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A trading app allows a trader to have his finances under control no matter where he is at the moment. This tool has become an integral part of the investment world, as evidenced, for example, by the huge number of such applications. Almost every broker offers a version of the investment platform for the phone, and there are also independent companies that specialize in mobile trading.
Trading app – how does it work?
Trading apps are a common tool used by online brokers and cryptocurrency exchanges, and they also facilitate financial services. The most popular earning platforms also trading apps, which are compatible with Android and iOS. Mobile applications cause operators to meet the needs of a sizable portion of investors in the market.
A trading app is a mobile version of an investment platform. With its help, a trader will sell or buy CFDs, ETFs, Forex currency pairs, etc. In addition to conducting transactions, the app also displays real-time rates
What features do trading apps have?
Operators offer proprietary tools for trading. Nevertheless, the best trading apps have quite a few similar features. The functions common to most apps are shown below.
Menu and demo account
Using the menu, the trader navigates through the application. An individual user account can be linked to a payment card. The most popular brokers offer a demo account. With it, the trader is able to test the functions of the application without the risk of losing funds.
Account balance and reports
In this section you can check your account balance and the value of purchased assets, as well as the hysteria of transactions.
Tools for selling and buying assets
Here the trader can check the charts of specific financial instruments. The changes occurring in the market are recorded in real time. Based on this type of information, traders can make decisions that involve either buying or selling assets.
Trading application – what features should it have?
The smartphone has such a nature that trading applications offer additional facilities that greatly affect the convenience of mobile investment. For this reason, before a trader chooses any broker, he should check whether his platform in the mobile version has all the necessary features.
Tools for technical analysis
Although trading apps are usually a simplified version of an investment platform, it would be good for it to have at least a minimum of analytical capabilities.
Good trading tools are essential when a trader is tracking short-term price movements or planning a trading strategy. If a stock market application does not have them or offers only a truncated version, it will significantly affect its capabilities.
Taking positions on the chart
One of the additional features that a trading application should have. One of them is to take positions directly on the chart, which significantly speeds up the procedure of buying and selling assets, thereby reducing the reaction time.
This ensures that the trader does not risk the price changing significantly while he is dealing with the details of the order.
Alarms and notifications
Notifications are a feature that is primarily associated with smartphones. In the case of stock market applications, they are very useful. Thanks to them, a trader can quickly learn about a significant change in the price of an asset or events that can trigger such a change.
Therefore, the trader has a chance to react because he knows what is happening. For this reason, it is worth making sure that the chosen trading application is equipped with an alarm function.
Personalize the interface
Even the best tool does not necessarily suit everyone in a standard form, which is why there is a personalization function. If the trader does not on access to it, he must settle for the rules imposed in advance. However, this greatly reduces the comfort of trading especially if the default settings do not suit the trader. The more pleasant the trading process is, the better results a trader can achieve.
How to use the potential of the app?
It is already known what the best trading apps are and what features they should have. It is also worth learning how to use them. Even an excellent app means nothing without the appropriate skills of the trader, so it is best to prepare properly in advance.
Wide access to information worth using
The application for investing in the stock market does not only serve as an intermediary between the trader and the stock market. It is also a very good source of information that a trader can access whenever and wherever the Internet reaches.
Even if mobile trading does not interest the trader at the moment, he can check what is happening in the market. One can then stay abreast of every event and the trader will never miss an opportunity to make money.
Don’t forget about notifications
If a trader skillfully uses the notification function, he will quickly notice an improvement in stock market profits. It is worth configuring the available alerts in the app to suit the trader’s preferences and always inform him of changes in the markets he is interested in.
The right notification will appear on the phone screen whenever it is worth opening a new position or closing an existing one. Thus, the notifications will increase profits as well as reduce losses.
Create personalized algorithms
Investment tools were created to help traders. For this reason, it is a good idea to use the available indicators and charts in a way that provides them with the most important data. It’s all about matching them to your own investment strategy.
What is the best application for trading?
On the market you can find a lot of brokers that compete with each other for customers. However, a lot of competition is profitable first of all for traders, as it causes companies to switch more and more favorable terms of offers. For this reason, you should give yourself time and shuffle at least a few different trading applications.
This can be done with the help of a demo account, which every reputable broker offers. The trial version does not oblige the trader in any way, so he can use it at will. He should check the costs, features and interface of the stock market application.
The best apps for trading
Before a trader starts mobile trading, he must choose from among the many available that app which will suit his needs to the greatest extent. There is no need to be afraid to take risks. Analytical tools are a great support for any trader who boldly uses them.
