New Trading apps are launched daily in the financial market to ensure every trader gets an opportunity to explore the available assets. The best element about using trading apps is that you can manage your activities using mobile devices on the go whenever you step out of your trading station. Sadly, traders find it challenging to choose the best trading apps for various asset classes. You must thoroughly research the financial market and compare the features of as many apps as you can to settle for the best.
Note that with many options out there, the research process can be time-consuming and overwhelming. Fortunately, we compare trading apps, so you do not have to. Below we guide you through the procedures or things we considered to find the best trading apps. Following this guideline will make it easier for you to quickly complete your research procedure regardless of your jurisdiction.
- Security
Security is the first thing we looked into when researching the best trading apps. Keep in mind that there are numerous companies pretending to be legit brokers. You can only trust those licensed and regulated by the best authorities in your region, such as the Financial Conduct Authority (FCA), Commodities Futures Trading Commission (CFTC), Cyprus Securities and Exchange Commission (CySEC), etc. For instance, cryptocurrency traders looking for legit crypto apps can find secure ones here. Such platforms recommend apps that have been thoroughly analysed, tested, and approved by professionals.
- Platform
Another element we consider in finding the best trading app is platform performance. The app should have a user-friendly platform with a modern design to give users a worthwhile experience. Furthermore, it should be backed up by excellent resources for market research and strategy development. Most importantly, the best trading app should offer a demo account for testing it, especially if its charges are high. For instance, eToro’s platform is suitable for newbies since it is user0-friendly and customizable. Plus, it features social and copy trading platforms to boost your experience as you become more skilful and independent.
- Availability of Trading Securities
It is crucial to choose a trading app featuring your preferred trading securities, whether forex, stocks, commodities, cryptocurrencies, etc. You should also prioritize the one featuring numerous asset offerings so you can easily try new markets in case you feel like doing so. Plus, we understand the importance of portfolio diversification, and traders can easily achieve their objectives with apps offering multiple securities. Examples of trading apps with a wide range of securities include eToro, IG Markets, CMC Markets, etc.
- Affordability
You should be able to rely on a trading app when it comes to the fees it charges. Start by having a budget to choose an app that fits it. Consider a trading app’s minimum deposit requirements, transaction fees, commissions/spreads, etc. Moreover, there shouldn’t be any hidden costs with a trading app, so you can easily plan your activities and trade under budget.
- Support Service
We all need all the support we can get to ensure we kickstart our trading activities on a good note. For instance, apps with reliable support services like eToro, AvaTrade, Plus500, IG Markets, and more will help you find your way in the financial market. Plus, if you encounter trading issues, the Apps support service should be easily reachable to help you find relevant solutions. Remember, trading apps’ support service availability can either be 24/7 or 24/5. Therefore, consider your trading schedule when choosing one.
Summary
Overall, the best trading app should tick all the boxes in your trading requirement list. The above elements should guide you through the research procedure to avoid wasting time. If you are a part-time trader with limited time for research, consider choosing a suitable trading app from legit expert recommendations sites. Your funds’ safety should be of utmost importance, so do not forget to confirm whether an app is licensed and regulated by world-respected financial authorities in your region. The best element about using regulated apps is you are also guaranteed trading under the best conditions.
