It probably does – your options were limited in the past. You had to literally go to the stock exchange market (a physical place) to be able to trade.
What about studying and learning how to trade? You couldn’t really find information online. Stick around, in this comprehensive article, we’re going to talk about how the advancement of technology has shaped trading to its current form.
Let’s talk about the impact of technology on trading:
Let’s go over the positives and negatives of technology in trading and how it shaped it the way it is today.
As already mentioned there are plenty of options out there and do shady activities that might mislead you to lose your money. It’s wise to not make compromises and choose only a trustworthy and reputable broker to open your account with and trade.
Trading is becoming popular over the years and it’s not a surprise that there is endless content on the subject. If you attempt to watch and go over the material, the odds are that you’ll get overwhelmed as you’ll find many conflicting ideas. For example, you’ll find blogs and websites claiming that investing in crypto is the best thing since sliced bread while other online sources urge you to stay away from this industry at any cost as there were huge scandals in the past causing people to lose their fortunes.
This is another downside of the technology in trading is the difficulty of detaching yourself from the news and changes. Many traders are glued to their screen (whether laptop, desktop or mobile) for hours and hours. The best traders are those that spend quality time online and place their investments efficiently and carry on with the rest of their day. We can’t stretch the importance of having discipline enough – without discipline, you’ll spend more time on trading platforms and apps which is going to have an impact on your mental health.
Did you know that smartphones make up 20% of stock trading?
But what does mobile trading really mean? As already mentioned the good old days trading could be done only at the physical place. The next advancement was to trade via a computer (whether desktop or laptop) that made things easier. As you might have already guessed, mobile trading refers to having access to online trading platforms on your smartphone and trading any time whether it’s stocks, commodities, crypto or CFDs.
You might be thinking:
‘You could trade on your phone through your internet browser. What has changed now?’
That’s right but for the last few years you can trade online via a mobile app. The vast majority of online trading platforms have their own mobile apps that are compatible with Android and iPhone, so whichever the operating system of your mobile phone is, you can install such apps on your phone and trade on the go.
This is a one million-dollar question.
Let’s go over a bunch of key aspects that you should take into account to choose the right trading mobile app for you.
Safety comes first.
There are so many incidents with people that lost their money because they trusted a shady mobile app that looked trustworthy at the start. Before you go ahead and install a trading app on your phone, it’s wise to do research.
Here are questions to ask yourself:
It’s critical to accumulate as much information as you possibly can to avoid being scammed online.
That’s another aspect to consider before choosing your trading app.
Let’s get real, who wants to use a mobile app on a daily basis that is almost impossible to navigate? You don’t want to think to yourself ‘How did I get to the main dashboard?’ or ‘I can’t find the way I do my first deposit’.
Since you’ll be using this mobile app on a daily basis it’s wise to select one that is user-friendly, easy to navigate with intuitive design with the fewest clicks possible.
Let’s talk about a common scenario many online traders face:
What if you want to place a trade at the eleventh hour but you can’t figure out how to do it?
It’s important to make smooth deposits any time to be quick and don’t miss any trades and at the same time, you might be in dire need of cash, meaning that it’s good to cash out any time.
This is another red flag for mobile apps:
There are apps asking you to do a number of high-risk trades before cashing out, and the odds are you will lose a part of your money.
The good news is you can avert them by reading online what other users have to say. It’s vital to choose an app that doesn’t ask tricky questions and provide a smooth withdrawal experience.
You don’t want the mobile app you opted for to go down every other day, do you?
I get it, you might be thinking: ‘This won’t happen, technology nowadays is pretty reliable’
It was 4th of October 2021 when Facebook (along with WhatsApp) went down for more than 7 hours. If this has happened to such a tech giant, any other online platform can witness a similar incident.
Why is it not good if it goes down?
Opting for a trading platform that goes down might put your personal details at risk. One of the reasons that trading mobile apps go down is because they might have been hacked meaning that swindlers will access your bank account details.
Here’s a truth about customer service that many of us often overlook:
You don’t value the importance of great customer service until you need to use it. Then and only then you realise how vital it is to be able to speak with a human being (and not an automated chatbot that provides generic answers) that will be able to listen to you, fully understand your problem and solve it efficiently.
It’s much better to go for a mobile app that provides such customer service even if you don’t need to use it that much.
There are many trading apps out there and it’s not easy to find the one that suits your needs. For this reason, we tested many different apps and found three decent apps that stand out.
Let’s go over three trading apps you should consider opting for.
Exness, the world-renowned broker, has a mobile app with an intuitive dashboard where you can trade stocks, metals, commodities and more with built-in lines and candle charts that make the trading analysis smooth and easy – all done with only a few clicks. Download it today and cut your teeth on trading with a demo account and whenever you feel ready, make your first deposit with the payment of your choice (Skrill, Bank Card and more). On top of all, you can withdraw your money seamlessly making the whole experience pleasant and smooth.
Investing.com has its own mobile app suitable for stocks and other markets. You can use filters to create custom reports and go over key statistics to help you draw conclusions and be on the winning side of your future investments. There’s also the Pro version of it where you can unlock more features and find new opportunities in different markets.
Robinhood is another popular trading app where you can trade any time during the day stocks and crypto, all with 0% commission. The Robinhood app also has an education section where you can learn more about trading from the latest tactics to strategies top traders implement in their trading. To better analyse the market trajectories Robinhood offers advanced charts and market data.
Trading apps are going to keep evolving forever. There are going to be apps with suggestions for trading based on instant data analysis, an activity that humans need hours of staring at a screen with a pen and paper next to them. Therefore, it’s wise to stay on top of your game and find the best apps to download on your phone and use on a daily basis.
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