What to Look for in a Stock Trading App
Did you ever see some images from Wall Street? The chaos, the competition, the effort put in that art by those men just to make some profit. But don’t you think those brokers just come out of some college economic degree into the belly of the monster. In order to be efficient and earn a consistent profit in the stock market, you need years of experience under your belt. That’s why, if you want to make some extra money, we don’t recommend buying stocks left and right just because you think they’re safe. If the latest Covid-19 taught us anything is that the ability to predict outcomes is not an easy one to acquire.
Now, there are two paths you can take when asking for help in guiding you through the complex world of the stock market. You can hire a broker – someone to manage your finances and recommend you the best opportunities to invest in. It’s a more personal approach, although you have to take into consideration the human error, as well as the fact that most brokers have so many clients that they probably won’t give you the attention you expected. The second path is doing it by yourself with a stock trading app – a phone application that can analyze data in real-time, offer you a variety of trading instruments and options, and efficiently manage your portfolio anywhere at any time – all while you take over complete control. Today, we’re here to talk to you a bit about the latter one.
Aspects to Look for
Whoever says design doesn’t play a part in the stock trading apps doesn’t know what he’s talking about. All the technological features and user-friendly aspects might make you choose one app over the other, but the overall design is what you’ll have to deal with for a really long time, every day. Also, what does it say about a tech company that offers a dated design?
Great User Experience
This is probably the most important aspect, not only for stock trading apps but for all mobile applications. It refers to the experience you have from the moment you log in – a good user optimization will offer you an effortless, simple, and easy-to-use process.
Imagine placing orders, tracking stock trends, stock screeners, and alerts with just a few pushes of a button. Things like member events and great customer support are also extremely important to improve your time spent on the app. One feature, usually overlooked, is the ability of the app to automatically invest your spare change in order to grow your savings. To take a look at some of the best choices overall, you can always check out www.beststocktradingapp.com
Whether you like to play the market as a bull, or you are just on the vibe of shorting like a bear, apps that cater to both investment styles and to both beginners and experts gain an amazing advantage against their competitors.
If you’re new to the world of stock trading, try looking for an app that’s really good at offering a straightforward view on the details of a stock, as you won’t feel that overwhelmed with information. For all college students out there, there are also some that offer free management for you – take advantage!
Extensive research and educational resources
Now, you won’t learn a thing just by looking at a line going up and down. The important part is knowing why that line shifts, and how you can take full advantage of it. That is why we recommend going for apps that offer a large variety of research and education resources.
Most stock trading apps offer a dedicated educational library full of videos and articles on how to improve your skills. You can also get information or educational focused ones, such as Bloomberg or others that offer a live CNBC feed, a community area where you can interact with other users and discuss the best methods, and a large portfolio of descriptive charts and analytical data where you can really dive in, head-first.
Diverse Account Types
Be it brokerage, retirement, education, self-directed portfolios, or even cryptocurrency accounts, you want an app that supports it all. Not only that but one that efficiently divides and lets you multitask without it getting overwhelming.
We know it’s too much information, but remember you’re doing this to earn some extra money and improve your quality of life. So, start by subscribing to two or three apps with no minimum balance requirements, open some accounts and check their interface before funding if with real money.