Trading is becoming easier and more accessible day by day, especially since the introduction of trading applications. But how do you find a trading app that works for you? Here we have all the information you need!
What is a trading app and why do you need one?
Many brokers these days offer trading apps, which allow the trader to trade on the go. They can view their portfolio, see how assets are doing, and even buy and sell with just a few clicks. It’s a great way to make day-traders’ lives easier since they don’t need to carry their laptop everywhere to make money. But also, as a beginner, it’s a good idea to use a trading app. The screen is smaller and the broker only focuses on the most critical information. Therefore, a newbie will be less overwhelmed with all the stats, market insights, and news, but rather get the essentials instantly on screen. Having a small screen also makes navigation easier because there are fewer options to choose from. If you are a professional trader, you might be disappointed with trading apps because they offer so little asset information, making it difficult for you. Many professional traders use high-risk methods, which is essential to have all the information you need to significantly reduce risk.
Here are the most important aspects when choosing a trading app:
If you’re looking for the perfect trading app, check out our tips and tricks. They will help you make a decision! Here are the most critical aspects when choosing a trading app:
1. Have a good broker
Having a good broker that offers a trading app is the first and most crucial step. Unfortunately, there are a lot of bad brokers out there who just want to rip you off with your money. It is therefore essential to do your research before you start investing! The easiest way to determine how good or bad a broker is is to read the reviews. If you are, for example, interested in trading with the pocket option, we recommend that you read reviews to learn from customer experiences. Obtaining this information will make it easier for you to choose a broker.
2. Decide on your trading method
Not all brokers offer the same trading methods, so we recommend that you first choose the technique and then find the right broker. If you have a clear idea in mind of what you expect from your broker, you will have an easier time finding what you are looking for!
3. Test it with a demo account!
Have you opted for a trading application? Try using a demo account before you start investing your money if your broker offers one. This will help you determine if this app is the right choice for you or not meeting your needs.
4. Secure it with passwords
When using a trading app, you always risk losing your smartphone or having it stolen. The worst case scenario would be someone accessing your wallet and stealing your money. This is why it is strongly recommended to use several passwords to secure your smartphone and your account on your trading platform. If you notice that your smartphone is missing, contact customer service immediately and let them block your account until you get your smartphone back or buy a new one.