Thanks to the amazing world of online apps, trading has never been so accessible and convenient. With the use of trading apps, traders are now able to make trades, withdraw money and even make traders from their smartphone at anytime, anywhere. As online trading has become more popular, more trading apps have been introduced. When you choose a trading app, there are a number of different things you need to consider. This article is going to take a look at these aspects and help you to choose the right trading app for you and everything in between that you need to consider.
Consider Your Preferences
Before you start considering different apps, it’s important to consider your preferences too. There are thousands of trading apps out there, some specialize in different aspects of trading, while others might be more tailored to beginners. Establishing your preferences from the beginning will help to narrow down your choices and essentially make your decision much easier and less time consuming to make.
Investment Goals
One of the first things you need to think about are your investment goals. Are you looking for more long term investments or leaning towards day trading for example? You may find that there are apps that are more equipped to day trading than others.
Type of Asset
It’s a good idea to do some research into the different assets and see which ones are more suited for you, especially as some are more risky and volatile than others. There are a number of different trading options for you to choose, from stocks to cryptocurrencies. Again, this is something you need to figure out before getting started.
Your Budget
Most trading apps will coming with trading fees, commissions and in some cases membership fees. Before you start looking, make a decision on how much you want to spend on these fees, out weigh the benefits that come with using the app and if the fees are worth it.
Factors and Features to Look out For
The next step is to spend some time researching what trading apps are available to you. Taking the time to consider different options is the best way to make smart and informed decisions. Comparing apps will give you an idea on what standard you should expect from an app. It will also help to highlight the strengths and weaknesses of an app too. Some essential factors that you need to look out for include:
Registration and Licensing
Any app you choose much be fully licensed for trading and registered with regulatory authorities. This will vary depending on your location, so make sure to double check before signing up to an app.
Research Tools
This is especially important if you’re a beginner. Most apps will have tools such as MACD calculators and insights. Some apps will even keep you up to date with the latest trading news that can also help you to make informed decisions.
Type of Assets Available
It’s important that your chosen app has trading options for your preferred assets. However, a wide range of options can also be a good thing as this allows you to diversify your portfolio.
Fees and Commission
Make sure you consider any fees and commission that come with trading, withdrawing funds and using the app in general and ensure it’s compatible with your budget. It’s a good idea to check the terms and conditions too, as this will give you a clear insight to any additional fees that could emerge.
Security Measures
Take a look at the security measures that the app has in place to protect both your finances and personal data. Look out for technology such as blockchain and encryption.
User Friendliness
At times trading can require you to be on the ball and move quickly, that’s why it’s important to have an app that’s simple and easy to use and navigate.
Level of Customer Support
This is often a factor that individuals don’t think about until it’s too late. Make sure an app has 24/7 customer support as well as a number of different ways you can contact them (phone, live chat, email etc).
Take Some Time to Decide
Every trading app will come with online reviews (online, on social media and even on the app store), reading these can help you to gain a valuable insight into the quality of the app. Take into consideration any issues other customers have had and how the app has dealt with them. Remember that while a lack of reviews can be a red flag, that newer apps still may be building their reputation, therefore it’s important to consider this.
Additionally, most trading apps will also offer demo accounts and versions. This is a great way to try out the platform and decide if it’s suitable for you needs and preferences. This can also be a great way to learn how the app works as well as being able to see how trading different assets work.