It isn’t enough to know how to do options trading alone. You need an excellent platform to help escalate these skills and execute your trades. However, with almost countless Option Trading Apps and Platforms across the country, one might be confused about which one to choose.
However, this confusion can be eradicated by using key parameters to analyze the trading platforms before selection. We have made this journey easier for you by jotting down some fundamental parameters to look at before choosing your ultimate options trading platform.
1. Subscription Fee or Brokerage Charges
What’s the point of making huge returns when a large chunk of it is deducted as a commission or subscription fee? Being a smart trader also means choosing the right options trading platform that allows you to trade at a fair price.
Some options trading platforms charge you a commission fee for every lot size you trade, on the other hand, some platforms charge you a fixed price for every transaction you make. It is always best to choose a platform with the latter features as you will save up huge loads of money.
On the other hand, if you are someone who executes several trades, then a good option for you would be to choose a subscription plan. Several options trading platforms in India work on a subscription basis. They offer monthly and yearly subscriptions, which make transactions easier.
2. Trading Tools
The next key factor to consider while choosing the ultimate options trading platform is to look at the features the platform offers. One needs several tools while planning and executing their trades. What could be better if the platform gave you all the needed tools in addition to providing you with a platform to buy and sell your options?
Here are some critical features:
Analysis & Charts
Having charts that have summarized extensive data on stocks in visual formats are what we sometimes need to make an educated guess. These analysis tools enable us to choose a stock, predict its strike price, and set an expiration date. They give us all the data needed to analyze stocks and trends in the market.
These charts also save time spent in collecting data on your own on every stock. So choose a platform that gives you access to this information that can boost your options trading process and strategies.
Real-time Market Data
The market can take any direction, and stocks can undergo many changes in time. Having real-time market data will help you respond rapidly to market change and will enable you to make more informed decisions in alignment with the market.
Hence, having an options trading platform that can keep you up-to-date with its real-time market data feature is a great boon and a significant parameter to look at.
Screening Tools
We have thousands of stocks in the market, so how to choose the right one among them? This can be a tedious and tiring process. Imagine the pain of going through every stock to analyze whether this suits your trade. This is where screeners make it easier for you. You can use them to filter out the stocks; this way, you will find your ideal stock in very few minutes.
Indicators
Want to know if the market is trending or ranging? You can easily analyze the movement in the stock price or the market in general to make informed decisions. So if your platform provides these essential additional features, then you can easily opt for such platforms.
Mobile Access
You aren’t going to have your laptop or desktop at all times. So choose a platform that is compatible with mobile phones, too, so that you can check and execute your trades anytime and anywhere.
3. Customer Service
Irrespective of how advanced or technically smooth the platform is, it is never free from technical errors. You will need a well-established customer care system to help fix your problems quickly. In the stock market, time is money. If you miss out on investing or trading at the right time, then you miss out on huge returns and profits. Do not let your platform’s customer care service be the reason for you to lose out on such profits because you didn’t get an issue solved in time.
Many Options Trading platforms have an excellent service center, so opt for platforms such as these. Leave no stone unturned.
These 3 key features are sufficient to help you choose the best options trading platform for you. We have already scanned the available options and made our Top 10 List to make it easier for you. Take a quick look: 10 Best Options Trading Platforms in India – Free and Paid
