Considering we live in an era where there is an app for everything, it’s only right that the tech makes it presence known in stock market trading. I think all of us understand by now that stock trading isn’t merely based on luck, and involves extensive research, understanding and careful observing of the market.
While everyone wants to capitalize on the events in the short-term, the skill of knowing when to sell for a profit or buy - wisely - is one that comes with experience and with consistency in analyzing market fluctuations. The advent of technology is to ensure that our everyday tasks are more efficient.
I think the best stock trading apps can help us monitor market trends, make investments, and keep us up-to-date with what’s happening in the stock market. Stock trading app developers are constantly adding new features to make managing the operations easier to do on the go. Traders who were spending hours behind a screen are now allowed flexibility... and yet remain vigilant. And there are apps like Robinhood allowing trade in stocks, options, exchange-traded funds and crypto currency without paying commissions or fees.
Too good to be true?
While this seems rosy to many beginners, it is essential to stay fully informed about how these apps work. Surely, trading on your mobile might be easy, but with an expanding selection of services to choose from, working out which to use remains a challenge for many.
To learn and choose wisely, it is important to decide priorities before actually getting into an app. It is better to sit down for a few hours at the workstation, and just like any other job, learn a little slowly but steadily.
Fulfil individual needs
While there is no size fits all, the best stock app really depends on unique needs, the experience level and trading goals. Many apps even offer tools to help traders evaluate investment risks, mostly filling in for an actual broker who would provide insights of the market scene.
Ease of use is another important aspect for traders, as they would like to focus all their attention towards the actual trade. Apps like FXTM have consistently worked to improve their online trading experience. They offer traders the opportunity to trade across multiple devices, wherein they can initiate a position on their laptop and close it from the mobile app.
Do they offer these?
Deciding whether or not to trade on the stock market requires careful consideration – app or no app. While there is no app that has it all, the most important points to look for are fees, tradable assets, available account types, and ease-of-use for the platform.
Ease-of-use is subjective; while small mobile screen may make trading difficult for some users, the option to trade at any time could be tempting. On the other hand, active traders will enjoy more advanced charting and optional add-ons for advanced quote data.
Checks and balances
In the UAE, it is essential to run a proper check of the firms or brokers before any trade. The brokers complying with UAE Central Bank rules are the best for online trading in the UAE. Traders may also work with overseas brokers with an established reputation.
If trading frequently, finding an app that comes with free trades is best. But if the goal is to put together a stable portfolio and watch your pool grow, the cost of performing an individual trade matters less.
- Ali Hasan, CEO of Evest, a trading platform