoid trading platforms which do not follow basic cybersecurity protocols. 

Advanced trading platforms usually charge a small fee for trades carried out on the platform. Traders must be aware of the exact fee they will pay on the trades they execute to avoid unrealised costs. Trading fees are of two types: make and taker fee. A maker fee is charged when an order is placed in the order book but not immediately fulfilled. A taker fee is charged when an order is immediately fulfilled. A comparison of maker and taker fees between different trading platforms can help you choose the right platform for you. 

Tips on How to Use an Advanced Trading Platform Like a Pro

Trading cryptocurrencies online can be complicated. Crypto markets can be particularly volatile, experiencing highs and lows not seen when trading in traditional stocks and securities.

If you have decided to buy or sell cryptocurrencies, and don’t know where to start, here are a few tips you can begin with.  

Learn about blockchain: Building your knowledge on the subject of blockchain technology and decentralized systems can go a long way in understanding the crypto markets.

Understand the ATP Interface: Learn how to interpret various market charts and tables along with learning how to place different types of orders. Familiarity with the trading software will help you apply your strategies flawlessly. 

Risk tolerance: The amount of loss a trader can sustain is his risk tolerance. Calculating your risk tolerance before you trade can reduce your chances of making poorly calculated decisions. Knowing your risk tolerance will also help you craft a trading strategy that works best for you. 

Create a Plan: Understand the cryptocurrency you want to buy, and create a well researched strategy around it. Your plan should be designed in accordance with your needs and risk tolerance.

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