Day trading apps allow the traders to trade the market with the comfort of mobility. This software is made available by brokers or third-party developers and has the best tools and charting features. The overall financial industry consists of bulls and bears who try and pull the market in either direction.
Various institutions, banks, and retail traders combine to produce a high amount of volatility and liquidity. In such fierce competition, it is necessary to have the best day trading app to gain an edge over markets. We have included the best day trading apps in 2021 to save you from all the search hassle of scouring the internet.
What are the advantages of Using the Best Trading App
The best trading apps have the following advantages for traders:
- You don’t need to spend your time and cash on building a PC. A simple mobile with an android or iOS interface will be enough to day trade the markets.
- Day trading apps allow you to send orders into the market quickly. Entering the lot size and pressing the buy/sell button is done within seconds.
- Numerous features and services fill these apps that help you in building profits. Charting tools, order types, education, etc., are readily available.
- Some trading apps like eToro allow you to copy trades of other profitable traders. Scan and filter top market participants under various settings such as risk management, profit factor, drawdown, and more.
- Research reports by institutions and top traders are accessible. Live trading news is vital to spot liquidity changes and irregular volatility.
- These apps send out live notifications or SMS to alert you of any potential changes in the market or your positions.
What is the best day trading app?
There are many, firstly to trade stocks, currencies, futures, and other instruments, you have to connect yourself to an exchange. Previously you could either execute positions by visiting or calling these exchanges, but nowadays, you only need to open an account with a broker. These brokerages link you with the desired assets and provide minimal latency, low costs on trades, education material, and excellent customer support.
The fast-paced trading that has improved over time gave birth to scalpers and day traders who utilize the best day trading apps to their full advantage.
Three ways you can benefit from the best trading app
The best day trading app will ensure that you can place and manage your day trades smoothly. It has the following other benefits for traders:
- Mobility:The best advantage of these apps is the mobility they offer traders to manage positions on the go. Day trading can be extremely tough and risky, especially for newbies and amateurs alike, where one may need access to his portfolio at all times.
- Analyzing markets: Any potential setups that occur in the markets are to be recognized by day traders quickly. The volatility may take away a profitable opportunity within seconds. Best day trading apps help in analyzing the markets 24/7. You only need a mobile and internet connection for this purpose.
- Simple and advanced: Brokers develop mobile day trading apps after a lot of research to make them simple yet advance. They benefit from all the features that a desktop platform has alongside a basic interface that most can understand easily.
Our Picks for Best Day Trading App
Our selected trading apps are the best in terms of providing services to traders and we have included them after thorough scrutiny and testing done for months. They have all the essential features of day trading apps, including charts, order types, time frames, and many more.
How does the best trading app work?
These trading apps are similar to desktop trading platforms. When you buy or sell an asset, your order is processed by the broker who forwards it to the exchange. The whole process is carried out in a few milliseconds.
Let us consider an example: place a buy stop execution at $310 on Tesla shares which are currently at $300. The plan is to go long 100 shares at the dedicated price with an SL at $300 and an TP of $320, giving a risk/reward of 1:1. Your day trading app will automatically execute the order at the given value as soon as it hits.
Many brokers have started to offer their own day trading apps with much better features. It is a considerable development over the previous industry standard MetaTrader.
Steps to Use the Best Trading App
Find a suitable day trading app
The way you day trade the market may require something extra in terms of trading. Find out if the desired application meets all your requirements.
Learn how to use it
You can quickly learn how to use these apps just by playing with them a little bit. If there are any inquiries, a user manual is available to consult.
Once you get a hold of the basics, it’s time to start trading. Fund your account with appropriate cash and trade using proper risk management, psychology, and strategy.
What are the disadvantages of Using the Best Trading Platform
The best trading apps have the following disadvantages for traders:
- Being so close to the markets at this rate may damage your psychology. You may end up continually checking or tweaking your trades.
- Clicking the buy or sell button with the wrong lot size may be detrimental. Even if the position is small, you may have to pay the commission or spread. Significant events like new may be hard to scalp through a cell phone.
- Using a trading app through the mobile phone will provide you with a limited amount of screen. Tablets might be useful in this case; however, they are hand to maneuver.
- Your wireless signals may disrupt when you are in a remote area. As these apps work on the internet, you need to find stable connectivity.
Expert Tip on Selecting the Best Trading App“ Look out for reviews on the play store for android and apple store for iOS. While it may seem a bit awkward, customers’ opinions can provide you a deep outlook about the overall performance of best-day trading apps. Any rating above four stars should put the mobile software in your good books. ”- Shams Ul Zoha
How to choose the best trading App?
Lots of questions can arise when you are choosing the best trading application. A necessary answer to these is super helpful in making the decision. Don’t get puzzled in a simple process, and organize your thoughts with ease.
Are the best trading Apps regulated?
The broker that’s offering the app must be regulated at all costs. Regulation by top tier authorities will ensure that you don’t get double-crossed while trading.
What fees and charges apply?
Trading costs and fees are limited to spreads and commission. Some brokers may charge a platform and inactivity fee. The brokerages have to pay the license fee to third party application developers for passing out the app to their clients.
What devices can you use?
The trading applications are available on android and iOS. They are available to download through their specific app stores.
What are the available assets to trade on the best trading Apps?
The availability of instruments is directly related to your broker, where many offer up to 1000+ assets for trading. These instruments are divided into various categories depending on the type.
Is there a demo account?
You can always request a demo account from your broker before investing with real money. Using virtual portfolios can help test a company's services beforehand.
What is the account minimum?
Some brokers these days offer a minimum of $5 in deposit options. For stock markets, it will have a more significant threshold, with the least being $200.
What educational resources are available?
Best day trading apps may have an economic calendar alongside other market research material to help both novices and professionals alike. A fair amount of education can improve your consistency in markets.
Is there help and support available?
Help and support may be accessible directly through the day trading apps. Many brokers use live chat alongside email and chat support to help their customers reach out to them.
Can I use this from anywhere?
Yes, you can use your day trading app anywhere. You only need a smartphone along with the internet to trade in the financial industry these days.
Frequently Asked Questions
These vary, MetaTrader, eToro, cTrader are some of the most notable
Many traders use the MT4 when they first begin trading.
Trading Apps offer a variety of tools and technical indicators like drawing tools etc.
It takes only a few seconds or a minute to download a platform or app. It will depend on your internet speed.
The platform makes money by selling its license to brokers.