Stock trading has become one of the most popular types of investments. By buying shares, you purchase a certain percentage of a company and make a profit without having to do anything. Of course, people that invest bigger amounts and get a majority stake are on the board of directors and are included in the process of decision-making, but to do that, you need a lot of money.
In this article, we wanted to focus on something else. Stock trading apps have become pretty popular in the recent period as they provide investors with an efficient way to follow the latest updates on the market and invest in stocks with just a few taps on the screen. With that being said, we wanted to provide you with some general guidelines which will help you pick the best trading app. Let’s check them out.
Check The Commissions
Investing is not just about seeing the potential profit, it is also about cutting the costs. The more money you save, the safer you are. Many trading apps apply commissions when you use their services. When researching for a suitable trading app, you must see whether the app applies commissions and whether those commissions are high or not.
One of the best trading apps on the market today is eToro. Due to the fact that it is simple to use and has zero commissions, eToro has become the number one choice for many traders. Not only that, but it is the most popular trading app in the UK.
Novices Or Experienced Traders
Some apps are easy to use, while some are complicated and require you to gain a certain level of expertise before you are able to use them. Capital.com is rated as the best trading app UK for beginners because it has a very clean interface which makes it easy for novices to find stocks in which they want to invest their money.
More experienced traders will search for more advanced apps as they require more information. Some of the features that experienced traders search for in an app are copy trading, watch lists, trading calculators, market orders, fractional shares, and leverage. The more of these features an app has, the better it is and the likely it is to help you invest smart and make a profit.
Deposits and Accepted Payment Methods
In order to use the services from each trading app, users are required to make a deposit. After making a deposit, you can use the money to invest in various companies. The minimum deposit varies from one trading app to another, which is why it is important to research and find out which amount suits you well.
If you are a novice, then it is smart to search for trading apps that have a pretty low minimum deposit limit as you can be more flexible with your investments. More experienced traders are open to using apps that have higher deposit limits. For example, IG is a trading app that is the top choice for many experienced traders as it has over 17,000 markets. Not only that, but it has 0% commissions on forex trading, leverage and short-selling is also available, but the minimum deposit here is £250.
Making sure that the app has tons of accepted payment methods is also worth a mention. The more payment methods the app accepts, the more flexible you are with choices. When checking for payment options, it is wise to see whether additional fees are applied for deposits and withdrawals.
You can combine all of these guidelines with this guide on online stock trading and educate yourself more on this process. The more you know, the higher your chances of success are.
