Thanks to digitalization, UAE nationals and ex-pats can now invest and trade in global markets. From stocks, CFDs, forex, commodities, treasuries to indices, there are a plethora of options to choose from. But as online trading is gaining widespread interest across the country, the number of online trading platforms has also increased significantly.
Needless to say, not every trading platform is the same. For the best experience, you should choose the best from the lot. But this could be challenging for someone new to the world of trading and investing. If you are struggling with the decision, then here are 5 factors that can help you pick the best-
1. Company Existence and Market Reputation
One of the easiest ways to determine whether an online trading platform is right for you is to know more about when the company was established and its market reputation. One should preferably choose a service provider that has been in the industry at least for a few years.
You can also try to know more about their market reputation through online reviews and customer testimonials. Visit the official website of the company to learn more about its operations and verify its authenticity. Check if the company has received awards and accolades in the past, as this helps validate its service quality.
2. Number of Assets Available for Trading
You can choose from a wide range of assets for online trading in the UAE. This makes it easier for traders and investors to select an asset they are most comfortable with. You can choose from options like stocks, currencies, indices, treasuries, commodities, CFDs, and cryptocurrencies.
However, not every online platform offers access to all of these different assets. Therefore, it is generally recommended that you should pick an online platform that provides the most extensive range of products for trading and investing. This can help with diversification and help you choose a product that matches your skills and risk appetite when you are new to the financial markets.
3. Consultancy and Research
Some of the top trading platform providers in Dubai also offer consultancy and research services. They have a team of experienced consultants that focus on your financial objectives and recommend custom trading and investing solutions to help you succeed. In addition, they can build personalized strategies for you to help you make the most of your investment.
Similarly, some of the platforms also offer stock market research services. Their in-depth research can help you find highly rewarding opportunities across global markets.
4. Spreads, Leverage, and Transaction Fees
Spreads are nothing but the difference in the buying and selling price of an asset. The trading platform should provide highly competitive spreads across product classes. The lower the spreads, the closer will be the price of the asset to the actual market price.
Many of the products like CFDs and currencies can be traded with leverage. You are only required to deposit a certain percentage of the actual transaction cost to open a trade. Higher leverage generally offers more trading flexibility. As for the transaction fees, they should be transparent and in line with most top trading platforms in the UAE.
5. Trading Tools and Features
For someone new to the share market or trading, the availability of additional technical tools and features can also be helpful. You can now find platforms that offer a host of tools such as web and mobile trading platforms, advanced charts, indicators, watchlists, news updates, analysis, and more.
Some platform providers also have extensive knowledge hubs on their websites where you can learn and improve your trading. They also conduct webinars regularly to help you improve your trading and investing skills.
Start Your Trading Journey in the UAE with the Best Online Trading Platform
Choosing the right trading platform in the UAE could be confusing and time-consuming due to the many options now available online. As the platform you select has a significant impact on your trading experience, choosing one as carefully as possible is essential.
Focus on the factors listed above, and it’ll be easier for you to compare the options and choose a reputed and user-friendly platform.