Choosing the right broker to trade with can be a daunting task. In this article we are listing the most important criteria and sources to follow in order to make an informed decision.
Online trading is experiencing rapid adoption across the Middle East. In fact, a Chainalysis report shows that in the UAE alone, a 500 per cent increase in the global crypto market was seen from July 2020 to 2021, while the stock market increased by 14.71 per cent at the beginning of 2022.
However, it doesn’t come without challenges as over 155 trading platforms and apps are made available in the market, each with different features, fees, and tools promising unique benefits to their users. These are often presented through ads that throw industrial jargon into the communication which leaves new traders more confused than informed.
In a sea of options, the right information is critical. Consider these criteria when identifying which online trading platform and app is the right fit for you.
Fees: Day traders will benefit more from options that offer a lower fee structure, while high-volume or institutional investors should consider the opportunity cost that comes with a platform with a higher fee structure and fewer trading tools.
Trading features: Buy and sell options, demo accounts, and a good customer support system is great for new traders, while level-two quotes, in-depth market information, and price levels are what active traders usually look for.
Mobile trading: A must for multi-device traders who are constantly on the go. Look for apps that provide a similar experience to desktop trading and offer full-screen charting options, social listening or feeds, and good functionality on Android and iOs.
Assets: Because the majority of trading platforms are developed with specific trading markets, it makes sense to go with one that specializes in the market you are actively investing in.
Execution Speed: Volatility is an accepted norm in the trading practice, that’s why it’s imperative you go for a platform that offers no less than 100 milliseconds of trade execution speed.
Providers: Trading platforms are through third-party providers or developed by brokers themselves, so make sure to double-check for integrations of your desired features.
Regulation compliance: You can increase your security by going for platforms that are compliant with the Securities and Commodities Authority (SCA), Dubai Financial Services Authority (DFSA), and Abu Dhabi Global Market (ADGM).
What Are Some Of The Top Choices?
Following a recently published research by Business24-7 that compares the best trading platforms in UAE & Dubai, we’ve listed five trading platforms that provide the best features and resources in the market.
AVAtrade: It’s the best option for traders looking to dip their toes in (CFDs) on commodities, stocks, indices, cryptocurrencies, and more.
eToro: Known for introducing the “social trading” technique, newbies can copy the trades of seasoned traders making it a great option for beginners.
Saxo Bank: It provides users the ability to invest in a multitude of markets at lower costs than its competitors – a great option for professional and high-volume traders.
Interactive Brokers: Their low commission fees, sophisticated platform, and huge range of investment offerings make Interactive Brokers a top pick for stock trading.
OKX: Is the best crypto exchange for beginner to advanced traders based on their different platforms, trading options and low fees.
Reliable and unbiased information on any trading platform in the market
Based on the different preferences and knowledge levels that users might face, it is important that they do their own research before signing up with a broker. Among the many resources available on the internet, you can make use of the free research on Business24-7 for any information on brokers and platforms in the Middle East, or Nerdwallet if you are looking to invest in other international markets.
Both sources allow you to get increased transparency and tested information on any prospective trading tool or platform before making any commitments. Explore their library and be better informed today. You can learn more about all of those in the video below