Smartphones have become an inseparable part of daily lives. We use smartphones for a variety of purposes, be it staying connected, gaming, entertainment and stock trading. Yes, stock trading. Trading stocks via smartphone is pretty common nowadays. All you have to do is open the trading app, select your trade, and execute it.
No doubt, smartphones have made trading more convenient as now you don’t have to wait to get to your PC or laptop to execute a trade. You can do it whenever and wherever you want with just a click of a button. However, having just an app is not sufficient for you to carry trades smoothly. You need to have the best trading app.
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By ‘best trading app’ I don’t mean the best apps based on the rankings. What I mean is a trading app that is best for you. Different users have different requirements. One thing that is best for you may not be best for the other. Thus, you need to find a trading app that works best for you and meets your specific requirements.
Talking of how you can select the best trading app for you, first and foremost you will have to evaluate your requirements and expectations from the app, such as fees and charges, technical support (like charts, graphs, etc.), and more.
Once you have your specific requirements, you need to look out for an app that meets your specific requirement, as well as a few common and standard parameters. It is possible that your specific requirements and these parameters may overlap. Following are the common and standard parameters on which you should judge an app:
The mobile trading app should be easy to operate. It should have an easy-to-use interface, which you can operate easily. The functions and tabs should be self-explanatory. In all, the app should be such that you can master it in minutes even if you are using it for the first time.
This is another crucial requirement. The app must execute the trade instantly because any delay (even of a second) could reduce your gain, or even result in a loss. Thus, it is necessary that there is no timing out or long loading.
The app you chose should offer robust customer support and that too 24-hours a day. Customer support must be quick to respond and professional. Moreover, the support should be available in all forms, including message, mail, call and chat.
Sometimes you may want to trade using your PC or laptop, or just need a big screen to check the graphs. For such situations, it is required that the app can be linked to the desktop application. Moreover, if the app supports the sync screen, you can also use your smartphone as a second screen, or as a remote control for the PC.
Graphs and Charts
An app is not of much use if it just allows you to trade. Rather, it should also support you to trade as well. The app must have the relevant graphs, charts, news alerts and other tools that assist you in formulating a trading strategy.
Option to Customize
Not many trading apps offer it, but it is something that means a lot to a trader. Every trader has its own way of working, i.e. they may give priority to some charts and indicators. Thus, such traders would want to have easy access to such information, preferably on one page.
Though most apps support it, yet it is important that the app you chose supports all major platforms. By major platforms here, I mean Android and iOS. There are chances that you are using Android currently but may switch to iOS going ahead, or vice versa. If the app doesn’t support the new OS, then you will have to switch to a new trading app.
Access to documents
You must make sure that the app you chose lets you access all relevant documents, such as account statements, tax documents and others. Moreover, it should also be transparent on the charges and deductions, if any.
Access to all features
There are a few trading apps that give you access to certain features only after a user meets certain criteria. You must make sure that the app you chose allows you to access all features irrespective of your investment amount.
Another point to keep in mind is that the app must not have any requirement for a minimum amount for opening account. You should be free to choose the amount you want to invest in.
Safety and Privacy
Before selecting an app, you should make efforts to ensure that the app is safe and won’t compromise user data. For this, you can do a Google search to check if the particular app has been involved in any data breaches before.
Hopefully, the above points would help you to select the best mobile trading app for you. Remember, you should use these points along with your specific requirements and expectations to select the best app for you.