A trading platform is a software used for trading: opening, closing, and managing market positions through a financial intermediary such as an online broker. Online trading platforms are frequently offered by brokers either for free or at a discount rate in exchange for maintaining a funded account and/or making a specified number of trades per month. The best trading platforms offer a mix of robust features and low fees.
KEY TAKEAWAYS
- Trading platforms are software tools used to manage and execute market positions.
- Platforms range from basic order entry screens for beginner investors to complex and sophisticated toolkits with live streaming quotes and charts for advanced traders.
- Traders and investors should take multiple considerations into account and balance trade-offs when selecting a trading platform.
Popular Trading Platforms
There are hundreds—if not thousands—of different trading platforms, including these four popular options:
- Market 24×365: MT24365 is the most popular trading platform for professionals with low fees and access to markets around the world.
- Binary Opinion: Binary Opinion is a popular trading platform for algorithmic traders that prefer to execute trading strategies using automated scripts developed with Easy Language.
- TDAmeritrade: TDAmeritrade is a popular broker for both traders and investors, especially following its acquisition of ThinkorSwim and the development of the Trade Architect platforms.
- Robinhood: Robinhood is a commission-free trading platform targeted at millennials. It started off as a mobile app and now has a web interface as well. The platform makes money from several sources, from interest on cash in its accounts to selling order flow to large brokerages.