Trading apps have become extremely popular in recent years, due to the developments in technology. Individuals can now perform trades at any time in any location via their smartphone device which has opened up the sector to almost anyone as opposed to full-time traders. However, there are many trading apps on the market and it can be difficult to pinpoint which ones are the most reliable, easy to use and secure. Take a look at some of the suggestions below on what makes a trading app a good choice:
Regardless of whether you are a new investor or a veteran, any trading app should have the relevant features to make your experience using the platform streamlined and convenient. All of the critical information should be provided, including the likes of news and updates and trends and the ability to monitor share and stock prices, so you’re able to make the best decisions when it comes to making your next trade.
Ease of use
As a trader, every second counts when it comes to buying and selling and it simply isn’t feasible to use an app that takes an age to load and proves difficult to access the pages you need. With this in mind, you should be on the lookout for an app that allows you to find the key information quickly and simply so that you don’t lose valuable trading time.
Technology is temperamental at the best of times and system failures cannot always be avoided when using apps and websites. However, it just wouldn’t be sufficient to continue using an app that is regularly crashing and experiencing technical difficulties. When you’re about to enter or exit a position, you need the peace of mind that the app will successfully load and enable you to carry out your actions without major system errors. If you’re in any doubt, it would be in your best interests to check customer reviews and ratings to gain some perspective on the reliability of the app before making your first trade.
Trading apps turnover billions of pounds on an annual basis and therefore, are a prime target for hackers and thieves. This can be extremely off-putting for any potential trader; however, some apps are more secure than others. If in any doubt, it would be a good idea to check out IOActive’s study which showed that almost 20% of the most popular apps were accessible to hackers and should be avoided. Check security reviews before deciding to trade within an app to protect your money from external hackers.
Some platforms charge traders to use the app, which is something to bear in mind when making your choice. While it may not seem like a drastic amount to pay out initially, these charges can build up and start to eat into your profits in the long term. Carry out some research into the different apps and make note of the charges you may be expected to pay.