Gone are the days when saving what you earn was sufficient to achieve your financial goal. Now with investment and trading, you have a better chance at financial stability.
Investing and trading are currently convenient and easy through the use of apps. You can be remote and do your business from any location through your smartphone or laptop.
Whether you buy or sell, there is a list of trading apps for you to select from. To make the right selection of a trading app, you have to watch out for the following qualities.
1. Reliability
This is a primary factor you ought to consider. In the event of global financial change, you need the stability and smoothness of your app to run operations. You must ensure that whatever application you are going for does not have a history of the common occurrence of crashing or freezing when there is a major economic change. This way, there is an assurance that your trading is unaffected no matter the situation and traffic on the app. To avoid using unreliable apps, go for top-rated trading apps.
2. Functionalities
Whatever trading app you are going for, always ensure that the features it offers are sufficient to carry out your fundamental trading needs. Your priority is not in the beautiful extra features the app has to offer but on the basic trading functionality, so don’t get distracted. It should be an app that allows you to upgrade your trading package when the need arises. To know the app that is good for you, 80% of its function should be beneficial to you.
3. Automatic trading
As a beginner, this is a very important quality that will require some extra training. Always ensure you go for trading apps like the one described here: tradingreviewers.com/bookmap-review that have algorithms that will automatically review and give suggestions on investments that are good for you. It should have algorithms that enable you to input predetermined conditions for the automatic placement of orders.
In doing this as a user, you need to properly check the investment, analyze the profit rate, and if it’s beneficial, you can allow the app to run the order placement at an amount you want. Examples of good apps with this quality are trade ideas and Wealthfront.
4. User-friendly interface
Your first impression of an app determines whether you use it or not. If it is looking complex with unclear options, you might want to reconsider your decision. It is imperative that whatever application you go for is easy to navigate, the features and functions are also easy to understand.
Their financial charts should be easy to access, apply, and optimize by all users, whether they are novice or expert. In trading, this also means you can place an order or finalize a trade as fast as you want.
Top-rated trading apps like TD Ameritrade are user-friendly; as a beginner, you can also try Betterment.
5. Charging fee
Some of the best apps to go for, especially as a beginner, are the ones with cheap charging fees. You are looking at the commission you will pay for online stock and ETF, the fee for option contracts, broker-assisted trade, and transactions. Also, check for the recurring and additional fee that comes with the app.
Calculate all these fees and compare them with your potential gross profit. If your net profit is tangible, you can go for the app but if not, look for another app. Examples of good trading apps with low charging fees are Ally, TD Ameritrade, Fidelity investments, Webull, SoFi, and Tastyworks.
6. Analysis tool
One important quality to look out for is an app’s ability to analyze your trade after it has been carried out. With proper analysis, you won’t be making blind investments, and you can set goals on improving your daily profits. You need to continually update yourself with trading skills and knowledge to enjoy this quality. Examples of good trading apps for this are Stock Rover and MetaStock.
7. Data Security
This is a really important quality, especially with the rise in cybercrime and fraud. Having a data leak can be very detrimental to your trading. In choosing a trading app, go for one that offers good security and has never had a history of compromised data.
The data encryption type the trading application uses gives a good insight into how secure the app is. Most reputable trading apps use a firewall, and they also store their data on two separate synced servers to ensure that if the information is lost on one, the other can recover it.
Do not opt for an app solely on recommendations by your friends. Ensure you do a proper check on them using these qualities as criteria for selection.
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