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Have you been searching for recommendations on trading apps that allow you to get the most out of them? You are on the right page.
The world we live in now is way different from how it was ten, twenty, thirty years before. A lot of novelties in technology and computer science have taken place that have likewise affected how trading is done. Whereas before, the definition of trading was confined to that of a room full of people constantly on the phone, holding their pens and paper, now, trading can already be done online and on your smartphones. Trading can be done anytime, anywhere as long as you have access to the internet.
How is this possible? Innumerable trading companies have been engaging in research and development to create and launch apps that make trading easier. The upside is this: trading apps are made based on algorithms which computers interpret, along with social data. Thus, the bulk of trading analysis is done by the app itself and all the trader needs to do is facilitate the operations based on his or her preferences. Human error is reduced as a result. There is no need for you to worry about making the wrong estimations. Because there is a lot of developers out there, you need to screen them to safeguard your security, too, as a trader.
This article is a guide on the Best Trading Apps for beginners in the trading industry. We have drawn up a list of apps which you might want to try, along with brief descriptions, and their pros and cons. So if you’re still a budding trader, shoo away those qualms and worries. We’ve done some work for you so you could have a go-to reference as you tread the pathway towards becoming a professional trader.
Nothing grand is ever easy to begin with. Do you want to master the ins and outs of online trading? Do you want to know who to consult when making investment decisions? Do you want to know how much you need to pay for commission for each trade? Read on to the next section.
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Trading is a gamble. You need to take leaps of faith and a lot of risks. It is not a walk in the park where you can start trading without first studying and strategizing. As a consequence, if you decide to engage in mobile/ online trading, you need to scrutinize the app/s you will use. You should use apps developed by reliable stockbrokers—those who have credibility and proper credentials so you can be assured of the legitimacy of the transactions you make using their apps.
You may ask, who are stock brokers? In the traditional sense, stock brokers are individuals or groups of individuals who act as your middlemen. Their task is to link you to the global stock exchange in order that you may purchase stocks from the market. They also help you analyse trends and find ways that allow you to examine movements and trends in the stock market.
In the modern sense, the definition of stock brokers has evolved to include mobile apps and online websites. You can always bypass stock brokers, but here’s the thing—how can you do your trading without the adequate proficiency in the stock market? That would be a very difficult thing to do if you’re a newbie in the industry.
Before engaging in trading, you must first acquaint yourself with some tips. These will help you decide which apps to use as your main trading tool. First, you must already have an idea of at least and at most how much you can and you are willing to spend for. Second, decide on which account or stocks you want to invest in/ trade on. Third, start with small amounts first. Fourth, make a diverse portfolio. Do not focus on just one kind of account. Fifth, always make yourself aware of the latest news in business and finance. Also look at the data first before making decisions.
All things said, that is why it is of utmost urgency that you look for an online stock broker with whom you can have ease of operating the investment application. You must treat and view your online broker as if you two have a partnership. That way, you can be assured of online trading that is less risk-laden. The best stock brokers usually have the best trading apps.
As we have repeatedly emphasized, for beginners, you need the technical know-how and skills before you can make your strategy for trading. Look for brokers who can teach you about trading and at the same time, analyse the trends, and give you advice on investment. Here are some suggested stockbrokers to help you choose the Best Trading Apps:
Plus 500 —This is one of the best CFD (Contract for Difference—these are sales contracts that are sold by brokers) brokers online. They have a simple interface and you can easily understand their website. They have the complete package, with several trading instruments on cryptocurrencies, forex, indices, shares, commodities, ETFs, among others. They also have the following trading tools: economic calendar, alerts, and risk management. In sum, they can give you access to innumerable financial instruments with online support and real time quotes.
IQ Option — Like the first and the next brokers on the list, IQ Option is also fully regulated. It is operated by IQ Option Europe Ltd. Its tagline is, “trade in the moment; invest in the future.” Their app has a multi chart layout, on top of their user-friendliness. It is available on mobiles through Play store and Apple Store; on desktops via Mac, Windows, and Ubuntu operating systems; and on browsers by means of Google Chrome, Opera, Mozilla Firefox, and Safari. IQ Option was voted as the best mobile trading platform before. They now also offer ETF-trading, stock trading, and forex trading. Furthermore, they have a new product that is uniquely theirs, Digital Options.
Markets.com — This is another broker that has an award winning CFD platform. It similarly has exclusive trading tools that you can access. You are sure about its legality since it is operated by a subsidiary of Playtech PLC, Safecap. Playtech PLC is traded on the main market of the London Stock Exchange. Markets.com is also available on all platforms: Google Play, Apple Store, and Web Trader. The trading tools they have are: trader’s trends, trading central, markets consensus, trending now, and events and trade. It has almost the same trading instruments as the one detailed above but Markets.com has an additional one on “blends.” Blends are shares baskets combined to view a theme that can be connected to trends in the market. Nonetheless, Markets.com’s main trading platform is Meta Trader 4. It is not a creation of Markets.com, but rather that of a third party company. What this means is Meta Trader 4 is not exclusively for Markets.com, but also for other brokers.
InvestMarkets — This is another broker who shares Meta Trader 4 as their app developer. At the moment, they only allow you to do forex trading and CFD handling. Though previously they have had brushes with law authorities, they have cleared out their name with their best efforts to re-vouch for their legitimacy of operations. It has a web-based trading platform where you can access the financial markets with ease in one go. On the aspect of trade education, they have an education center section where you want watch videos on financial lessons such as forex for beginners and for intermediate learners and interactive cryptocurrency trading.
