The best trading apps are beneficial to those looking to trade on the go. You can install such programs on your mobile device or tablet. The development of apps on android and iOS and the innovation taking place in the market has allowed brokers to include all the necessary tools in single trading applications. These days the financial industry is cluttered by thousands of mobile platforms where selecting the right one may become a hassle. As a result, we have chosen the best trading apps in 2021 for our list, which is available below.
What are the advantages of Using the Best Trading Apps
The best trading apps have the following advantages for traders:
- You can use your trading app to manage your portfolio. Open new trades, handle the current ones, and exit the old ones.
- The whole process is super quick. You only need to open the application on your cell phone, where you can place a new trade in no time.
- A trading app allows you to trade at your own comfort. As with traders in institutions, banks, hedge funds, and prop firms, one is not bound to show up at 8 o'clock in the morning.
- The software and applications developments have been fruitful to the trader as they can access the charts and other tools straight from the trading app.
- Brokers like eToro allow you to open other traders’ portfolios and copy their positions through the app. Filtering options are also at hand to scan the best ones based on the risk factor, percentage gains, drawdown, trading hours, etc. It is a good source of passive income.
- Trading apps are highly secure as brokers ensure that your investments’ security and safety are never compromised.
- They have an excellent interface and support more than one language to cater to people worldwide.
What is a trading app?
Trading apps are applications from third-party companies like MetaTrader, Spotware, etc. These companies sell out their software license to brokers who pass it out to their clients for trading. Nowadays, brokerages also develop their applications, which may also provide many useful features.
The financial industry is a collective combination of buyers, sellers, exchanges, banks, and institutions. New and old traders join the battle between bulls and bears, where some make profits while others live to fight the other day. Nearly $1 trillion are traded daily by market participants. Trading apps allow players to send their buy and sell signals to exchange from their phones’ comfort. The whole process is swift as it only takes a click of a button to forward an order.
Three ways you can benefit from the best trading platform
Historically traders would have to go to a certified exchange or call your broker to place your positions. However, with the revolution in communication and technology, you can do the same task in a matter of seconds through your mobile app. The best trading apps have the following three benefits for traders:
- Speed of Execution: As stated before, now placing a trade in the market is only a click of a button away. You only need a funded account with a broker, a trading app on your phone, and the internet to begin trading.
- Monitoring: The mobile trading app can receive the feed directly from your broker to monitor the prices by looking at the charts. Charting tools are also at one’s disposal for technical analysis. Fundamentals may also be covered in the best possible way as some apps have a built-in economic calendar. You don’t have to worry about monitoring your trades only through your desktop PC, as you can trade on the go via applications.
- Simplicity: Some people may find it hard to use their desktop software for placing trades as their mobile app offers to do the same with a much simpler platform.
Our Picks for Best Trading App
The trading apps that we have in our list above stand out among all others in providing the best mobile trading facilities. Our experts have handpicked them after a careful scrutinizing process. These applications offer top services regarding trade execution, order types, charting tools, charts, performance analysis, news, and much more.
How does trading apps work?
The trading apps get a real-time market feed from the brokers connected to exchanges and banks. As soon as you press on the buy or sell button, your order gets forwarded to a brokerage who passes it down to liquidity providers. You also can send pending orders such as a buy stop or sell stop with customized stop loss.
Let us take an example where a trader wants to buy EUR/GBP at 1.10000. Currently, the price is at 1.15000, about 50 pips higher than his demand. So he inputs a buy limit through the app, which is a pending order to go long on an instrument if the price hovers at the top. As soon as the market nears the designated value, the position executes as a market order.
The trading apps that the brokers explicitly develop cost nothing as the company covers the cost. However, to use it, you will have to open an account with the brokerage, which makes money out of commission. Third-party software sells their license to brokers who pass down the application access to their traders.
Steps to Use the Best Trading App
Find a suitable trading app
Your trading app must have a good amount of tools and features. It is also necessary to check if your broker supports the trading app that you desire.
Learn how to use it
Trading apps do come with a manual that guides on how to use them properly. You must become super proficient in utilizing the application to its maximum.
As soon as everything is set up and you are familiar with the app, it’s time to get your hands in the financial industry. Place your trades with confidence, manage your risk and psychology.
What are the disadvantages of Using the Best Trading Platform
The best trading apps have the following disadvantages for traders:
- As trading is just one second away, you may look at your positions over and over again. Your mindset is at a brick of getting upset through such an activity, which leads to emotional decisions.
- Trading on mobile apps can cause you to miscalculate your lot or share size in a hurry. Putting a position that is beyond the scope of your equity may lead to margin calls.
- Working on a small screen to spot potential setups has a downside as you cannot scan the charts efficiently.
- You can incur misclicks that will open trades against your favor.
Expert Tip on Selecting the Best Trading Apps“ The only real thing you need to focus on while looking out for the best trading app is trade management. Putting in orders and tweaking the stop loss/take profit at a moment’s notice can keep you in winning 10% of traders. This is especially useful in news events where market volatility can be high, and you can not reach your desktop computer as you’re outside. ”
How to choose the best trading app?
Choosing the best trading app can be confusing for some as there are many things to consider. However, if you answer some critical questions mentioned below, you will easily make a choice.
Is the app regulated?
You should note that top tier authorities regulate the broker who has a license to provide the app to traders. Regulators ensure that these companies do not double-cross their clients.
What fees and charges apply?
Only a few brokers charge a platform fee to their clients. Most of the time, these apps are free.
What devices can you use?
These trading apps are available on both android and iOS. You can install them on your phone or tablet.
What are the available assets to trade on App?
The number of available assets is the quality of the broker. Many companies allow over 100 instruments to trade on.
Is there a demo account?
Many brokers do provide a demo account which the trading app can access. Trading on paper money can help you get a taste of markets.
What is the account minimum?
Forex brokers may allow you to fund your account with a minimum of $1. Stockbrokers, however, have a minimum limit of $200.
What educational resources are available?
Trading apps do not support education resources. Such information is available on the brokers’ website.
Is there help and support available?
Help and support are readily available by software developers. Answers to your inquiries are available quickly.
Can I use this from anywhere?
The significant benefit of mobile trading apps is that you can use them from anywhere. You need an internet connection to link with the broker.
Frequently Asked Questions
There are many, however MetaQuotes is one of the most notable.
Like the above, many new traders look to use the MT4 as a starting point.
Trading App offers the following trading tools
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.