For a long time, trading markets were a privilege of institutional traders and initiated circles. Fortunately, with the advent of new fintech technologies and trading software, this business activity has become available to ordinary people and casual and retail investors.
The presence of auto trading platforms on the market is measured by decades. But in the last decade we notice an astonishingly increased number of people are using it.
In this article, discover what the auto trading platforms are and how to start using them in your trading business.
What is an Auto Trading Platform?
Auto trading platforms allow traders to create an account and perform their trades with the help of a trading bot or software. They also allow you to analyze the price of traded assets and have various useful features.
An auto trading platform is a website or mobile application, such as Biti Codes IO, that provides the trader with tools and software to carry out transactions/trades/orders and follow the market activity in real-time.
These platforms offer all the information needed to open a position in the financial market.
This information and trading tools are provided by a platform that makes them available to the trader in exchange for opening a trading account. In addition, these sites have several technical features that adapt to each trader’s profile.
How to Use Auto Trading Platforms?
Open a trading account: To access a trading platform, you must have a trading account with a broker. You can choose from various platforms these days since the market is abundant in them.
Verify and fund your account: verification is done by indicating personal information and documents (proof of identity, address, etc.). Then you must make the first deposit according to the minimum amount required.
Test the functionality of the trading platform: you can test your strategies as well as the functionality of the trading platform via the platform’s demo account.
Choose an asset to trade: go to the platform’s asset selection and select the one you want to trade with, whether it’s a cryptocurrency, a currency pair, or a Stock CFDs and other assets available.
If you have defined a stop loss and a take profit for your position, you can leave the opening of positions to the trading platform, which will close your position when either the stop loss or the take profit is reached.
How to choose the platform?
Naturally, you will go for the platform that provides trading of the assets of your preference. Some platforms are multi-asset, while others focus on crypto, Forex, ETF, etc. When you enter into Google search the term of an auto trading platform, you will stumble upon an incredible number of offers.
Usually, the first ones on the Google page are paid advertisements. It’s not a bad sign, but we wouldn’t recommend you rush your choice. Take time and read the testimonials, platforms’ reviews, and trading forums to see what other traders think.
Prioritize those who offer the demo mode of trading so that you can try the features before investing any penny in opening a real trading account.