An online trading platform is a software that a trader uses to buy and sell equities. Every broker will avail their customers one or a few trading platforms which vary in their capabilities, usually depending on the trader’s experience with online trading. Below is an analysis of some of the best online trading platforms that are in use today across the globe. Extremely popular platforms like the ones developed by SpotOption are not included in this article because there are already too many publications discussing about them.
Trader Workstation (TWS) is the trading platform that Interactive Brokers, a leading brokerage firm, offers to its customers. This platform allows trading nearly in anything that gets traded, but regardless of this, because of its unique design, the platform is very efficient. It provides different views, the Mosaic View and the Classic view, whichever one is more comfortable with. When you type in a stock symbol, it quickly sifts the information and enables you to see a list of all the available securities. It provides excellent tools for charting, and its high customization ability allows you to define how you want things to look like accurately. Technical traders can find almost anything they would want to see in it. Trader Workstation suits experienced traders very well.
Street Smart Edge
The Street Smart Edge (SSE) is a platform developed by the broker Schwab for use by all its account holders. The platform has a desktop version as well as a web-based portal where account holders can access their accounts. The web-based version, basically called Street Smart, is very fitting for a casual trader whose activities are fundamental and minimal. On the other hand, the desktop version got built with the advanced trader in mind. It supports order entries, customizable features, and live news feeds plus many other amazing features. It provides sufficient tools for the trader to visualize graphics and choose from different drawing tools. Account holders are not charged extra money to use this platform.
The platform is pretty easy to use, and quite swift. It is an excellent option especially for traders who are still new in the field. One can simply pull quotes from different companies, and they don’t clutter the interface by giving you too much data. It also has astounding streaming charts which are easy to use and modify once you have understood the structure of the interface. One of TradeMonster’s strengths is in their Options tool, which provides an array of customization options to enable you to dig into data one layer at a time. Their Spectral Analysis feature offers just all the data you might need to make any data-centered decision. It is also known for their fantastic mobile app solution, which makes trading even more straightforward for most people. There are a lot of other features which make it an excellent platform for people of varying skills.
Scottrade ELITE requires clients to have a minimum of $25,000 before they can gain access to the platform. It is a desktop-based platform offered by Scottrade to their advanced traders, in comparison to the other lighter platform – Scottrade Streaming Quotes – which is intended for casual traders. The platform, though targeting advanced users, is easy to use. The platform is highly usable regarding the interface not being cluttered, and having several color schemes for users. Scottrade has done extensive work to improve its charting capabilities and providing a set of technical indicators such as Dividend indicator, earning indicator, among others, which have grown its overall usability and efficiency. Their simplistic design will no doubt be easy for use by the novice trader, and their continued addition of features will make sure they capture and retain their active traders too.