What to Look for in a Quality Smartphone Trading Application

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Have you decided to take a venture into the world of online investing? Not only can this represent an excellent way to generate an additional source of income, but day trading may even develop into a full-time employment opportunity. The good news is that you are no longer limited to standard laptop computers. It is now possible to access the digital investment community with the help of dedicated smartphone applications.

The only potential stumbling block is that not all mobile apps have been created equally. This is why it is always important to appreciate some of the qualities to look for. You can then remain confident that you have downloaded the most appropriate software.

Catering to Your Investment Style and Experience

One of the most crucial traits to identify involves versatility in terms of how you wish to approach your investments. For instance, some online trading platforms are primarily intended for institutional investors (generally with the help of an account manager) while others are more suitable for novices. If you are unfamiliar with the intricacies of the financial world, it is better to opt for an entry-level smartphone application.

Available Asset Classes

All of the most reputable applications provide their users with a wide spectrum of assets to choose from. Here are some common examples:

●Blue-chip stocks (such as Apple, IBM and Facebook).
●Commodities
●Small-cap investment opportunities
●Indices
●Contracts for difference (CFDs)

The main intention here is to develop a well-rounded portfolio while limiting exposure to the volatility that can often occur when investing in a single asset alone. Be sure to check the types of positions offered to determine if these are in alignment with your short- and long-term goals.

Fees and Commissions

Note that all quality third-party trading applications will charge some type of fee when a position is executed (normally upon selling an asset). After all, this is one of the ways in which the company turns a profit. The issue here is that some apps will levy higher fees and commissions than others. This could ultimately begin to erode your pre-existing profit margins. Always clarify any charges that you are likely to accrue as well as additional clauses (such as penalties for failing to maintain a minimum account balance). These can generally be found in the terms and conditions of the application.

The Track Record of the Application in Question

There are literally hundreds of investment applications for smartphones and new software is being released on a regular basis. However, most experts recommend partnering with a well-established company that has already developed a solid reputation. MetaTrader 5 is a perfect example in this sense. Based off of the highly intuitive MetaTrader 4 bundle, MT5 has been received well by countless investors in the past.

It is likewise prudent to scour the Internet for independent user reviews. These will provide additional insight regarding what you can expect as well as any potential pitfalls.

Trading Tools and Utilities

We should finally address the rather technical side of online investing. Whether you are a novice or a seasoned professional, it is important to leverage the latest trading utilities. These will provide vital information at a moment’s notice; enabling you to make snap decisions while constantly monitoring the state of your assets. Here are some tools that the majority of quality smartphone apps will offer:

●Real-time news feeds
●Advanced charting tools
●The ability to access historical data
●Exchange rate information
●Trading signals
●Automated stop-loss orders

Note that some applications might also provide proprietary functions that offer users an even more intuitive edge. It is therefore wise to open a demonstration account when possible. This will enable you to appreciate the finer points and to decide whether or not the tools are relevant for your particular trading style.

A Solid Digital Foundation

Thanks to advancements in smartphone technology and the growing prevalence of 5G wireless Internet connectivity, mobile trading has become an extremely popular option for investors. You can enjoy on-the-go access to the markets and modern applications will provide you with a level of flexibility that simply would not have been feasible in the past. This is why choosing the most practical platform is such an important step if you hope to start off in the right direction.

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