Capital.com trading application
When it comes to the number of available assets, Capital.com definitely leads. A trader will find about 3,400 of them on the platform, but only in the form of CFDs. He may be interested in currencies, stocks, cryptocurrencies, indices, commodities and ETFs.
Also, the fees are strongly competitive. Only in the case of indices it is a little worse, as the cost of trading comes out average, comparing to other brokers. The trading application of this broker, on the other hand, is at a high level. It is characterized by convenience, intuitiveness, and has all the necessary and useful functions. Traders can use either the proprietary platform or Meta Trader 4.
The application is also characterized by a high level of security. The broker is supervised by the NBRB, FCA and CySEC. Besides, the application can be tested on a demo account. In turn, the minimum deposit is 100 euros. Advantages include a wide selection of assets, low trading costs, intuitive application interface, as well as a low minimum deposit. The disadvantage, however, is the ability to trade only on CFDs.
eToro trading app
The trading application of this broker is available on Android and iOS. It is one of the most popular, and best, brokers that operate in the financial market. It offers a wide range of financial instruments. You can find both Forex and CFDs on most of the most popular assets, namely cryptocurrencies, currencies, stocks, indices, ETFs, bonds and commodities (read also: Forex investments and Forex market or Online forex).
Moreover, the trader gains access to real stocks, cryptocurrencies and ETFs, which is a big plus. Also, costs are very competitive. Only Forex trading stands out a bit from the rest, as the cost is average (read also: Best forex account). The trading app, on the other hand, is comfortable to use.
Using the app, one can also take advantage of such eToro features as social and copy trading. The trader can easily contact other traders and copy their movements without any obstacles. Security, on the other hand, ranks at the highest level, and this is taken care of by CySEC and FCA. The application can be tested on a demo account for free, and the initial deposit is 200 euros.
Alvexo trading app
This broker offers a mobile application for smartphones with Android and iOS software. With its help, traders can invest in more than 450 financial instruments. You can easily buy CFDs on indices, commodities, stocks, cryptocurrencies (read also: How to make money in stocks).
The stock market application is clear and intuitive. Even beginners can easily cope with its operation. The amount of the minimum deposit, as well as the spreads vary depending on the type of account (read also: How to invest small amounts of money). This broker offers 4 types of accounts, which are tailored to the size of the trader’s deposit, as well as his experience level.
The trading application gives access to the following features:
- Real-time quotes,
- Price alerts,
- Advanced analytical tools and charts,
- Current market trends,
- List of favorite assets,
- Account balance.
The mobile application of this broker does not differ in quality from the traditional investment platform.
Libertex trading app
This tool is available on both Android and iOS. It is one of the best and most convenient mobile trading platforms, which is confirmed by the awards it has received. The broker offers only CFDs on cryptocurrencies, currencies, ETFs, stocks, commodities and indices (read also: Investing in ETFs).
There are just over 200 assets, but the platform makes up for these shortcomings with extensive and useful features. Both in the case of this broker’s proprietary application and the shared Meta Trader 4, which is also available. This broker does not make money on spreads. It limits its profit only to commissions on each transaction, and this is more beneficial for many traders. Moreover, Libertex is subject to ICF and CySEC inspections. You can also use a free demo account, and the minimum deposit is 100 euros.
ForexTB trading application
This broker is very popular and trusted among customers. The credibility of this broker is confirmed by CySEC regulations, for example. It offers a well-designed mobile application that does not cause any problems in use. However, it lacks some important search functions.
Also troublesome is the variability of spreads depending on the type of user account. This broker offers different types of accounts. The pluses include very low commissions, especially on VIP accounts despite the fact that an inactivity fee is charged.
AvaTrade trading app
This trading app may not stand out when it comes to the web investment platform, but when it comes to the mobile app it is very good. Even after the first use, a trader can notice that it was designed with user comfort in mind, and it has done a great job of that.
It was equipped with an interesting set of functionalities, but the double security is missing. Instead, the trader receives an additional order type called AvaProtect, which protects the trader from losses for an increased commission.
The list of assets is limited to CFDs, Forex and cryptocurrencies. Commissions are a bit higher than at brokers that rank better, but remain within the norm.
IC Markets trading application
This broker is one of the companies that provide the Meta Trader 4 platform, so the trader gets a well-designed platform for mobile trading despite the fact that it is already old. However, it lacks some features and secure two-step login, which is now standard.
In terms of assets, this forex app offers a choice of CFDs, forex and cryptocurrencies. Commissions are usually low, leaving aside EUR/USD pairs, as well as inactivity fees. The downside of this type of broker is the lack of protections for the trader. There is also no protection against negative account balance.
