The world started undergoing the process of digitalisation a few years ago, but the entire situation of 2020 has significantly transferred all processes online.
The financial services sector was not an exception. Before, all you needed for trading stocks and assets was a trading terminal installed on your computer, as it provided easy access to stocks, crypto, and other assets. But today, if a financial company wants to stay afloat it is essential to have a mobile app. There appeared a lot of iPhone trading apps, as well as android trading apps, and almost all of them are actively used by people. Therefore, sometimes it can be hard to distinguish between the good and bad apps, and we will talk about the criteria for choosing an app.
What do you need to pay attention to?
- Types of assets available – mobile trading apps come in all shapes and sizes. Some of the companies specialize only on Forex, as it is the most popular trading platform, others prefer to include other types of assets like cryptocurrencies, metals, obligations, futures, and much more. You need to decide what type of asset you want to add to your trading portfolio and choose an app accordingly depending on what they offer. In addition, you will also need to examine the list of financial tools offered by a provider because you don’t want to find yourself in a situation where a new promising pair comes out (for instance Dogecoin), but you can’t trade it as your platform only supports major pairs.
- Commissions – after all, the main goal of all mobile trading apps is to make a profit. But in some cases, to start getting gains from trading, you first need to invest some of your funds for the use of the platform. While some brokers offer commission-free trading, others charge you a variable commission based on the size of your trade. Make sure this is not of a surprise to you before you start – usually the information about commissions for different plans, as well as withdrawal, is available on the website. If it is not – be extra careful when choosing the provider.
- User-friendly interface – although a large part of traders chooses an app based on its functionality and cost, the interface is an important point too. You will end up spending a lot of time figuring out how to perform a certain transaction if the design of the app is not well-thought-out, and this could potentially harm your trading experience. Always assess the design against your criteria of how easy it is to navigate and understand. This should include not only the main trading area itself but also the ability to move from asset to asset, as well as depositing and withdrawing funds.
It might take you a lot of time researching the app that fits your needs. Alternatively, you could go for the top apps listed in the ratings, and see which one you like best. One of such stock apps for android and iPhone is NAGA, a platform that offers a seamless user experience without charging high commissions. It is also known for being safe and having an enthusiastic trader community, which enhances the overall experience and helps to get advice from other users. However, this is not the only way to excel at trading. You can learn from forums, internet resources, and books, as well as learn by practice.