There are lots of different apps out there which let you trade stocks, and this is actually a problem because it means newcomers won’t know which to pick.
It’s important to measure prospective apps against a number of criteria to see which holds up to scrutiny, and which falls short. Here are the things you need to know about a stock trading app before you sign up.
Is The App Intuitive And Easy To Use?
Before investing in any app, it’s important to check out the features and compare them to other apps on the market, and in particular look at what it offers in terms of accessibility.
You want the app to be user-friendly, as well as offering sufficient depth so that you can implement your own trading strategies and track the performance of your portfolio without having to jump through hoops.
It’s worth testing out its interface by trying out some simulated trades or taking advantage of paper trading options so that you can get an understanding of how exactly this app works before investing real money into it. All the best operators allow customers to dip their toes in the water with demo accounts, and this is a risk-free way to experiment.
Can You Also Use the App to Trade Crypto?
Cryptocurrency trading is becoming more popular, and many online stock trading apps offer it as an option. If you’re interested in getting into cryptocurrency, look for a stock trading app that offers this feature.
Keep in mind that not all apps are created equal – some may have more advanced features than others, or they may lack support for certain crypto assets. This means you need to do your research before investing any money into a crypto-trading platform.
Additionally, find out if there are any fees associated with using the service, and what kind of customer support is available if you run into issues while using it.
Bear in mind that trading cryptocurrencies can be lucrative and exciting, but also very risky. The market is volatile and it’s possible to get burned if you are a novice. Get to grips with how everything works before jumping in to avoid common mistakes made by beginners.
What’s the Security Like And Is Your Data Safe?
One of the most important things to look for when choosing a stock trading app is security. Cybercrime is a growing threat to investors today, and so you can’t afford to take any chances.
Before committing, consider how secure is your data and information on this platform, consider the following questions:
- What kind of encryption does it use to protect your personal or financial details from hackers or other malicious actors online?
- Does it have two-factor authentication, biometric identification, or any other form of advanced security measures in place to ensure that only you can access your account and funds?
- Has it got a proven track record of keeping customer data out of harm’s way, or have there been successful breaches in the past?
You should also see if customer service is available, so that if you run into any issues with logging in, setting up accounts, or making trades, you can get assistance. Check that all these features are taken care of before signing up for an app.
Does The App Offer Education and Support for Newbies to Stock Trading?
If you’re new to stock trading, it’s important that your chosen app offers education and support. Look for an app that offers tutorials and tips on trading, as well as resources like webinars or articles written by experienced traders.
Many apps also offer support teams that you can ask questions of if there are any aspects of the platform that you don’t understand. You should also look at the community aspect of the platform – does it have a forum or chat room where users can discuss strategies and share tips?
Having access to these kinds of resources is invaluable when starting out in stock trading, so make sure your chosen app has them before signing up.
Are There Any Special Features To Help You Stand Out From Other Traders?
Lastly, when choosing a stock trading app, it’s worth looking into the special features that set it apart from other apps on the market.
Does it offer automatic order filling or algorithmic trading strategies to help you stay ahead of the competition? Or does it have integrations with other platforms like social media, allowing you to track and analyze your investments in real-time?
Many apps also offer additional services such as portfolio analysis tools or access to investment news. Taking advantage of these features could give you an edge over other traders and help make more informed decisions about your trades.
Now you’re all clued-up on the ins and outs of stock trading apps, it’s time to find one that ticks all the boxes and matches your investment goals.