CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.00% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Mobile trading apps are becoming an increasingly popular way to gain exposure to the financial markets. So much so that the mobile trading app market is expected to grow in value from an estimated $16.266 billion in 2023 to a whopping $110.624 billion by 2033. Apps align with your on-the-go lifestyle and give access to everything at your fingertips. You can continue to trade while commuting to work or while on vacation. But first you need to learn how to make the most of your mobile trading app. All you need to start is a smartphone, a reliable internet connection, and a powerful yet user-friendly trading app.
If you are looking to move to trading on your mobile, here are our top 10 tips for app-based traders.
Numerous trading applications are available for iOS and Android phones. Choose one from a reputed and regulated broker that offers the best trading conditions and all the features to give you a world-class experience. Some brokers charge lower fees and have lower minimum margin requirement for leveraged trading on a mobile app. While these are important, your mobile app should have all the features to simplify decision-making that a desktop or web version provides. One backed by a reputed brokerage ensures regulatory compliance, which can help keep your money and data protected.
The must-have features for choosing a mobile trading app that offers top-of-the-line experiences include:
An up to the minute price feed is a basic but crucial element to your trading.
Easy access to charting tools and a seamless view when technical indicators are applied is critical to making informed trading decisions.
Being bombarded with every market update can be overwhelming. It makes differentiating relevant news items from irrelevant ones difficult. Choose an app that allows you to customise alerts for specific markets and instruments.
Using a mobile app should not restrict your choice of assets and markets. Your chosen mobile trading platform should offer a wide variety of assets to satisfy your trading strategy.
A well-rounded trading strategy involves using limit orders, stop-loss orders, trailing stops and market orders. Your chosen trading app must allow you to place them all.
Margin trading amplifies market exposure. So, having an app that allows you to use leverage is essential. However, this app must also help you manage risks, since leverage magnifies potential gains and losses.
Mobile scams and theft can leave your finances open to exploitation. Therefore, your trading app should employ multi-factor authentication and end-to-end encryption. You can add an extra layer of protection by using biometric password (like facial recognition or fingerprint) on your device’s lockscreen.
Now that you have an app that allows you to customise your alerts, leaving those notifications off can be counterproductive. Instead, turn them on, especially when you are commuting or away from your usual trading base. Staying updated with market news can help you discover more opportunities. You still have complete control. You can turn off the notifications when your Kchosen trading window for the day ends.
Using public networks and cybercafé internet connections has several issues. First, they are not speed optimised, which may affect your trading experience. Second, these are often unsecured networks. Although your mobile app is secure, exposed vulnerabilities in your device may put your money and trading account at risk.
Ensure your phone is always powered up. Low battery issues may hamper your trading experience. Keep your phone charged or have a power bank handy, just in case.
A smartphone is an easy escape when feeling emotionally charged. Fast and convenient trading opportunities may tempt you to make hasty decisions. However, leveraging your customised alerts and performing due diligence is as important in mobile trading as it is on PCs. So, don’t slack on research.
Trading on a small screen can be challenging. Small configurations, such as using landscape mode or choosing chart colours that pop, can make trading more convenient. Save your watchlists, preferred news segments and chart-setting templates to optimally utilise the customisation facilities.
Your chosen app must allow you to monitor your activities. Comprehensive insights into your most suitable trade timings and portfolio performance can help elevate your trading experiences. Use trade analysis and portfolio management features to fine-tune your strategies to better meet your trading goals.
Create a demo account and acclimate yourself to the app. Paper trading is a great way to gauge the app’s experience without using real money. Once you are comfortable with the app, you can start trading in the live markets.
The best part about using a smartphone for trading is that trading education is also only a swipe away. Continue to explore your brokerage’s learning tools and trading education libraries to strengthen your knowledge.
Losing a smartphone is no rare event. Using the mobile trading app of a multi-platform-compatible brokerage platform gives you an edge. Always keep a backup mobile or desktop ready. You don’t want to lose time closing those overnight positions or opening interesting positions just because you lost your phone. Also, in case you suspect that your mobile might have been hacked, it is a good idea to get your trading account suspended till you are sure that security and privacy are restored.
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