Best stock trading platform in Somalia
Thanks to modern software developed by brokerage companies and called the "online trading platform", investing has become possible online, anytime and anywhere. Competing with each other, brokerage companies are offering more and more new enhancements, tools and features on their platforms. The challenge for the trader is to choose the best online platform from the offered ones. The feedback from experienced traders shows that different traders have different criteria when choosing a trading platform, based on individual preferences and investment methods. And yet there are points that are unanimously important to all respondents.
We have analysed the situation in the brokerage market and based on the responses of experienced market players, we have selected the main qualities that should be inherent in the best equity trading platform in Somalia.
These qualities can be divided into several main groups and they are:
- simple and easy to use interface, flexibility of personal settings;
Let's take a closer look at why these characteristics are important when choosing the best equity trading platform.
Of course, the first question any potential trader asks is how safe it is to invest using that particular trading platform. Yes, choosing a broker is a very important question as you are entrusting them with your funds.
When choosing a stock market intermediary, check to see if it has a license to conduct brokerage activities. Having a license is the first and most important condition when choosing a brokerage company. You should also inquire about the broker's business reputation by studying the market experts' reviews, as well as the broker's experience in intermediary services on the stock market.
You can easily find all the information you need about brokerage companies in Somalia on the Internet. Use only trusted sources, such as professional websites for traders and reputable online publications.
Easy and convenient to use
Despite the rather complex technology and the use of complex tools in operation, modern trading platforms are very user-friendly and intuitive to use. Firstly, registration on almost all platforms is very easy. Initially, you only need to provide a minimum set of your personal details in order to start trading.
All the basic functions such as making a deposit and withdrawing money are usually located on the main trading room screen, so you can easily navigate your way through the different options. You will find a separate option for each transaction on the platform, so you will immediately see all available deposit and withdrawal options.
The developers of quality platforms have also taken care of the trader's working comfort by adding many personal settings on the platform, which allow you to customise the trading software to suit your needs.
You can change the colour and even the background of the interface, customize the size of the windows and the types of charts showing asset quotes. You can display the news feed on the platform or hide it in a separate section.
The platforms are flexible in their settings, you can open several windows at the same time and choose different timeframes in each window, for example year, month and day, to compare the behaviour of a quote chart over different time periods. This is very convenient and gives a clear picture for analysis.
Brokerage companies are trying to adapt the interface of the platform as much as possible so that it is easy to find all the necessary functions and information, even for a beginner. There is no need to take a long time to learn how to use the platform - if it is difficult to understand, then you have chosen a poor quality platform.
A quality equity trading platform is easy to use, accessible but also functional and practical.
All reputable brokerage companies offer the opportunity to get started on the platform with a demo account.
A demo account is a free trial training account, which gives you the opportunity to test how the investment market works, without risking your money. You can use your demo account for as long as you like, with no time limit. By activating a demo account you will be credited with a dummy amount, which you can also later reactivate, if your trial transactions are unsuccessful.
You will not be able to withdraw cash out of your demo account.
Having a demo account is a big plus in favour of choosing the platform, as it is a great way to practice trading without risking your money.
In addition to the practical and easy-to-use demo account, most platforms also have a "Training" section, which includes video lessons on investing. With this section, you do not need to search for theoretical information on the Internet, all you need is at your fingertips! Almost always lessons are accompanied by practical examples, figures, charts, so such lessons are very useful, especially for beginners in trading.
Choose a trading software that gives you these learning tools, lessons and a demo account. This will get you up to speed more quickly and you will be able to adapt quickly to the platform.
A good online platform should be equipped with a set of necessary tools for easy trading and analysis.
The most requested trading tools traders have are stop orders, known as stop loss and take profit. Use these tools to secure your trades to a certain extent.
A stop-loss is an instruction to the broker to close a trade when the price reaches a certain level of decline. Stop-losses help traders to avoid the risk of losing money in case of various technical failures. If at some point internet connection was interrupted and the trader was not able to react to the decrease in the price of the asset, a stop-loss will help to hedge the situation by closing the transaction.
Take Profit is a type of pending order to close a transaction when price reaches a certain level - profit. If price rises and reaches the Take Profit level, the trade will be automatically closed and profit will be locked in.
Traders cannot always watch the market without interruption and wait for the right moment. Therefore, pending stop orders allow to avoid losses in case of significant asset price fluctuations.
Another important tool which should be on your platform is the multiplier, by applying which you activate the leverage action. With leverage you have the opportunity to significantly increase your invested capital. But you must also be aware that when you use leverage, the risk of the transaction also increases. Do not use leverage without previous trading experience.
An important thing you should check when choosing a platform is the availability of indicators for technical analysis. Technical indicators are a fundamental part of technical analysis and are usually constructed as a graphical pattern to try to predict a market trend. Indicators are usually overlaid on price chart data to indicate where price is going or if price is "overbought" or "oversold". Indicators help outline the current trend and market trends, which is why they are almost always used by traders.
The availability of the above features is a basic set that the best online stock trading platform in Somalia should have. Pay attention to the availability of these features when choosing a platform to ensure that you trade comfortably.
Information is a trader's main weapon. To trade successfully, a trader must be able to analyse how certain events affect asset prices and, accordingly, make predictions for the future. It is clear that analysis requires up-to-date and reliable information.
The developers of modern trading platforms often include a 'news' section in the trading platform, where links to the latest news from reputable news sources are posted non-stop. This keeps you abreast of all economic and political developments which can directly or indirectly affect the price of an asset.
Also, good platforms should provide complete information about all the assets they allow you to trade, namely the current price, trading chart, statistics for a certain period, and so on.
Opt for platforms that are informative and complete - this will save you a lot of time.
An important point is the presence of a feedback button. No matter how convenient the platform is, you should be able to contact technical support at any time, e.g. in case of any technical failures.
When choosing your trading software, you should also pay attention to other benefits that are offered by different platforms, for example:
- The availability of a mobile version that syncs with the web version in real time;
- Chat on the platform, where you can exchange opinions and experiences with other traders;
- The possibility to conduct tournaments on the platform, and so on.
Take our advice and choose the best trading platform for stock trading in Somalia! You have a unique opportunity to open a Demo account today and see for yourself the quality of the chosen platform - it's completely free and uncomplicated!