Technology has changed the way we do things, whether it is work, business, study, shop or any other activity. Like the numerous other industries out there, the financial market has also experienced change with online trading becoming the more popular choice, as opposed to the standard method. With thousands of trading instruments available, the financial industry has attracted people from every corner of the globe and given them the opportunity to reap the rewards of trading. With this surge in traffic, it is only normal for the number of platforms accommodating these traders to also go up. Therefore, you will not have any trouble in finding a broker to help you launch your trading career.
With the increasing interest in the trading market, the number of brokerages in the market has doubled, which means you will come across a horde of options when you are seeking a broker. This is one step you cannot skip because they will connect you to the financial markets and provide you the platform needed for trading. But, it is also necessary to understand that not every broker stands equal. Some brokers cater to newbies while some offer specialized services to professionals. You have to figure out which broker can fulfill your needs as much as possible.
Every trader has different priorities because trading styles can be different as can be risk tolerances. If you don’t choose right, you may have to change your broker later on and this can waste your time. Also, you can miss out on numerous trading opportunities in this way that could have given you high profits.
The key to choosing a good broker for your trading needs is to take a look at their features and offerings. You should review the broker carefully to determine if you will be comfortable trading with them. This is also applicable to GTLot, a broker that has its offices in Amsterdam, Netherlands. This online broker claims to provide optimal trading services while providing a safe environment for its clientele. It hasn’t been in the market for that long and this can often make you doubt its efficiency and services.
Before you make up your mind, you should look at what GTLot has to offer:
Its trading platform
An important thing that traders should note is that online trading is vastly different from trading in the physical markets, which means your needs are also going to be different. Therefore, you would want a platform that gives you flexibility and allows you to trade as many instruments as you like. GTLot has made an effort to provide its clients with a well-designed trading platform. I was aware that trading platforms tend to lag and don’t deliver the promised speed, but didn’t experience these problems with GTLot’s offerings.
It doesn’t not need to be downloaded and provides cross-device functionality, which is definitely a plus. The platform is a bit simple, but GTLot has added advanced technology to help it in operating smoothly. Navigation is straightforward when it comes to this trading platform and it also comes with one-click trading. It is also equipped with charting tools that can be used for tracking market movements.
This is a good thing because it means that traders don’t have to make complicated calculations or perform analysis. GTLot has also attempted to follow in the footsteps of some of the top brokers in the market by adding a range of other trading tools as well. The availability of live updates, access to trading signals and technical analysis indicators made up for the simplicity of the platform.
However, what I and most traders like about the broker is their decision to provide mobile apps. These are available for both iOS and Android devices and they also have some functionalities that can make trading easy. The apps didn’t take too long to download and they gave access to the trading account with GTLot round the clock. It was good to see that the broker had added some essential tools to the apps as well to make them more effective.
Its signing up process
The next thing you need to consider about a broker is their sign up process. Registration can be quite complicated and time consuming and many traders end up leaving it halfway. I didn’t find the same issues with GTLot because this broker has kept it simple for the traders’ convenience. To register with the broker, a form on the website had to be filled out and it took only a few minutes to complete this process. The details that had to be provided included name, email address, phone number, password and country of residence. There are two account currency options i.e. USDT and BTC. It is recommended that you also read the Terms & Conditions of the broker before agreeing with them.
No extra information was demanded, which was a relief and there was no lengthy paperwork. To start trading, KYC and AML policies have to be complied with, which are mentioned below.
Its security infrastructure
An important concern these days is the safety of information and funds that you share with brokers because hacking and other cybercrimes do happen. If the broker gets hacked, your information could be at risk and you want to choose a broker that can mitigate these risks as much as possible. Does GTLot do so? The broker attempts to provide a secure trading environment and so they have used encryption technology to protect the information entrusted to them. Their policy states that as soon as data is shared with the broker, it is immediately encrypted to prevent outsiders from gaining access. This can cut down the risk of misuse of information.
However, the most encouraging security feature that GTLot has to offer is their compliance with the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. These are international security policies and this broker is also compliant with them, which does add a layer of legitimacy to the platform. To comply with this policy, I had to provide proof of ID and proof of address. The former can be done by providing any government-issued ID like passport, national ID card or driver’s license.