XM trading application
This is a regulated, worldwide broker, so it inspires confidence among traders. The mobile version uses the Meta Trader 4 platform, which means you can expect a well-made and comfortable-to-use app. However, if a trader expects newer solutions, there is a version to download a newer version, namely Meta Trader 5.
The downside is that alerts can only be set through the computer platform. For European citizens, trading is limited to Forex, CFDs and cryptocurrencies only. The incentive is the relatively low CFD commissions, but they are average when it comes to currency trading. The broker also charges a no-action fee.
Plus500 trading app
This application allows you to trade CFDs. However, this broker is one of the fastest growing that operate in the forex market. Plus500 offers a simple and intuitive application. However, simplicity does not mean that it has been truncated from useful functions. The broker offers access to a wide variety of markets, the ability to trade using multiple order types, as well as free technical analysis tools.
It is worth noting that Plus500 is a company that is listed on the London Stock Exchange with the PLUS symbol. This means that it provides a high degree of security, and is also regulated by ASIC and the FCA, among others.
The Plus500 trading application offers more than 2,000 different financial instruments. However, they are all in the form of CFDs. Plus500 offers trading in, among others:
As you know, not every product is perfect, and the same is true for Plus500 applications. Unfortunately, the broker offers very high commissions compared to its competitors.
It is interesting to note that in August 2020 Plus500 was the main sponsor of Legia Warsaw. Since 2015, the broker has had such a sponsorship partnership with Atletico Madrid football club from Spain.
Zonda trading app
This trading app offers more than 30 cryptocurrencies, and includes Bitcoin, Ripple, Etuerum, Monero. The exchange complies with very strict AML and KYC regulations. Traders conduct transactions using a site secured by HTTPS encryption. This gives the trader confidence that his money is safe. Deposits to the exchange account are posted 7 days a week around the clock.
This trading application has as many as 9 language versions of the website. The trader will connect with the stock market support using a dedicated chat. It operates from Monday to Saturday from 9 a.m. to 5 p.m. In the chat room the trader can also talk to consultants in English.
Binance trading application
Binance is an exchange that is well-known around the globe. It has one of the largest transaction volumes among cryptocurrencies. On average, as much as several billion dollars flow through the Binance exchange per day. In addition to the website, the operator, of course, has a mobile application that works on iOS and Android. All a trader needs to do is create one account that is compatible with the website and the mobile app.
The trading app offers access to more than 600 cryptocurrency pairs (read also: Forex currency trading). It offers a tool such as the Perpetual Futures Contract, which allows a trader to trade cryptocurrencies using 1:125 leverage. However, it is worth remembering that most individual investors lose their capital using leverage.
This mobile app for playing on the exchange has a trading commission, which is set at 0.1%. In addition, the owners of the exchange have designed a native coin. If a trader uses it while trading on Binance, it will further reduce the trading commissions.
Coinbase trading application
This is an easy-to-use application for playing on the exchange. It is a good solution for novice cryptocurrency traders. Even people without any experience will find their way around trading with this tool. The application offers all the most popular cryptocurrencies. In this case, the trading commission is almost 4% when withdrawing money with a credit card. On the other hand, the bank transfer is free, but it takes up to several days to be posted on the exchange.
The trading standard fee on buying and selling is 1.5%. The exchange operates in accordance with US regulations, as well as European ones. It is also subject to regulations against money laundering. Employees check the identity of every new customer.
XTB trading app
The list of the best apps closes with the broker XTB. Like the previous one, it is listed on the stock exchange and its reports are publicly available. Besides, it is regulated by more than a dozen financial institutions from around the world. This makes it one of the most secure brokers on the market. It also has a pretty good offering. Using XTB’s trading app, traders get access to CFDs on stocks, currencies, cryptocurrencies, commodities and indices. There are more than 2,000 assets (read also: Best CFD broker and CFD trading).
Moreover, the trader can invest in real stocks, cryptocurrencies and ETFs. The downside of the XTB broker is the costs on the standard account, which are high for quite a few assets. However, the broker offers a very good mobile application, which has a lot of interesting investor tools.
Besides, every trader has access to an extensive educational section on the platform. It is also possible to use a demo account, and you can start trading with any capital. This is due to the fact that this broker does not require a minimum capital deposit. It is worth evaluating whether trading with its help is convenient for the trader. If so, he can deposit the first money and start trading.
The trading application will make the trader more capable, as he will be able to invest from anywhere and at any time. Thanks to it, he will no longer miss any opportunity to take a stock position. Therefore, if a trader is engaged in day trading, he should increase his efficiency precisely by using a mobile application. For long-term investors, it is not so necessary, which does not mean that they will not make use of it.
How to start trading with a trading app step by step?
