In the past couple of years, trading apps have developed from tools mostly used for news updates and basic analytic work to full-blown trading platforms that can be used to trade any type of asset you can imagine.
This is a good development since it allows traders from all over the world to trade professionally, regardless of where they are, without being limited to a computer-based trading station at home. And if you haven’t tried trading on an app yet, you’re missing out.
The only issue is that the number of available trading apps has skyrocketed making it difficult to find the right app. Therefore, we contacted a group of trading and investment experts asking them to provide us with an insight into the world of trading apps. We’ve shared their tips in this guide.
For a detailed list of the top trading apps right now, we recommend reading the guide found here. But first, check out the following tips because they will further simplify the selection process for you.
What Asset Classes Are You Going To Trade?
The first and arguably most important step in the process is to decide what you’re going to trade. There are several markets that one can trade on and depending on which one you’re interested in, different apps will suit better.
For example, a forex trader will want to find an app with the best tools and features for forex trading, while a stock trader shouldn’t settle for an app designed for cryptocurrency traders, and so forth.
Moreover, you want to decide how you want the assets offered. Some prefer CFD (Contract for Difference) while others might like spread betting better. Maybe you’re looking for an app that allows you to place long-term stock investments?
All of these options have to be considered before you start searching for the most suitable app.
Apps for Beginners and Experienced Trader
You also need to consider your level of expertise because that too, will have an impact on your decision. Maybe it goes without saying, but a beginner should aim to find a broker offering an app that has great educational material and an easy-to-use platform, while experienced traders should opt for a more advanced trading platform.
eToro, for instance, is a fantastic broker with an amazing app that has a copy trading platform that’s great for beginners. IG Markets, on the other hand, offers a range of advanced charting tools and features that might feel overwhelming to traders that lack experience.
Conduct Your Own Tests
After you’ve considered those two aspects you can visit the guide linked at the beginning of this article to find a complete list of the best trading apps available now. The last step is to zero in on a couple of apps that you think might suit you and start your own tests.
This is best done by opening free demo accounts with each broker which will allow you to trade using virtual money, thus eliminating the need to deposit your own hard-earned money.
And that’s it. Once you’ve found an app that you find comfortable with you can sign up, deposit funds, and start trading. Just don’t forget to invest enough time into learning the ins and outs of trading. This will greatly improve your chances of becoming profitable.
Final Tip
If you’re already actively trading with a broker, chances are that the said broker has a trading app that you can use. And, instead of signing up for a new broker, spreading your trading efforts to thin, we suggest you stick with that app.
*Note: Never trade using an app offered by an unregulated and unlicensed broker.