6 Basic Things to Know Before Using a Stock Trading App 6 Basic Things to Know Before Using a Stock Trading App

What you Need to Know Before Using a Stock Trading App?

Retail investors today prefer the do-it-yourself approach to stock market trading. The new generation of investors wants to be in control of their actions.

Digitisation has paved the way for ease of operations. Previously, investors would call their broker to place their orders; however, in the last few years, the entire process has changed. Stock brokers have been encouraged by the response received to their trading platform, and many options are now available to investors.

The Future of Stock Trading Apps πŸ“±

Brokerage houses have also realised that technology is the way forward. Many brokers now offer stock trading app for Android as well as iOS. The convenience of self-trading with such apps is unmatched, and orders get executed in real-time. 

Brokers offer options for trading through their apps and their web portals. Nevertheless, investors prefer to use apps due to their easy-to-use features and speed.

As many choices are now available in the market, investors must wisely choose the option best suited for their needs.

Here are 6 Basic Steps to Select a Stock Trading App

⚑ Fast & paperless account opening

To start your trading journey in stock markets, you need to have open Demat account. Hence, it is advisable to select a trading app that allows these accounts to be opened online. Moreover, as the transactions are now done online, you would need to link your bank account with your trading account for easy deposit and withdrawal of funds.

πŸ’° Invest in multiple assets

Financial markets are not only about equities. Commodities and currency are traded regularly. Other options are also open for traders to explore in the markets. Some investors may want to invest in mutual funds and ETFs, whereas others may opt for F&O trading. The ideal stock trading app should provide all facilities required for meeting the investors’ needs.

πŸ”’ Robust data security

The most crucial aspect of online transactions is data security. Any breach can result in a significant loss for the trader. Hence, you should be careful while selecting your service provider and avoid any apps that may not have the highest security standards.

πŸ“ˆ Market research and news

Investors now prefer to be updated on all the happenings in the market. You should choose a trading app that features market research and analysis.

πŸ“Š Technical analysis

Brokers have realised that investors are now more pinned to the use of charts and analytical tools for their trades. Today’s new generation of investors uses various tools and knowledge for a thorough market study. A good trading platform should provide access to all these tools.

πŸ’Έ Charges

Online brokers are renowned for discount pricing; however, most platforms differ in their charges for various trade types. Depending on your style of market participation or the category you intend to use, it would be prudent to select the app that offers the best plan for you.

Final Thoughts

A stock trading app will be your partner in the stock market. You should evaluate and select the one that is best suited for your needs. You should select the app that fulfils all your requirements.

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Happy Trading πŸ“ˆ

Disclaimer: This blog is not to be construed as investment advice. Trading and investing in the securities market carries risk. Please do your own due diligence or consult a trained financial professional before investing.

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