For the latter, a utility bill or a bank statement showing home address was essential. In addition, you can only use accounts in your own name for deposits and withdrawals as third party accounts are not supported. These security measures are put in place to prevent GTLot’s platform from being used for criminal activities, which indicate that the broker is serious about developing a good and strong reputation.
Its asset index
To any trader, the most crucial feature of a brokerage is their asset index. If they don’t offer you the instruments you want to trade, what is the point of using their services? Hence, it is best not to choose a broker without taking a look at their asset index. GTLot does not focus on one trading instrument; signing up with this broker allowed me to invest in a variety of trading instruments. This included stocks of different companies around the world like Google, Amazon and Microsoft.
There are also forex currencies that can be traded, such as EUR, USD and GBP. Along with these markets, commodities and indices are some other trading instruments I came across that helped me diversify my investment portfolio. Indices included Dow Jones, S&P 500 and Nikkei. Commodities also had options like soft and hard commodities. Soft ones included agricultural products like wheat, cotton, coffee and rice and hard ones were precious metals like gold and silver.
Its training and educational resources
The trading markets are popular amongst people because they don’t ask you to have any experience or prior knowledge to start. But, people learn the hard way that you cannot succeed and survive in this market for long if you don’t understand how it works. Training and education is essential to make profitable trades, but how to go about it? It has become a trend amongst brokerage to provide educational and training resources to their clients and GTLot is no different in this regard.
Upon signing up with the broker, I came across an education section on their website. There was a lot of material and it was quite detailed. There was information about different trading strategies that could be used and the trading jargon that needs to be understood before stepping into the market. GTLot has made use of e-books, online tutorials and videos to impart knowledge and I was able to learn some of the major aspects of the market through their resources.
Its trading accounts
As per the market standards, GTLot has added three account options to their trading platforms, which are the Beginner, Advanced and Experts accounts. The names indicates that what kind of traders these accounts accommodate and you can choose an option that fits your experience and knowledge level. The beginner account is a bit limited, but the remaining two do give some level of freedom.
Its deposits and withdrawals
Obviously, trading in the financial markets requires investment and this means that when you open an account with a broker, funds have to be deposited. But how to deposit funds? To know what method to use, you have to check your broker because everyone provides different options. GTLot has also added some banking solutions for accommodating their traders. The methods can be used for deposits and for withdrawals as well.
Firstly, GTlot has added debit and credit cards to their banking options, such as Visa, MasterCard and Visa Electron. Some other cards like Maestro should also be added for traders’ convenience. I was pleased to see bank wire transfer also added as an option because it allowed me to directly use my bank account for adding funds and withdrawing them. Of course, the time taken for processing via this method can be a bit of a hassle. Along with these options, modern payment solutions like e-wallets are also available including Neteller, but they can add some more choices as there are plenty of these in the market.
Its customer support
Making your decision to choose a broker without considering their support options is a big mistake. It is a norm for traders to get stuck when they are trading or have a problem that they cannot resolve on their own. While it is true that information is available everywhere these days, it is also a fact that the correct information about a procedure can only be provided by a broker because you are using their services. Thus, if they are unavailable, how will you resolve your problem and get back to trading? Even if they have customer support options, they may not be responsive, which only adds to your frustration.
Can you imagine the opportunities you would have to miss just because your broker couldn’t respond to you right away? When looking at GTLot, customer support cannot be ignored because it will have a big impact on your experience. The broker has made an effort to satisfy its clients by adding multiple options through which their customer support can be contacted. They have given clients the option of reaching out via phone for verbal contact. Likewise, there is also an email address if a written request has to be forwarded or callbacks can be scheduled through their online form.
The only option that is lacking is that of live chat, which would undoubtedly be convenient for traders. If the broker does add this option, it can make things a lot easier for their clients. Overall, the other channels are also good and do a satisfactory job in providing answers. The team does try to be prompt, which means that you will receive your answers and resolve your issues.
After assessing GTLot’s features, its trading platforms and asset index, it can be determined that the broker does have the capability of providing traders with an appropriate environment and you can register with them to start trading. For more info about GTLot click here.