As the nature of investments and trading various stocks and commodities continues to change, investors big and small must adapt. There are countless methods for investing in a variety of different financial instruments, but the most important part of investing – innate knowledge – remains a challenge for those who aren’t at the top of the food chain.
Finding ways to level the playing field and earn better returns on investment should be a top priority for investors. Thankfully, the advent of social trading has made this possible for anybody seeking to get in on the action. Let’s review some of the factors you should consider when picking the best social trading platform for your investment experience.
Easy to Use Interface
Perhaps the most important element in any social trading platform is your ability to use it comfortably. Before making any decision about which service to utilize, you should first carefully evaluate what they have to offer. Many even offer demos or trial periods that can be used to evaluate whether the platform is right for your tastes.
Ultimately, a difficult-to-use platform is not going to be very useful to most, as they’ll simply avoid using it. Make sure you’re comfortable with the interface and that it is easy to use before signing up.
In order to truly take advantage of good social trading platforms, you’ll want to be able to directly contact others on the network. Most – but not all – social trading platforms offer direct communication and personal messaging features to all members. This can be useful in a variety of ways.
Most commonly, users may wish to converse with more seasoned traders about the methods they use to earn such big returns on investment. Being able to have a one-on-one conversation is far more valuable than reading articles that can’t respond directly to your questions. This functionality is one major reason why social trading platforms are becoming so popular.
Proof of Success
Before fully committing to any social trading platform, you absolutely have to be sure that it provides you with real value. What are the metrics that show success in a social trading platform?
For starters, many of these platforms will show in each user’s profile the amount of advice given, the overall return on investment they’ve enjoyed or the number of followers they have. With this information, you can make a determination as to whether any particular social trading platform has enough people who have actually been successful. Those that do not probably aren’t worth your time.
Large User Base
Last but not least, be sure to consider the overall number of people actively using each social trading platform. With the recent explosion of interest in social trading networks, there are many new platforms out there that are just getting started.
If you want as much potential knowledge, awareness, and opportunity at your fingertips as possible, then you want to look for the biggest trading networks out there. This not only shows that it is a serious contender in the world of social trading, but it will also be more likely to have experienced traders on-site who can help give you advice and ideas on potential investments.
Before committing to any social trading platform, consider this: social trading platforms that have large numbers of people, successful influencers, options for personal communications and easy to use interfaces are the best bet. While you may not find the perfect or ideal platform, be sure to carefully consider these elements and pick the one that works best for your exact needs.