Making trades on the phone is very simple. If a trader already has an account with a broker, all he needs to do is download the app and log into it. However, if he is a novice, he should first choose a reputable broker, and with whom he will set up an investment account. This is shown below using Capital.com as an example.
setting up an account – one should go to the official website of the broker and then click the registration button. After that, follow the wizard’s instructions, that is, enter your data and confirm it with the appropriate documents. Finally, download the application.
funding the account – before a trader conducts his first transaction, he must make a deposit. The minimum amount for this broker is 20 euros. The moment the money hits the account, the stock market will be open to the trader.
trading – it’s worth taking the opportunity to test the application’s functions on a demo account, which is safe. Only after the trader learns the basics of how each tool works can he start trading with real money (read also: Basics of investing in the stock market and Apps for investing in the stock market).
Advantages and disadvantages of trading apps
Just like any other solution, trading apps also have their advantages and disadvantages. They are collected below in the form of lists, which are worth reading.
Pros of stock market apps
- Advantages of this type of application include:
- Hassle-free access – entering the stock market with the help of an app is much easier than through a computer. All you have to do is click on the icon of the program and you can go to trade. The procedure is so simple that it is like using social media. Everything is done very efficiently and quickly,
- Faster functioning – trading apps have such an advantage over investment platforms that they work much faster. All the necessary tools are on the trader’s phone, they turn on faster and have no delays. When it comes to web versions, the operation and launching of functions puts a strain on network transfer, and this can sometimes result in reduced liquidity,
- Adaptation to one’s own style of play – the biggest advantage of mobile apps is great flexibility. Nowadays everyone has a phone at hand – on the go, in the office, etc. With a mobile app, a trader always has access to the stock market and does not have to worry about losing positions,
- Access to educational materials anywhere in the world and at any time of the day,
- Quick and free access to a demo account (read also: Forex demo),
- Instant insight into the market.
Disadvantages of this type of solution include:
- More stress – many experienced traders recommend beginners to set a certain amount of time for trading (read more: Forex for beginners and Forex trading). During this time they fully focus on the stock market and then forget about it until the next day. This allows them to regenerate their minds, and reduces stress levels. The trading application causes the stock market to accompany the trader basically all the time. On the one hand, of course, this is a plus, because the trader can always keep his hand on the pulse. The downside, on the other hand, is that there is no respite at any time,
- Limited features (depending on the app chosen) – most brokers try to fully reflect the capabilities of platforms on mobile devices, but this is not the case in every instance. Sometimes it can be limited due to the specifics of the phone. The problem can be minimized by choosing a good broker, but the trader will never go beyond the capabilities of the phone,
- Mobile handicaps – the use of a smartphone is associated with various additional limitations. The small screen does not allow you to view several statistics at the same time, and the lack of a mouse and keyboard can slow down trading. What’s more, you can connect an additional monitor to the computer, track multiple charts at once, and run additional software. With a smartphone, the trader has only simple actions at his disposal.
Is it worth using trading apps?
A trading app works great both as a support for the trader and as the main method of playing the stock market. Thanks to mobility, a trader can take his investments to a completely different level, as he will no longer miss any opportunity to make a profitable deal.
Read also: Online stock market
The smartphone trading platform will also come in handy when a trader leaves his desk due to other obligations or random events. With its help, one can conveniently make trades while on the move. Moreover, he will be able to track the most important stock market information no matter where he is. The stock market application is a great way to trade for both long-term and short-term investors.
There are many different trading apps on the market. Deciding and choosing one is a 100 percent individual decision. Some traders prefer simple trading apps that have only the necessary functions. Others, on the other hand, those that are equipped with many additional indicators, albeit with a more powerful interface. The list presented here includes stock market applications for both beginners and more advanced traders. Any person should be able to cope with the installation and operation of such applications. Once you have made your choice, you can start trading in financial instruments.
FAQ – frequently asked questions
Below is a list of frequently asked questions that relate to trading apps.
What is a trading app?
A trading app allows you to trade assets on a mobile device, such as a tablet or smartphone. All you need is an Internet connection.
How much money do you need to start mobile trading?
It all depends on the broker the trader chooses. For example, in the case of Capital.com, the minimum deposit is 20 euros.
Does mobile trading make sense?
If the trader is engaged in short-term trading, as much as possible. Incoming notifications, as well as constant access to the stock market, will ensure that he will never miss an opportunity to take a position on the exchange. A forex app will also be useful for long-term traders.
What should a good trading app for beginners be like?
First of all, it should be easy to use and feature an intuitive interface. It should also offer access to the latest stock market information and nitrification. Courses must be provided in real time.