If you want to trade online but are overwhelmed by the sheer number of trading platforms available, you’re not alone. The platform landscape continues to be crowded, and even seasoned traders can get confused about which platform is best for them. Here’s a quick rundown of some of the most popular top online trading platforms in Pakistan.
Why Online Trading?
Many people believe that trading is risky, but it isn’t. However, investing is not a cakewalk either. Even though you can protect yourself with certain strategies, many investors still get anxious when they sit before their computer screens with their stocks open on multiple tabs as they wait for a breakout.
And when it comes to financial investments, what can be scarier than that? This is why people consider online trading platforms. Since there are so many options out there, we decided to look at some of them and provide you with a list of top online trading platforms in Pakistan.
Picking an Online Broker
There are lots of top online trading platforms in Pakistan, including a mix of licensed and non-licensed entities. With so many options to choose from, picking an online broker can be overwhelming. Here’s what you need to know when making your selection: Each online platform will have its own costs and functionality that investors should consider before choosing an online trading platform. Investing involves risk; investments may result in a loss of the principal amount invested.
Don’t have enough to invest? Remember, you can always open a virtual account with as little as 1,000 rupees. Each online trading platform offers free virtual accounts that allow you to practice investing in a real environment before putting your money at risk. Don’t forget that all online trading platforms need certain information from investors before approving an account or accepting any funds.
This includes personal details like your email address and phone number along with financial details like your annual income and net worth. In some cases, you may also need a government-issued ID, proof of residence, and tax documents for all signatories on an account. Your selected platform will walk you through what documents are required based on your nationality during its signup process or beforehand via email or telephone.
Some Top Picks
So, if you’re thinking about getting started with online trading in Pakistan, here are some top picks for those of you who are just getting into it.
1) IQOption
2) Binance
3) OctaFX
4) Expert Option
Things To Look For When Selecting An Online Broker
Top online trading platforms in Pakistan are more popular than ever, and there’s a reason for that: people want easier ways to buy stocks and trade them. To select an online broker for your needs, look for more than low commissions; you want security, great customer service, and availability of stock options from some of today’s biggest brands. Make sure you also read up on industry-wide trends; new regulations are making it tougher for top trading platforms.
IQOption
Before you start trading, take some time to learn about your options. For one, there’s IQOption (IQ), a leader in binary options trading. Founded in 2012, IQ is a registered and regulated broker that operates as an FCA-authorised investment firm with offices worldwide and traders from around 180 countries. This means traders have access to all major forex pairs with over 70 assets on offer including gold and commodities like coffee, cotton and oil. Whether you want to trade manually or take advantage of one of 30 pre-built binary robots that help capture profits automatically when you’re away from your computer, IQ is a top platform for online investors who want fast results.
Binance
If you’re a crypto investor, chances are you’ve heard of Binance. This exchange was recently launched back in 2017 and has been growing exponentially ever since. It offers a wide variety of coins including BTC, ETH, LTC and many more. However, if you’re looking for an option to buy Bitcoin with USD or other fiat currencies (or vice versa), look no further than Bitpanda, Coinbase or LocalBitcoins. These platforms offer limited-service exchanges that allow users to purchase crypto tokens easily with cash deposits or credit card payments.
OctaFX
One of top online trading platforms in pakistan is Octafx, who has offices and servers located all over Europe. They have a large number of instruments to trade with like equities, commodities, futures and cryptocurrencies. They have a great variety of currencies and countries for doing Forex trading too. If you need advice on which currency pairs are ideal for your style of trading or simply want some research into potential trends; these experts will be glad to help you out with that.
ExpertOption
More than 3 million registered traders from across the globe now use ExpertOption, making it one of the leading online trading platforms. This alone speaks volumes about its popularity and its reputation among experienced investors who know a thing or two about online trading. When you start using their trading platform, you’ll understand why it’s become so popular with professional traders. It offers easy-to-use tools that are ideal for novice investors as well as sophisticated options for those who want a more custom experience.
Conclusion
Online trading is no longer something only day traders do from their house. There are multiple online trading platforms available for retail investors, some of which can be used from your mobile phone. Depending on your risk appetite and goals, online trading can be a great way to invest. The Pakistan Securities and Exchange Commission (SECP) has also started regulating online trading platforms, providing greater comfort for retail investors who might have otherwise been skeptical about putting money into an unregulated system.
Read More:
The Reality of Forex Trading: Is It Profitable?
Top 5 Trading Apps in Pakistan for 2022