You’ve been using the same online trading platform for a while now. But you’re starting to feel like it might be time for a change. Maybe you’re not feeling it anymore. Or maybe the platform doesn’t have all the features you need.
Whatever the reason, if you’re thinking about switching to a new online trading platform, there are a few things you need to keep in mind. In this guide, we’ll go over when and how to switch your online trading platform.
When To Switch Your Online Trading Platform?
There are a few different times when it might make sense to switch your online trading platform. Here are some of the most common reasons people switch:
1. You’re Not Happy With Your Current Platform
If you’re not happy with your current online trading platform, it might be time for a change. Maybe you don’t like the user interface. Or maybe you’re not getting the customer support you need.
Whatever the reason, if you’re not happy with your current platform, it might be time to switch to a new one.
2. Your Needs Have Changed
Over time, your needs might change. For example, maybe you started out trading stocks but now you want to trade cryptocurrency. Or maybe you want to start using automated trading strategies like the ones available at mtrading.com. Maybe you’re ready to step up your game and trade futures at a higher margin.
Basically, if your needs and desires have changed, it’s probably best to switch to a different online trading platform that can better meet those needs. It’s as simple as that.
3. The Platform Is Dying
Sometimes, an online trading platform will begin dying. This can happen for a variety of reasons, such as the company going out of business or changes in regulations. However, the reason why isn’t something you should worry about.
If you know the platform you’re using is dying, it’s probably time to switch to a new one. Otherwise, you might find yourself without a platform to trade on, or worse.
4. You Want To Take Advantage Of New Features
As time goes on, new online trading platforms will come out with new features. For example, some platforms now offer mirror trading, which lets you copy the trades of other successful traders. Other platforms might offer better mobile apps or more advanced charting tools.
Whatever the case may be, if there’s a new feature that you want to take advantage of, you might need to switch platforms to get it. Just make sure you don’t jump ship over a single feature that you still haven’t tested.
5. The Platform Is Too Expensive
If you’re paying too much for your current online trading platform, it might be time to switch to a new one. There are a lot of different platforms out there, and some of them are very affordable. It’s not necessary for you to spend as much as some of these platforms would have you believe.
How To Switch Your Online Trading Platform?
If you’ve decided that it’s time to switch your online trading platform, there are a few things you need to do in order to make the transition smoothly. Here’s what you need to do:
1. Open An Account With The New Platform
The first thing you need to do is open an account with the new online trading platform. This process is usually pretty simple and only takes a few minutes.
In most cases, you’ll need to provide some basic information, such as your name and contact information. You might also need to upload some documents, such as a driver’s license or passport.
Unfortunately, depending on where you live, you may not be able to join a certain platform, so keep that in mind when you start researching different trading platforms.
2. Fund Your Account
Once you have an account with the new platform, you’ll need to fund it. This is usually done by transferring money from your bank account to your trading platform. Also, if you have some money lying around in your old trading account – pull it out and move it to your new account. Keep in mind, you won’t be able to send money platform-to-platform, which means you’ll have to cash out and then move the money. In that case, be prepared to pay up to 37% tax depending on whether your previous gains were short or long term.
The amount of money you’ll need to transfer will depend on the platform you’re using.
Some platforms have minimum deposit requirements, while others do not. Additionally, some platforms have trading account tiers and depending on your wallet and experience, you’ll need to fund each account accordingly.
3. Start Trading
Once your funds have been transferred, you’re ready to start trading on the new platform.
Take some time to explore the features and get familiar with how it works. If you’re experienced, this shouldn’t take long. The only thing getting used to will be a slightly different interface, but with some tweaks here and there, you’ll make it feel familiar in no time.
And oh, don’t forget to take advantage of any special offers or promotions that the platform might be running. Some of them offer welcome bonuses, other feel like their new users deserve a little something special. Make sure to check what’s on the table!
4. Close Your Old Account
Once you’re comfortable with the new platform and you’re ready to make the switch, it’s time to close your old account. This is usually a pretty simple process.
All you need to do is contact the brokerage and let them know that you want to close your account. You’ll be asked to fill out an Account Closure form, and once you do, you’ll be pretty much done with closing the account.
In this guide, we’ve talked about when and how to switch your online trading platform.
We’ve covered the most common reasons people switch, as well as the steps you need to take in order to make the transition smoothly. If you’re considering making a change, hopefully, this guide has given you some ideas on what to do.