If you are new to trading or interested in options trading, finding the perfect platform can be a bit overwhelming. Considering that there are many available alternatives in the market, it is crucial for one to know what every good options trading platform should have.
In this article, we are going to talk about five essentials all new traders must search for when choosing an options trading platform and how they can start right off with their options trading journey on a great note.
Features of an Options Trading Platform
Here are five features that make a platform ideal for options trading:
1. User Interface
When you first use an app, its look and feel matter. That’s why having a simple, attractive interface with easy-to-find trading options and smooth navigation between different stocks for trading is important for making your experience enjoyable.
Plus, traders prefer platforms that work on Windows, Mac, Android, and iOS. Dhan offers one of the best trading interfaces, where you can manage all your options trades and more in one spot.
2. Competitive Commission Rates
Options trading platforms must have competitive commission rates. Lower rates cut down on trading expenses, particularly for those who trade frequently. Dhan, for example, has competitive rates which make trading cheaper.
This attribute is helpful, especially to traders who do many trades, because the savings may be quite significant in a span of time. When choosing an options trading platform, always look at the commission rates.
3. Pre-Built Option Strategies
It’s essential to check if your options trading platform offers pre-made strategies like the Bull Call Spread, Bull Put Spread, Iron Condor, and others. These strategies help you trade smarter in the market.
Plus, having access to real-time pre-built strategies helps you make better decisions. So, make sure your platform includes these pre-built options strategies—they’re a must-have for successful trading.
4. FNO Screener
To find the best options for your trades, it’s important to use a feature called the “future and options screener” on your trading platform. This tool helps you trade commodities at a set price or date.
Using an FNO screener, you can discover the most suitable puts and calls that match your trading strategy. This can lead to higher profits and provide a clear view of trading opportunities aligned with your goals.
5. Customization
It’s really important for an options trading app to let you customize it. This means you can adjust the platform to suit exactly what you want and like. By using customization tools such as an option strategy builder, you can make trades that match your preferences.
Moreover, a good option trading platform should let you change things like how the trading screen looks, the types of orders you can make, alerts, watchlists, and more. This helps you have a better trading experience and make smarter choices.
Conclusion
When exploring the best app for option trading, look out for platforms offering responsive customer support, seamless mobile accessibility, and transparent fee structures. Remember, security is crucial. For an optimal trading experience, using the best platform is a must. Happy Trading!