A trading platform is the alpha and omega of trading, as this is the main tool that you are going to deal with when placing trades, analyzing markets, and so forth. Therefore, before even thinking about which contract to buy or which underlying asset to choose for your fixed-time option, you should make sure that you are dealing with a good, if not the best, trading platform that you can find. By reading this article, we will take a trip back in history to see the first digital options platforms and compare them to the modern ones. You will also discover the features that the best platform should have. Finally, we will give you some useful tips on how to use the Binolla trading platform.

The Best Platform Features

Nowadays, companies like Binolla provide traders with all the necessary tools so that they can use technical analysis and make reasonable decisions. When thinking about the best trading platform for day trading or even scalping, you should pay attention to the following aspects:

• Different types of charts. Basic platforms from the past offered line charts only. While those types of charts are also useful as you can use them to find price patterns, they are less informative as compared to bars, Japanese candlesticks, or Heikin Ashi. Moreover, you should always have a choice, as you can use various strategies and lines, maybe not enough to use all your trading system’s potential;
• Drawing tools. There are some basic tools that can be applied to many strategies, like trend lines, support and resistance levels, and others. Modern trading platforms provide traders with all those arsenals, giving them more freedom of action and opportunities when it comes to market analysis. In addition, some sophisticated tools, like Fibonacci retracement, can also be useful in many cases. Therefore, when picking a platform for trading, you should make sure you have all those options at hand;
• Trend-following indicators. Traders can choose from a variety of trend-following indicators when it comes to modern trading platforms. There are plenty of moving average variations, Bollinger Bands, Envelopes, and other popular tools there. This type of indicator, as it comes from its name, allows traders to reveal the current market trend and measure the volatility;
• Momentum Indicators. Unlike trend-following indicators, these are designed to find market reversals. However, using momentum indicators may also be helpful when you are trying to find the current price movement direction. Oscillators are advanced indicators, which means that they show price reversals beforehand, which makes them very popular among traders of all types.

Now that you know the features of the best trading platforms, it is time to look at what criteria can be used by traders to pick the best trading terminal for particular financial instruments/assets.

How to Choose a Digital Options Platform

Most platforms might look similar when it comes to their features, but if you dig a little deeper, you will see a huge difference between them. Therefore, before even starting trading, you should choose the right one so that it meets most, if not all, of your requirements. Here are some recommendations on how to pick the best platform for trading digital options:

• License and Regulations. While the license does not affect the functionality of the trending terminal, it is a very important feature that tells you about the reliability of the brokerage firm. Regulated companies like Binolla work in compliance with local and international financial regulations. They undergo various checks by regulatory authorities from time to time. Unregulated platforms, in turn, are not controlled by any third-party authority and often do not fulfill their obligations;
• Check Bonuses. Various bonuses and promotions in trading provide you with additional money that you can spend on buying digital options contracts without investing more money. When picking a platform, it is recommended to check whether a company gives traders such additional funds and what are the conditions of such promotions;
• Variety of markets. While most traders prefer Forex currency pairs when it comes to digital options trading, you may also be interested in buying contracts for stocks, cryptocurrencies, and other assets;
• Payouts. Digital options are also known as fixed-payout contracts. This means that you know in advance how much you can earn in a particular trade. The average payout across this market is 80-90%. The more, the better;
• Minimum Deposit Amount. Starting with hundreds of dollars may be a great idea, but you should have a choice. If a brokerage firm accepts traders with initial deposits starting from $200 or $300, this may not be a great solution for beginners. When picking the right platform, check how much you should invest to start trading. The minimum deposit amount is directly connected to money management. Moreover, you may want to check the brokerage firm before investing more. Therefore, starting with $10-20 would be a great solution that allows you to test all the company’s features without putting a lot of money at risk;
• Demo Account. Novice traders often use demo accounts to hone their skills or simply to learn more about the platform and test their strategies. All reputable brokerage companies provide their customers with access to a demo with unlimited balances or the possibility to reset the balance;
• Analysis Tools. Last but not least, the best digital options platforms offer at least basic analysis tools that include support, resistance, trendlines, Fibonacci, trend-following, and momentum indicators. Also, such terminals offer various types of charts to make trading as comfortable as possible.

Binolla platform provides its customers with all the necessary features and options. By joining the company, you can receive cashback on your weekly turnover and other attractive bonuses. The platform boasts four of the most popular types of charts, over 50 technical indicators and drawing tools, payouts of up to 92%, 5s Scalping digital options, and other useful functionality.

How to Choose a Platform for Forex and Crypto CFD Trading?

To choose a platform for Forex trading, you need to look at the following criteria:

• License. Being regulated by financial authorities is a must for Forex brokers. Licensed companies provide safe and secure services. Moreover, regulatory authorities act as an intermediary when it comes to any disputes between the broker and the trader;
• Promotions. Most reputable and reliable companies in the niche offer a lot of bonuses so that traders can use more money when it comes to trading;
• Variety of CFD contracts. CFD, or contract for difference, allows you to trade Forex currency pairs, metals, commodities, stocks, indices, cryptocurrencies, and many other assets. This allows you to diversify your trading portfolio and thus, the more options you have, the better;
• Execution time and slippage. This is a very important parameter, as the best possible pricing is crucial in a fast-changing market. Delayed trades, especially when you are using scalping strategies, may cost you a lot. When it comes to slippage, this is a difference between the quotes that you see on the chart and the price of buying a particular asset. Keep in mind that slippage should be minimal;
• Demo account. Like any other financial instrument, FX CFD requires some training. If you have access to an unlimited demo, you can practice trading and cultivate your skills;
• Analysis tools. The best platform by top brokers provides traders with various analysis tools, including indicators, drawing tools, economic calendars, etc.;
• Spread. While you don’t need to think about the difference between ask and bid prices in digital options, in Forex this parameter is crucial, as this is a kind of commission that you pay each time you open a trade. The tighter the spread is, the better;
• Leverage. Forex traders can use leverage to increase their trade size. Leverage is measured as a ratio between your investment and the amount of credit that the brokerage firm gives you. Normally, leverage starts at 1:2 and is capped at 1:1,000. Keep in mind that higher leverage may be good if you trade profitably, but it poses greater risks when are wrong;
• Additional commissions. Forex traders often pay additional commissions for trading that will also affect their trading results. Those are swaps (for overnight positions) and other fees. It is better to choose those trading platforms that have the lowest commissions and offer Islamic accounts (with no swaps).

How to Choose a Platform to Trade Stocks?

Those who prefer buying stocks and owning them can focus on the following criteria when picking a trading platform:

• A variety of exchanges. When trading stocks, you may have access to various exchanges that are located in all parts of the world. This will allow you to find American, Asian, and European stocks of all types;
• Broker commissions. Stock brokers charge various commissions for buying and selling stocks. Therefore, the best one for traders and investors is the one with the lowest fees; 
• Execution speed. Companies that provide access to stocks may have different execution speeds. You should check which one provides you with the opportunity to execute your order quicker than the others;
• Analysis tools. All the top brokerage companies in this niche provide traders with as many tools for market analysis as possible. For instance, you can find various market reviews, company insights, technical analysis tools, and many more;
• Check the minimum deposit. While trading and investing involve a lot of money, you should be able to choose the amount to start with;
• Demo account. When picking a brokerage firm, check if it offers a demo account so that you can test your strategies and learn more about the platform interface;
• Margin account. When trading stocks, you can use leverage as well. Check if a brokerage company offers such an option before picking one.

What Platform is Better for Beginners?

Simple platforms were considered the best choice for beginners before. Those terminals had nothing to offer from the analysis side and provided traders with basic “buy contracts” features. However, it is not the best choice for beginners at all, as the platform should be functional first. The difference between a beginner and a skilled trader lies in their skills, not in the set of tools they are using. Beginners should learn to analyze markets the way professionals do. Therefore, when picking a platform, beginner traders should focus on its functionality instead of thinking about simplicity.

To make it as clear as possible, read the criteria below that will help you find the best platform for beginners:

• Think about your trading goals first. Before even picking a platform, you should make up your mind and squeeze ideas about your trading goals. This will help you define the software that will meet all your criteria. The beginners always need educational materials, some tutorials, and something like that as they are taking their first steps in the financial markets;
• Discover the interface. It should be as user-friendly as possible. To make sure, use the demo account and try to add some analysis tools on charts, switch between timeframes, and open a couple of trades with virtual money;
• Focus on security and reliability. Non-trading risks may be significantly higher if you are dealing with an unreliable company. Therefore, you should pay a lot of attention to the platform’s background as well as the means that are used to protect your data and funds;
• Go through all the available analysis tools. Regardless of what strategy you are currently using or planning to use, the platform should offer all the possible analysis tools to meet traders’ requirements. Those should be trend-following and momentum indicators, drawing tools, etc.;
• Bonuses and promotions. You don’t need to invest a lot of your own money to have plenty of trading opportunities. The best platforms for beginners allow you to claim various cash bonuses that you can use to buy more contracts;
• Available markets. The more trading assets you have at hand, the better. While you may use a single stock or a currency pair that you trade the most frequently, having other currencies, shares, commodities, or even cryptos will be really helpful if you are looking for some trading opportunities there and then;
• Transparent costs. It is not a secret that platforms charge traders various fees. When picking one, traders, especially beginners, should look at trading and other fees to understand whether the brokerage firm suits them or not;
• Helpful and responsive customer support. Novice traders need quality customer support even more than professionals. They may have a lot of questions about the platform itself, trading conditions, and other important things. Thus, they should test the support and watch how fast and informative the responses are.

Final Words

A trading platform is a tool that allows you to buy various types of digital options contracts as well as conduct technical analysis to make wise market decisions. Modern trading terminals like Binolla provide traders with all the necessary tools, including various types of indicators, support and resistance lines, trendlines, channels, Fibonacci retracements, and many more. 

Modern platforms offer all you need to trade successfully. Therefore, you should build your own strategy and stick to it in order to make money in trading.

FAQ

What is a Trading Platform?

A trading platform is a special piece of software that is designed to allow traders to place trades. Apart from basic features, when trading with modern terminals, you can use a whole set of analysis tools, including technical indicators, various types of lines, retracements, shapes, etc.

How to Choose a Trading Platform?

When picking a platform, you should set your goals first. The platform should be functional and safe so that you can focus on your trading routine. 

Why Choose Binolla Platform?

The trading terminal by Binolla offers four of the most popular types of charts and over 40 analysis tools. The interface is very simple and user-friendly, which allows both novice and professional traders to start right away. The brokerage company arranges various promo campaigns, including an active up to $1,000 cashback.

Can I Try Trading on the Binolla Platform?

Yes, you can. The trading terminal allows you to start in demo mode without putting your money at risk. With this mode, you can trade with $10,000 of virtual money, which allows you to test all the features of the platform, discover its options, and even work on your own trading strategy.