Trading and Investment Apps
While it may seem intimidating to start stock trading for the first time, it can be quite simple and straightforward. With the growing popularity of trading online, stock market apps for your smartphone or mobile devices have been developed to help you keep track of your investments, stocks, and market news. Some trading apps allow you to paper trade a stock to try it out before you put any real money behind it or for tracking stock and forex values and changes.
No longer is there the need to be a day trader to keep a close watch on the stock market. For those who are looking to manage their finances and trades, and to track the markets while on the go, there are multiple apps that they can download onto their iOS and Android devices. Thanks to these apps they can do anything, from making a trade, checking on portfolio balances, to finding out the latest news about the financial markets, directly from a trading app where ever they are.
Thanks to trading apps on smartphones and mobile devices, traders can successfully navigate the stock market with the up to the minute information that they provide. You have the essential data sent directly to your device. It takes only a few of seconds to download a trading app and to join the world of mobile trading online.
There is a range of trading apps that are available for your mobile device or smartphone, with both free and paid versions. Trading apps and stock apps have become even more popular and sophisticated.
Uses for a Trading App
No matter if you are a casual investor or an experienced trader and are active in stock market trading, you can use your smartphone or other mobile devices for tracking your investments. Trading apps and stock apps offer traders all that they need for monitoring key market indicators, together with the up-to-date financial news that is specific to your investments. There are trading apps for all portfolio sizes.
There are some uses for online trading apps and stock apps, which include:
- Viewing stocks or index specific news – with many apps you can view the stocks by percentage, market cap, or price
- Buying shares or selling shares, as well as forex trading
- Delete stocks – Since your portfolio can change over time, you may want to delete the stocks that you have added as they may not be relevant to you anymore. You can exit a position if you see something that makes you want to exit the trade.
Advantages to Trading Apps
Thanks to online trading apps, you can instantly access all the latest information regarding your trades, both quickly and conveniently, Some apps provide traders with great insight about the world of finance from professionals. The apps are up-to-date and have current news features. Online trading apps have lots of customization options. Thanks to their stock summaries and graphs, investors can make informed decisions regarding their trading online. Many trading apps have complete services that all you to store and check investment data and updating your portfolio. You will find that many of the trading apps have attractive and responsive graphical interfaces. With these interfaces, you can view the market trends, charts, and summary of your trading information.
Disadvantages to Trading Apps
There are some disadvantages to using a trading app and stock app. Some of the apps can take a long time to open, which can put a delay on your trading. With some apps, there is no option to hide the news sections that are not relevant to you.
How to Find the Best Online Trading Apps
Because there’s so much competition in the market as well as having many brokers and exchanges to choose from, it can be difficult for beginners to know which option will work best. Here are a few things we suggest keeping in mind before you decide on the right trading app and stock app:
Use a regulated online Broker or Exchange. The regulatory body develops rules and services protect the integrity of the market, as well as traders, and investors, such as the Financial Conduct Authority (FCA) in the UK. Due to possible safety concerns, open your trading account with a regulated broker.
When logging into a brokerage account, traders need to make sure that they connect via a secured network. Always make sure if you have sensitive information on your trading app, such as credit card information, that you connect via a secured network instead of a public wireless hotspot. Your information is more vulnerable if you are not using a secured network.
Stock trading happens 24 hrs a day online, and even more so with a mobile trading app, so customer support should be available at all times. You’ll want to be able to speak with a live support person, and many brokerages have a local UK office for ease of use. The representative’s ability to answer your questions regarding spreads and leverage, as well as company details is very telling.
The details of a good broker and trading app should be out in the open for everyone to see, either online or otherwise.
Your ideal trading app should be able to offer either multiple account options or provide you an element of customizability. Perhaps the broker even has a separate account for beginners. Look for a broker that offers competitive spreads and easy deposits/withdrawals.
When selecting an trading app and an online stock broker, many just concentrate on one asset class. Nonetheless, you should keep in mind there are many other types of investment alternatives offered. Including Forex, cryptocurrencies, Stocks or shares, ETFs, CFDs, futures or options.
Downloading apps can cost money. There are some apps that are free of charge to download, but there are others that have a fee for downloading. The free trading apps may only give you limited access to the features of the trading app. You may need to pay to access all the various features.
Because stocks are traded in a market where people are both looking to buy or sell the currency, it’s crucial to consider the amount of liquidity that an exchange can have. Liquidity is the ability to sell without the price being significantly affected, causing the price to drop.
For more information on selecting the right trading platform for you, please see our tutorial: What To Look For When Choosing A Trading Platform