When you run a trading business, the trading platform is the most important factor that can influence the success of your business. Currently there are many trading solutions on the market, each on with its pros and cons. When comparing various platforms, it is important to consider the particular needs of your business and opt for the platform that can best satisfy those needs.
Opt for a reputable provider
By choosing a reputable software provider, you can rest assured knowing that your transactions will run smoothly and that you will benefit from state of the art technology, aligned with the highest industry standards. A reputable provider will also have a good technical support to help you with the software integration and guide through various certification and compliance processes.
Look for an intuitive interface
Many trading platforms have interfaces crowded with countless indicators, flashing buttons, and unreadable charts. Our advice is to opt for a platform with a customizable interface, so that you can offer your traders and your clients a personalized trading experience. Based on this consideration, we highly recommend the ETNA Trading Terminal, which allows you to fully customize the interface, from the logo and the design theme, all the way to the charts and the information columns.
Check for configurable options
A good investment platform should be flexible in order to match your trading process. Ideally, the platform should work on all operating systems and on all displays, even on several screens at a time. You should be able to browse several charts simultaneously. Moreover, basic tasks like changing chart types, accessing market analysis and scheduling and executing transactions shouldn’t take more than a couple of clicks. If you have preferred trading tools and news vendors, ask your software provider if they allow for third party integration, and if they offer support with the integration.
Ask for a free trial
Any reputable software provider should offer you a free trial, or at least a demo account, so that you can get a glimpse of the functionality of their product. For trading platforms, demo accounts are often offered as trading simulators. Simulators are useful for testing the platform, but they will also come in handy later on, as you can use them to enhance the skills of your team, or to test various trading strategies.
Look for essential market data
First of all, a good trading platform should feature live streaming charts with build-in indicators. You should also be able to create new indicators, based on your trading strategies. If you opt for a full suite solution, with compatible apps, make sure that all apps and additional options are synchronized with the main terminal in real time. The platform should also feature level II market depth, allowing you to trade through the order book, add new information columns and rearrange the existing ones. It should basic order types like OCO and OTO, as well custom orders.
Test the risk management system
All trades have a certain level or risk, but a good platform should have a reliable system in place to minimize the risks. You should be able to define high priority issues and receive real time alerts. Moreover, the platform should feature configurable order routine, business rule engine as well as real time margin calculations.
Look for a platform with OEMS API
An order and execution management system will give you full control over the trade execution, thus simplifying the trade management process. It is also a great solution for automating trade submissions and allocations, as well as for tracking order statuses, positions and balances. You should be able to monitor and manage all trading activity in real time, maintain positions, download SOD files, receive orders and track the progress of each order. Moreover, a good platform will also allow you to calculate the buying power as well as the margin requirements of each account.