With the rise of technology and connectivity, more people have transitioned from relying on offline trading through brokers to online trading.
This is supported by recent statistics showing that the stock trading app market is growing exponentially— from being worth $13.6 billion (₹1.1 trillion) in 2022, it is estimated to reach a whopping $89.8 billion (₹7.4 trillion) in 2032. The demand largely stems from how convenient trading applications can be.
These apps can improve efficiency and aid in making better decisions by providing comprehensive information favorable for traders and investors. This is good news for Indian traders, as trading apps make the stock market more accessible, especially as only 27% of Indian men and 24% of women meet the country’s minimum level of financial literacy.
However, given the vast market, it can be tricky for first-time traders to find the right trading application for them. Poor trading applications can become costly, so you must find the right software to enable you to make better trades. If you’re looking for a mobile trading app, below are four key features you should look for.
When it comes to matters of money, security should be at the top of your list. A reliable trading app should have an authentication system to ensure that only authorized users can access trading accounts. For the best possible security, look for apps that offer biometrics and multi-factor authentication (MFA).
Technology like Apple’s Face ID or Touch ID authentication makes biometrics secure but easy to use. To take things a step further, applications like Interactive Broker has a standalone authentication mobile app, wherein users have to generate a passcode for users to log in on the desktop app.
Full trading functionality
One of the most significant advantages of most mobile trading applications is their capability to execute trades on the go. This is why full trading functionality is essential. A wide range of services can be accessed in the Exness trading app, which features efficient options to manage your trading account, from depositing and withdrawing money to trading online.
Users can open trades, place pending orders, and close positions from wherever they are in the world with full access to their feature-rich accounts. This functionality has helped the platform gain 476,172 active traders who enjoy several features and instruments from whichever device they use.
In addition to trading, your chosen app should be able to share vital financial data like share count, price, and profit margins, to name a few. These software programs should have built-in data analytics to help you better understand your trades.
Newsfeed
Research is a critical part of trading, as understanding a commodity’s financial standing and other metrics enables you to understand whether it’s worth investing in. This can range from individual companies to reports on whether the year has been good for the US venture capital market.
Many applications provide a newsfeed section, aggregating top news on trades. It’s good to rely on an app with a search or sort function to have a broader or more focused view of things that affect investments, such as government policies, interest rates, and political situations.
Beyond a typical news broadcast, stocking trading app Shares has added a social twist to financial investment. Users can start conversations with friends and other peers to access market intelligence data, including topics on investing, tax, regulation, and compliance— allowing users to gain deeper insight without overcomplicating information.
Push notifications
Push notifications are real-time alerts that remind you about important events. For trading apps, these notices can help you keep track of your orders. Not all trades are made in real-time and can be done as a pre-order, so a push notification can let you know whether a buying or selling action has occurred. This is an essential feature for day traders who actively monitor price fluctuations throughout the day.
Aside from trading notes, your mobile notifications can also work in tandem with the newsfeed. For instance, the Robinhood app can send financial news via push notifications to update you on the latest breaking news. While this has come under criticism, this function arguably increases user engagement. You can change the notification permissions for most apps to ensure you’re getting relevant alerts.
There are plenty of mobile trading apps available, which can make it challenging to choose what to trade. But as long as you’re wary of fake trading apps and consider the features mentioned above, you can set yourself up for trading and investment success. For more on the latest trending topics, do check out our other posts at Venture Jolt.