E-Trade — They were among the forerunners of mobile trading. They initially handled Blackberry and iPhone applications (note that they trace back to Silicon Valley if you follow their origins). If you want to learn more about trading, this online broker offers the app for you. The downside is, you only get first 60 days of commission-free trading (after 60 days, $6.95 per trade—this is among the considerably low fee rates in the market) and you need an account minimum amount of $500. That is some budget you need to think of.
Stash — Like E-Trade, this app is good if you are still having a feel of trading. You can start your investments with five dollars. It has “Auto Stash,” which helps you decide on your investments by selecting an amount that you can pay for and the time frame within which you wish to invest your money. It is registered with the US Securities and Exchange Commission (SEC).
Ameritrade — Ameritrade gives you two app options: (1) TD Ameritrade Mobile and (2) TD Ameritrade Mobile Trader. The former is the ideal app if you’re always on the road. It lets you manage your portfolio with just a few swipes and taps here and there. The latter allows you to trade equities, forex, options, and futures through the use of tools, indicators, and chartings. It is also the AppStore’s #1 trading app. The apps likewise allow you to customize your dashboard and watch videos on financial literacy. Both apps are available on android phones and iPhones. TD Ameritrade Mobile, though, is available on Windows 10, too.
Robinhood — This free app lets you engage in trading without commission fees. In short, it has free stock trades (it’s probably why it got its name). You do not need to pay up for every trade you make through Robinhood. Though now it already has its online website, it first began as stock trading app. That means you are assured of the functionality of this app for your day trading. Robinhood cannot connect you to mutual funds, but it can help you out with Bitcoin and ETF trading. They have created recently its premium version, the Robinhood Gold account. This account lets you trade after hours.
Bloomberg — Isn’t the name familiar? This app pools together news on business and finance and stock exchange trends. Not only does the app give you access to an entire corpus of knowledge on trading and investments, it also helps you make your own portfolio. There are also analyses of market movements that you can make use of. It is easily customizable, therefore giving you the reins on which information you want to be notified about, which investments to watch out for, among others.
Yahoo! Finance — This app gives you stock quotes for gratis. Yes, it’s for free. It allows you to sync your portfolios on multiple devices. That gives you an easier management of your trades. As regards interfaces, it has a user-friendly design that gives you all the information you need in one screen. It has a section for trending tickers as well as for cryptocurrencies. Their section for stocks is divided into: most actives, losers, and gainers. You can also look at their watch lists and finance news.
Interactive Brokers — This is the app if you’re a tad bit advanced in trading. It has low commission rates at $0.005 per share (minimum of $1 and maximum of 0.5% of the trade value), on top of its low margin rates. One of the perks you can derive from the app are discounts it gives for frequent traders. Interactive Brokers is perfect for day traders and active traders. The products offered are divided into three: investment products, cash products, and services. Further, you can access the Trader’s Academy so you can enrich yourself in wisdom about trading.
Acorns — Acorns is the perfect app for first-time traders. It makes trading easy for you. It allows you to invest your spare change so that it can grow bigger. How does it do that? It uses the change from your everyday purchases and capitalizes on it. You can grow your accounts through referrals. There is another incentive—you can earn money when you shop from brands connected to the app. You might be thinking, is this for real? Yes, it is. It is not a scam. Your data is secure with Acorns Securities, LLC. It is an affiliate of the Securities Investor Protection Corporation. It was dubbed as the millennial strategy of investment.
EOption — Well, if you’re tired of choosing between price and quality as the company says, this app is a good choice. Commission rates are pegged at 3 dollars per stock unlimited and for each option contract, 3 dollars plus 15 cents. There is a selection of options: retirement trading, auto trading, among others. You can open an account with its live trader, or you can opt for the paper trader.
There is an entire set of trading applications out there on the internet. You can explore other options on your own time. What we presented to you are the Best Trading Apps based on their years of operation, perks that you can maximize, and user-friendliness to new traders. The apps we underlined above are not the only ones you can pick from, but they are the ones we recommend based on years of our experience in financial management.
Just to reiterate, it is always in your best interest if you first draw out a plan on which investments to make. This makes picking out which apps to use stress-free. There was a time in the history of trading when online trading was just a bleak figment of imagination. However, as our lives have become more and more complicated in congruence to humanity’s developments in terms of technology, the landscape has transformed. You can already trade as you sit in your home simply by using your mobile phone, tablet, or laptop. And like any other venture, you must be very careful in choosing which application you will be running your trades with. On the other hand, this is also not to say that mobile or device trading is sufficient. You still need to couple your use of apps with the precise know-how and stratagem. In this manner, you can expect to maximize the benefits you can derive from using them.
To highlight, there is a smorgasbord of trading apps. There are those which are developed by the stock broker companies’ themselves, while there are some who sourced out third party companies to develop apps for them. Either way, the ball is on you. It is up to you to decide which app you want to use. Our advice, though, is that you use more than one, or at least two mobile apps for your trading. This is so that you can have a comparison and contrast of both brokers and also so you can get the most out of your investments. So, choose wisely. Never settle unless you have evaluated all of your options. As we have repeatedly been saying, it ultimately depends on your personal preferences and circumstance.
We hope to have helped you in your search for the Best Trading Apps! Remember, you hold in your hands the verdict. Should you need more information for reference, just visit this page again.
Last year, Sudan expected that it would have a deficit on oil and crude supplies. Its debts caused the shortage....Read more