Broker to Trading

What is the best trading platform for a beginner ? When trading with an online broker, the trader will trade through the trading platforms provided. There are different types of online trading platforms. Some are arguably designed to be user friendly, thus potentially suiting a beginner trader. These are typically web traders which aim to provide an intuitive trading experience. They do this by simplifying the layout, perhaps using larger fonts and extra space between elements.

However there are plenty of online brokers which do not provide these kinds of web traders and offer MT4 and MT5. These platforms can be useful to experienced traders as they support automated trading, which is an advanced trading method. However they can be used for discretionary trading, where the trader makes use of the chart and other tools and information to make their own trading decisions and thus can be used by beginners (given the assumption that automated trading is for more experienced traders).

The beginner can potentially be helped by the kind of information provided on the platform. This can include technical indicators and graphical objects (i.e. chart based tools), but at some brokers may include information about or from the activity of other traders. This can include social trading, where other traders share their views about trading, helping inform the choices of other traders. Thus combining social trading and an intuitive platform can be arguably be said to be helpful for a beginner.

However even the beginner may wish to make their own chart based trading decisions from the start and get to grips with analysis, both technical and fundamental. This can mean that the trader can build their knowledge from the ground up and use information about other traders as data, not something they have to rely on because they do not understand trading. Thus a clear simplified platform without social trading can be be useful as well.

A further avenue is to use an advanced platform from the beginning, as all platform can be used for basic trading, and get to grips with this kind of platform and as the trader becomes more experienced, test out more advanced strategies. This can be an argument for using MT5, as while this has not replaced MT4 it is a successor to MT4 and has improved its features. Brokers which offer MT4 and MT5 typically provide accounts which are approachable, for example Micro accounts, which allow small trade sizes and accounts which do not have a commission charge added (like a 'Standard' account).

Some brokers enable a feature of MT4 and MT5 which allows the account platform to be denominated in cents. This lets the trader trade with very small account sizes. If the beginner trader wishes to try out the live market then this can be a way to approach its complexity, though even a small trade size still risks real money (versus using a demo account).

Trading automation can include running Expert Advisors on MT4 and MT5 or cBots on cTrader, for example, but it can also include copy trading, where the trades of other traders are copied into the trader's account. What this means is that the beginner can start with any platform provided and trade using a chart and any information provided on the platform and help build a foundation of knowledge which can make using more advanced techniques feasible.

Some platforms may take a little longer to get to grips with, but then that is what a practice account is for, both to practice trading and become familiar with the platform. Because when live trading the trader does not need the extra problem of not being sure about how the platform works. These brokers are all regulated by the FCA in the United Kingdom.

Best Trading Platform For Beginners UK

To try and answer the question of what is the best trading platform for beginners at UK based brokers from the table above in accordance with the preceding observations, a pick needs to be made of a broker which has a user friendly web trader and provides a platform with wider scope.

The pick is eToro. This is firstly because eToro offers a user friendly online trading platform with a practice account which the trader can switch back to from the live account. Thus the trader may take a break and practice trading when they want.

It may be that the trader wishes to buy and hold assets rather than trading them. This is possible at eToro UK as it provides real Stocks and ETFs to buy to own with no limits on trading volume and 0% commission. Additionally, eToro UK provides real Cryptocurrencies to buy to own. Otherwise it offers CFDs.

eToro has range of social and copy trading tools on its platform. The beginner trader may find it helpful to see the views of other traders in a social feed or to copy the trades of more experienced traders (but because a trader has been performing well does not mean they will continue to perform well).

The trader may sign up for a demo account from the link below and when they wish to do so continue their application for a real account, for which the minimum deposit is $10.