If you are looking for the best trading app, you will need to know what kind of features you can expect to get out of them. Most apps will offer you some level of functionality – maybe two of the top five features.
It is easy to get sold short if you don’t know what is available on the market right now. You need to take a little time to familiarize yourself with the latest and greatest trading app technology. By doing this, you will be able to improve your trading experience and, perhaps even, your results.
What Is A Trading App?
A trading app is a mobile application that gives you access to some or all of the features of an online trading platform. They vary hugely in quality, but it can be hard to tell the good ones and the not-so-good ones apart. You may be offered promo codes (or something similar) to download, register or deposit money on a trading app, but don’t be too hasty in making your decision.
If you are serious about making money through trading, you need to also be serious about finding the best trading app. That doesn’t mean you need to trial every single trading app. However, make sure they at least include the five features below. Most apps have a comprehensive summary on their download page in the app store. You can also visit their website to find out other information and go to third-party websites. Review websites and blogs can be quite useful as well as you can see what others are saying about it.
What Are The Top 5 Features To Look For?
1. Multi-asset trading platform
Unless you want to focus on an individual marketplace, you should look for the maximum amount of trading options open to you. This will make it easy to diversify your portfolio which has been shown to improve trading results.
You will, therefore, need to find a multi-asset trading platform that allows you to buy and sell from stocks, crypto, forex, indexes, currencies, commodities, and more. Within these marketplaces, you should also have a long list of assets available to trade, such as Apple and Amazon (stocks) and Bitcoin, Litecoin, and Ethereum (cryptocurrency).
If you have some specific stocks or commodities in mind, then check if it is available on the trading platform. Finally, you may want to do more than just buy an asset outright. Look for apps that offer derivative bets, such as options, futures, CFDs (with the possibility of high leverage), and short selling.
2. Fast deposit and withdrawal times
Slow deposit and withdrawal times can be a real pain, and, in this day and age, it is not something you need to settle for. The best trading apps should make deposits and withdrawals quick and easy.
It is worth navigating through the trading site’s pages to find their estimated deposit and withdrawal times. For example, some of the big trading apps can take two weeks or more to send you cryptocurrency withdrawals which may be too slow for some people. This may not be a problem for you if you aren’t interested in trading cryptocurrencies. Don’t forget to ensure the trading app you are signing up to is licensed to cover the region where you live. It is details like these that can make or break your app trading experience.
3. Intuitive and easy-to-use design
It is all very well having an app packed full of features, but they won’t be of much use if they are difficult to find and hard to use. Ideally, you shouldn’t need to use the help center, knowledge base, or online support to use a trading app. Having said that, these are also essential services, and you should be very wary of companies that do not offer technical support, or if they are too slow to respond.
As a side note, there are fraudulent trading companies and applications operating and they can sometimes be difficult to distinguish from the genuine ones. Make sure you check reviews of any app or trading site before you use it. You can also check whether they are accredited by any financial bodies.
4. Low or no commission on trades
Commission fees can be an absolute killer, particularly if you are a scalper or day trader. Profit margins can often be tight in trading and high fees can be the difference between making money and losing money. Don’t be fooled into thinking costly commissions are standard because they really don’t need to be. If a trading platform is charging high commission rates on trades, then make sure they are offering an equally high level of service in other areas to make up for it. Most likely, this will simply be a money-making technique for the brokerage.
5. Free to download and use
The last of the top five trading app features: you shouldn’t have to pay for them! For a lot of apps, having to pay to download them signifies premium, top-quality content, and features. With trading apps, however, the reverse is generally true. It’s usually the poorer made apps that will charge you at every turn, in the hope of making as much money from you as possible, before you take a good look under the hood and realize there isn’t much there. Of course, there are other features to look out for such as in-built chart indicators, social features, and introductory offers, but make sure you secure the key features above before taking the decision which trading app to use.
Which Is The Best Trading App?
While there are several trading apps that include these top five features, we can only guarantee the quality of our own platform, TradeOr. The platform can be accessed online, as well as by our mobile application. Like our website, our app is packed with useful trading features, including all of the top five trading app features. TradeOr is a multi-asset trading platform with fast deposit and withdrawal times, and there are no bank fees on deposits or withdrawals. The app also has an intuitive and easy-to-use design, meaning you won’t endlessly be flicking through our knowledge base to perform simple operations.
The app has absolutely no commissions on trades and it is free to download and use. You only need 10 dollars to begin trading and we have an array of trading options like the huge 500:1 leverage we offer on our CFDs (“contracts for differences”). We have a fantastic customer support team who are available 24/7 via email and a chat window on our website. The signup process is also quick and easy, our pages are clean and simple which makes it easier to operate, as well as keeping the app loading speeds fast. We have even more features too which can be found on our app store page.
There are a lot of trading apps to choose from these days which is both a blessing and a curse. While there are some excellent trading platforms available, knowing how to find them is another story. For this reason, we have highlighted the top five features to look out for when choosing your trading app. You may want to extend the list further, but if you see these as the minimum requirements for your app, you can’t go too wrong.
There may also be a personal element to choosing your app, such as if you are a day trader or want to target a specific marketplace. Don’t forget to include these needs in your research. We hope you will include our own trading app, TradeOr, into your list and see how we compare. Our app certainly includes all the top five app trading criteria, and more besides. We confidently call ourselves the best trading app and we invite you to find out why!