Last Updated on Nov 16, 2020 by James W
As technology continues to improve, making financial decisions on the move has become much easier. Mobile trading apps have made it possible for investors to manage their financial trades while on the move.
The best trading apps are ones that are stable, dynamic and easy to use. They offer the ability to analyse charts and live trading data. Some apps even offer expert advisors, which allow you to project future outcomes for your chosen instrument.
With a wide variety of apps to choose from, it can be difficult to know which ones are the best. So how does one know what things to look for when deciding upon a trading app? To maximise the value of a trading app, it is important to recognise its purpose. It is also important to recognise its various strengths and weaknesses.
Do trading apps provide a full trading experience?
Many investors worry whether a mobile trading app can offer a full ‘trading experience’. Depending on the specific app you use, there may be certain missing features.
Some apps only let you trade stocks. Others can be used to trade on commodities, indices, and foreign exchange markets.
The ‘fullest’ trading apps will offer users a wide range of possible actions. You should be able to access real-time prices, as well as open and close trade on the move.
If a volatile market suddenly becomes viable, you are going to want to be aware. Apps that feature live data and notify you of changes offer a competitive advantage.
If you are unsure if an app is worth paying for, you may want to consider a free trial using a demo account.
Do mobile trading apps offer the same range of markets as desktop platforms?
Most trading apps offer mobile and desktop versions that are identical. But the mobile version of some apps seems to be missing notable features.
What charting tools are available?
Charts and graphs are among the most important tools an investor can have. Apps that display data in a clear and understandable method will be the most valuable. A lot of apps let you trade directly from charts.
Signals and notifications
The signals and notifications associated with a trading app are also very important. If you hope to be an active trader, you are going to want to know what is going on in the industry. Choose one that offers news notifications, and risk management orders.
Ultimately, the best apps are safe, secure and enable you to maintain control of your trades. Broker reputation is also important, so do your research well before choosing one.