Mobile Trading with Trading Apps
The fundamental shift in consumer behavior regarding smart phones and their more frequent use when compared to desktop computers has had a great influence on the providers offering access to the financial markets. Without an exceptional mobile app specifically designed for the individuals wanting to trade on the go, the trading companies are putting their businesses at risk. In fact, whether a trading broker will succeed or not, nowadays, mainly depends on how good is the mobile trading platform it uses.
The trading apps which in the recent past were something people couldn`t imagine, are becoming more and more sophisticated nowadays offering a mobile experience equal in quality, if not better, when compared to the desktop trading experience. The mobile platforms and the desktop platforms are basically the same except that the mobile platform is fully optimized for mobile usage thus enabling you to trade anywhere anytime. When it comes to functionality, mobile platforms are a mirror image of the desktop platforms and most trading apps offer all features and additional location-based mobile exclusive ones.
Today, there are hundreds different trading apps available in the App Store/Play Store. Some of them specialize in trading commodities, some in trading indices, some in Forex trading, some in shares, others in bonds etc. All of them offer different experience in terms of usability and navigation.
Mobile Applications and Sites
Generally speaking, Applications and Sites are both used on the same devices i.e. smartphones and tablets, however they differ a lot in terms of the experience they provide. Most trading apps available nowadays offer both web platforms optimized for mobile users and applications exclusively designed for portable devices. The main difference is in the access: the website of a particular broker can be reached without having to download anything, whereas the app has to be downloaded and installed. Below we will discuss some important aspects of apps vs. mobile site trading.
Compatibility
The widespread notion regarding compatibility is the following: mobile sites seem to resolve the issue of compatibility in a better way than applications. We have to agree that there is some truth in this since a single website can reach across all different device types, and a separate version of a app should be developed for each device type. However in the trading world, brokers do not see developing separate apps for different device types as a problem and most of them offer a specifically designed app for iOS, Android, Windows and Blackberry users.
Security
When it comes to security, websites are subject to the same security considerations and risks as desktop websites and often mobile apps are considered to achieve a more reliable and secure interaction. This however does not mean that apps are completely safe and secure.
Payment
Having in mind the previously stated and the fact that mobile trading is an expensive business and includes money transfers of high value, apps with specifically designed payments methods might be a better choice. For instance, after a certain application is submitted by developers, Apple and Google check for any malicious behavior built into the app. On the other hand, people tend to think that no online banking is completely safe.
Functionality
In terms of functionality, trading apps usually provide clients with unique functionality which is difficult to be achieved through mobile optimized websites. The touchscreen environment is rather exciting and in financial betting small interfaces are sometimes more efficient than a large monitor. Plus, we should not forget that you can bet whenever, wherever.
Best Trading Apps
With more than half a million available trading app in the iOS/Android application stores, finding the one which is most suitable to your needs and desires can be a challenging process. There are those who offer all in one, and there are others which specialize in a specific trading experience such as stocks, Forex and CFD trading etc.
Best Trading App for Stock Trading
The days when the stock trader was called to trade stocks and other investments are long past. Today stock trading is happening online and not only at the comfort of your home but also anywhere anytime with the help of your mobile phones. The shares at the online stock market are issued and traded either through exchanges or over-the-counter markets. There are thousands different online brokerages which apply different fees and commissions.
In our view the best trading app for Stock Trading is Options House which offers the lowest fees available on the market, easy to use platform and fantastic tools for option trading. The greatest advantage of Option House is the flat rate of £4.95 per trade.
One of the Best Trading Apps for CFD Trading
Forex and CFD trading do have many things in common such as the trading platform, the similar trade execution process, no commissions and fees and they both do not entitle the trader to actual ownership of the asset. This means that the job of the trader is to speculate on the exchange rate or the underlying price. CFD trading involves assets such as indices, energy, metals and is influenced by the supply and demand of the assets. On the other hand Forex trading is pure currency trading and depends on global event such as political changes and changes in employment. They are both considered to be very risky for the trader and before taking part everybody should carefully choose a trading provider.
We find Plus500 to be an outstanding mobile app decidated to CFD trading. A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Options and Indices.
Pay Attention to these 3 Things when Mobile Trading
Mobile trading has certainly revolutionized the way people place and manage trades. The list of benefits is longer than the number of disadvantages for sure, however there are some issues popping up throughout the mobile experience which are worth considering.
A disguised addiction
To have an opportunity to check the changes in the financial markets you are trading is definitely a great advantage from which all traders can benefit. However, having the market glued to your body can result in the so called disguised addiction. It is similar to walking in a shopping mall and having millions of cash with you. It is in front of you and you have an easy access. Some of the reasons why people get addicted to mobile trading are the following: you get the impression of trading like a pro on a special app, you can trade while you are eating your lunch in the restaurant, you can take your virtual financial market to your bed etc.
The transmission might not go through
Another problem that might appear, which is not always the case, is a weak connection signal. As a result your investment strategy will be ruined and sometimes you might be caught up in the middle of the process where you will invest the money and while they are being transferring you might lose a connection.
Check how the charts and trading tools are presented
As we previously mentioned, apps and mobile sites do offer a fully optimized mobile experience. However, sometimes the small screen size is inconvenient for the clients. This is especially important when checking charts. Before deciding which app to use, check if multiple charts are allowed to be opened and if the trading tools are presented in clear and organized manner.
FAQ
What is mobile trading?
If we exclude the platform used to access the financial markets (smartphones and desktop computers), mobile trading and online trading are synonyms. This means, you use the internet to trade commodities, indices, Forex etc. With mobile trading you trade on your mobile devices, whereas with desktop trading a more traditional trading method is used i.e. your computer. This means with mobile trading you can execute trades instantly without restriction such as location and time.
How to download a trading app?
Downloading a trading app is a very simple and quick process which will take up to a minute. Before doing so, you should choose an online trading provider. There are two ways in which you can download a particular trading app. One way is to scan the QR code with your mobile and the app you are to download will instantly appear on your mobile. The only thing you should do is click download. The second way is used more frequently. You open the App Store/Play Store on your device and in the search box you type the name of the app. Once the search is complete you click download on the desired app and then install.
What is a hybrid app?
By definition a hybrid app is an application which has elements from both applications and mobile websites. You download it from the App Store/Play store and it is integrated with the file system of the device. At the same time, it is also integrated with web-based services, plus it includes embedded software to improve access to dynamic online content. In simple words, hybrids make the process of cross platform development easier for the providers and they offer an outstanding experience to the client.