The Right Trading Platform Makes All The Difference
by Ivano Celia, on May 14, 2020 10:09:00 AM
Why It Matters
Creating success in a medium and long term investment involves extensive strategical planning. The reality of maintaining a positive financial trading experience relies heavily on the brokerage service chosen. Finding the best online trading provider who meets your individual financial requirements should be considered from various angles. The costs and fees of online trading providers greatly vary and have to be laboriously examined in order to ensure sufficient profits are earned. It is therefore highly valuable to the investor to take proper measures in thoroughly comparing broker services. Specific aspects to consider include security, location, transparency, dynamics, and availability. In this article you will learn the fundamentals to the most important criteria for evaluating and comparing online trading providers in Switzerland.
For me personally, aspects such as security, fast access and availability of my deposits and winnings are tremendously important. This is the ultimate reason I have chosen my money to be kept in Switzerland. Since I am not a professional trader, my priority when searching for an online trading platform was a consistent and reliable customer service feature. In a situation where I might need support, I would like to have the option to call, speak my native language and if necessary schedule a meeting with my advisor in person. Face to face. In other words, it was not an option to look for an online trading platform managed outside of Switzerland. In fact, I didn't even consider a foreign online trading provider. Consistency and continuity are two core values for me which can only be found with the level of service offered in Switzerland.
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Asking The Right Questions
When you are dedicated to increasing investment returns it means questioning the "Status Quo". If your current brokerage provider fails to keep up with technological advancements and process intelligence it is time to find a better solution. Below are a few of the essential questions I used as a guideline for evaluating trading platforms in Switzerland:
- Is the bank/brokerage based in Switzerland?
- Are fundamental and technical analysis tools integrated?
- Are different features offered depending on if you are an advanced trader vs. private trader?
- How quickly and easily can I have my deposits paid out?
- Is there a fee for withdrawing funds/deposits?
- Is it easy and fast to place trades?
- Is it easy and fast to apply different types of stops and limits?
- Is a detailed breakdown and explanation of fees provided with every transaction?
- Does the platform provide an all in one integration of live market prices, global economic news and stock valuation?
- Is the platform compatible across mobile, tablet and desktop?
- Does the brokerage service offer the best rate with currency exchange?
- What is the level of competence and reliability of customer service?
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Assessing Fees: At What Cost?
Many banks in Switzerland offering online trading brokerage services charge substantial custody account fees or position fees. Depending on your deposit balance and positions, this can quickly amount to CHF 2'000 - 3'000 a year, accounting for your trading custody/positions alone. Cost structures of brokerage services can become complicated and are often not transparently defined. Therefore, it is important that you understand and compare the total cost of trades and holding positions, weighing the benefits and disadvantages according to your individual expectations. In my personal experience, the foundation for my success was a clear and feasible exit strategy, which was only made possible with the support of my online trading platform and second opinion from my personal consultant.
The Tools To Power A Trade
My experience has shown me that it is not important to have the most advanced features. The best-looking illustration, graphics and animation are of little use to me when I'm seduced into gimmicks and steered away from the relevant information. What is necessary, is to have the most significant features to work comfortably and without distractions. Efficiency and an impeccable user interface of my online trading tool are the highest valuable features for my trading style. My motto is to concentrate on the essentials generating profit and success.
Charts are the foundation for technical analysis and can greatly enhance your trading experience. When searching for an online trading provider, consider the level of coverage across analysis tools. If you have chosen to position, give technical analysis a major role in your trading strategy. I recommend that you choose to work with external tools designed specifically for chart analysis.
Every trader/ investor has different motives, goals and interests. Ultimately it is up to the individual to assess the trading platform features and functionality to make the best decision which matches their investment needs. Finding the right trading platform is just one step, setting up a structured strategic investment strategy is the next crucial step for trading success.