Things to look for in a Trading App
As companies take on an increased role in global sustainability efforts, each of us can do our parts to reform the markets to create an inclusive and environmentally healthy marketplace.
One way many of us support sustainable businesses is through investing and trading. And, yet, in today’s 24/7 connected society, we need to be able to trade when we want, even when we’re away from home.
That’s where mobile trading apps come in.
The Benefits of Mobile Trading Apps
Remember the day when you couldn’t keep up with the up’s and down’s of the markets when you were outside the office or away from your computer? That’s all changed with transition from landline telephones to cell phones, computers, and now mobile devices.
Yes, long-term success for individual investors does take a solid understanding of the fundamentals of trading. But potential investors who switch to mobile platforms as new trading tools can gain insight, perfect their skills, and learn how to trade.
Stock trading apps are the mobile applications, which offer trading of equities and Exchange Trading Funds (ETFs) with real-time data. One of the best things about the stock trading apps is that these apps are meant for both experienced and newbies.
Trading on a mobile device has lots of advantages. You can get quotes on the market through your smartphone. You learn current updates in real time through brokers’ websites and Twitter feeds.
Non-Negotiables with Trading Apps
Mobile trading apps are about more than just about news feed and conducting trades — there should be s a full trading experience with any app you choose.
Full trading experience: With the optimal trading app, you can open, close, and manage your live trades, as well as analyse the markets using a range of trading tools and resources. You should be able to get coverage of market activity, headlines, and stock alerts as well as set quotes and prices highlights, follow trends, or pin certain stocks to monitor price changes. A range of possibilities should include performance charts for investors, stock filters and options filters, watch lists, and the capacity to extend expiration dates for placed options.
Fast: The trading app you choose should track real-time market data. With this feature, you can can get latest market data from exchanges and timely quotes for free — at any time and anywhere. You should be able to use your app to acquire real-time data and do research, including finding news and quotes from various financial agencies, market analysts, and business experts.
Secure: When it comes to finance and investment, security is one of the major concerns. Security measures ensure that your trading app protects your assets and personal information. You need to make sure that your app company is a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investors Protection Corporation). These two organizations protect user securities up to $500,000. Also, does your trading app company provide you the essential security measures to protect your personal and confidential information, like bank account details and passwords, debit and credit card information, and social security numbers?
Reliable: Trading apps have a built-in responsibility to provide the highest quality services, since they deal with money and investments. Mobile interfaces should be clean and protect you against accidental undesirable actions. Everything should be exact: by clicking on the button, you should be able to anticipate exactly what will happen.
Easy to use: A user-friendly trading app is really important. It needs to have a design that allows you to constantly seeks information about the slight changes, monitor market information from stock exchanges, and provide easy-to-use form in the stock monitoring app. Ideally, to make the process of trading as easy as possible, using the trading app should be as simple as liking someone’s post on Facebook. It is important that the app offers a seamless process of trading.
Suits your trading needs: The trading app should provide customized news and push notifications of scheduled events like earnings, dividends, or splits in advance. You should be able to get notifications via email or SMS. By getting the latest information on stock market, you would be able to get up-to-date information at the right time. Furthermore, an ideal stock trading app must provide you with a range of usable features like statistics and market analysis, stock market utility integration, history of holdings, and customer support.
What Features Distinguish Good from Great Trading Apps?
A great app offers a range of trading signals and notifications, so you don’t get caught out by sudden price swings in the market. Traders can also take advantage of a range of risk management orders to protect their trades. These include stop losses and guaranteed stop losses, take-profit orders and push notifications.
Lots of investors have been chatting lately about the CMC’s mobile trading app. Their range of order types allow you to choose the type of trade you want to place, from simple market orders to advanced risk management with trailing stops and guaranteed stop-loss orders. They offer a fully integrated charting suite that includes over ten chart types, with over 80 in-built technical indicators and drawing tools.
This post is sponsored by CMC Markets; images from StockSnap