Trading platforms are computer software programs that can be accessed online to place orders for financial products over a network through a financial intermediary’s aid. These platforms can exist in three forms, namely desktop-based, web-based, or through a mobile app. Desktop-based online trading platforms are the fastest and most continent for professional traders since they allow one to place orders using shortcut keys. Web-based platforms can be accessed via popular browsers like Chrome or Firefox, but they are slower compared to those based on the desktop. However, lately, mobile apps have gained popularity since trading can be conducted quickly from a mobile device and anywhere. This has seen the rise of Android and iOS applications provided by stockbrokers.
Trading platforms have become quite popular worldwide, and it’s no different in India, where people seek to trade financial instruments to make something extra or even a fortune. Below we will go over a few trading platforms you can consider when choosing the best platforms to trade on in India.
This year marks 19 years since the launch of this state-of-the-art forex trading platform that allows users to trade currency and metals. Additionally, it offers CFDs on stocks, indices, and energies. People that have used the site claim it’s one of the best around the globe. It’s not hard to see why since the platform offers the best trading conditions and lightning-fast execution of orders. Additionally, the broker provides flexible accounts that match users’ order needs. Other perks include the ability to trade stocks and funds via CFDs commission-free, over 4,500+ single shares and ETFs, and over 4000+ CFDs on currencies, metals, stocks, energies, indices, and cryptocurrencies.
This platform offers a web and mobile app where traders can carry on with their businesses. It provides the best discounts compared to the rest. Its proprietary technology is developed in house by the Zerodha team, and its customer service is quite responsive when it comes to addressing any issues. The good thing about this platform is that it consumes less bandwidth than other platforms from other brokers at less than 0.5kbps. It also has a simple interface that is welcoming for beginners and supports over 11 Indian regional languages—additionally; it’s quite simple and easy to place orders on the platform. And there is access to various technical indicators and drawing tools.
5Paisa Trader Terminal
This another feature-rich trading platform. It boasts multiple watchlists, several advanced order types, intraday charts, fundamental data for over five years, the ability to transfer funds from your bank account directly to the terminal and vice versa, and so forth. Additionally, as a user, you can access recommendations from the terminal itself; you can also invest in mutual funds and insurance segments. Quick decision making is possible since you have access to technical and fundamental data. Again, you can trust the platform to work smoothly since it doesn’t consume much of the system memory, and most importantly, as a trader, you can customize the interface to suit your preferences.
This platform offers one of the best charting tools available. It works best on the desktop, and you have to install the file first on your machine before you start trading. It features access to research calls on technical and fundamental analyses that are conducted by the Sharekhan team. There is a reliable and fast feed for quotes. You have access to advanced tools like live market scanner, chartbook, a heat map, and more. Additionally, users can access multiple exchanges like BSE and NSE using the platform. There is access to shortcut keys that aid fast order placement and more.
As for benefits, there are plenty of video tutorials available if you get stuck on the platform. Also, you can contact customer support who are quite responsive. Incredibly, this platform allows users to access information on more than 30 trading strategies.
Thanks to advancements in technology and fierce competition within the forex trading market, gone are the days when you had to pay for data feeds and purchase charting software from the likes of Amibroker. Today it’s quite challenging to differentiate one platform from another since they seem to have almost the same features. Still, some stand out from the rest, and the four we have mentioned above represent some of the best for traders based in India.