Changes in technology have made it possible to make trades with the push of a button. Both mobile and desktop trading apps have a lot of useful features to offer. In 2018, investors have more access to information than ever before. A trading app is undeniably useful. But with so many to choose from, it can be difficult to know which one is best for you. This simple guide is designed to help you make the best choice.
What Things Should I Look for in a Trading App?
There are several key features that separate the best trading apps from the rest:
The best trading app will have each of these characteristics and more. Some individuals only require access to a single market. Others prefer a much more complex strategy that requires constant monitoring.
Another thing to consider is cost. Some trading apps are free but will charge you for each trade you make. Others have an initial cost but cost less over time. The trading app that will be right for you will depend on how you intend to use it.
Do Trading Apps Provide a Full Trading Experience?
A common concern for trading apps is that they do not offer a full experience. Fortunately, as technology has improved, most trading apps have become more comprehensive.
When seeing if a trading app has everything you need, there are a few things you should look for:
The ability to place trades 24 hours a day;
Being able to monitor your positions as they change;
The option to directly fund your account;
Do Mobile Trading Apps Offer the Same Range of Markets as Desktop Platforms?
Most trading apps these days offer the same range of markets as desktop platforms. There are a few mobile trading apps that are ‘simplified’ versions of the desktop platform. These apps will usually let you access the same markets (forex, stocks, bonds, etc.). However, they may have some stripped down features such as simplified charts and graphs.
Charting tools make it possible to identify market opportunities. The best trading apps will allow you to choose between hourly, daily, and monthly time ranges. They will also allow you to choose different ways for the charts to be displayed. Some apps let you trade directly through charts. This is a very useful feature when prices are moving fast.
Having a graph that clearly indicates how an asset is performing can help you become a better investor. These graphs make it easy to compare different assets you are considering.
Signals and Notifications
Signals and notifications make it easier to know when new opportunities emerge. Most investors have their phone with them throughout the entire day. The best trading app will notify them of any changes in the market.
Trading apps also give you the option to risk management and take profit orders, so you can protect your trades against sudden price movements.
Trading apps are valuable tools for both newbies and experienced investors. We do not recommend a certain app, but rather make you aware of the features that are key in a trading app: security, stability, position monitoring, risk management, funding option, to name just a few. What is your experience with trading apps? Did they help you make better decisions? Let us know in the comments!