Stock trading apps have emerged in recent years, offering investors more choice and a new way to buy shares. If you’re just starting out with investing and looking for your app, the following are the key features of stock trading apps you should look out for.
Access to different types of investment
One of the keys to investing successfully is that you need to have enough choice to be able to make a decision that suits you. Whether you want to diversify your portfolio into a number of unrelated investments or assets to lower your risk, or are interested in several types of investment for other reasons, being able to choose from different markets and stock exchanges is crucial.
No app is the same, so it’s important to check what’s on offer before you sign up. A good start is finding a trading app that offers low-cost access to multiple markets and broad investment choices from US, UK and European shares to ETFs, and investment trusts. And while traditional brokers offer access to multiple markets and investments, low cost is not always a given. There are challengers to this model though. Freetrade is one example of a stock trading app that has grown in popularity over the last few years thanks to its wide investment offering and commission-free trading platform. It’s also one of the only brokers in the UK to offer fractional shares, allowing investors to buy part of a stock. It’s available for iPhone users via an iOS trading app or Android users via an android trading app.
The right level of control
No matter what you invest in and how you like to invest, you need to have the right level of control over your money at all times. This will differ between traders, so a variety of tools are useful. For example, some traders may want to add a stop loss limit on share trading. This is a simple tool that you can use to automatically sell your shares if they fall below a certain price. The tool allows you to be specific with your spending and means you don’t need to manually check the current price throughout the day.
On the other hand, some investors may prefer to set up their investments and let the market take its course. These traders may try looking for ETFs and investment trusts where they can choose what their money is invested in without having to constantly keep an eye on it. Not everyone wants to take the same level of control over their investments. Some people are happy to set up an account and let a fund manager take all of the decisions, while others want to make all of the investment decisions. Different tools may also be helpful at different stages of your investment journey, so an app that provides each type of service is beneficial.
Good customer support
There is every chance that you never need to seek any help on your trading account. However, it is always reassuring to know that help is at hand whenever needed. As a new investor, the last thing you want is to find that you don’t know how to resolve a technical issue or carry out a transaction that you want to make.
The presence of good customer support makes it easier to get started with confidence. This is why you need to look for an app where you can find answers in the FAQ or speak to an agent when needed. An app that is linked to social media channels is also advantageous because it gives you another option for getting in touch if needed.
Just as importantly, the customer support offering should include educational resources that are appropriate for all experience levels and needs. This means that experienced traders and newcomers alike can find the details they need at all times.
Different traders look for different features in trading apps, depending on their goals and what they want to invest in. For some price-sensitive tools are important while others would prefer an investment they can set up and then forget about. The most important consideration when choosing an app is to find one that allows you to invest in a way that suits you. Start trading on an app that gives you the power and flexibility that you need for your trading style and the stage you are at in your investment journey.
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