You might also not know what advanced features you need to become a better trader and leverage emerging opportunities until you see them in an app. This article has compiled eight of the most important features you need in a trading app.
A User-friendly Interface
A major reason people abandon an app is the user interface. To avoid wasting your time and having you relearn how to use an app, choose one with a familiar, easy-to-use user interface. The app should also be intuitive to use and easy to navigate. All information should be laid out clearly so you can find what you need easily.
Another crucial usability feature many people do not consider is the buttons and links. They should be easy to find and use and lead you where you expect them to. You will get frustrated if this does not happen, and you will likely abandon the app.
Real-time Market Data
The app might be easy to use, but does it provide the data you need? An online trader requires real-time data on the market, different investment instruments, and their investments and trades to make the best decisions quickly.
This means the online trading app should provide not only real-time access to your trades and investments but also additional assets including stocks, options, features, cryptocurrencies, and funds.
You should also be able to understand the data presentation. Since you want access to this data quickly and on the go, the app should present it in a digestible manner that makes it easy to understand in a few seconds.
Advanced Charting Tools
If you conduct technical analysis, you should also consider apps with advanced charting tools, drawing tools, and technical indicators. These will make it easier to identify trends and make better decisions based on them and the patterns you see in them.
Check that the app provides at least two types of charts because different charts provide different functions and are better suited to different situations.
Portfolio Tracking
You should be able to track your portfolio and its performance easily from your trading app. The app should show your asset allocation and individual investment performance for easier decision-making.
The app should also let you see your trade history so that you know what to keep doing, what positions to exit, and what to avoid in the future.
Notifications and Alerts
As a trader, you should always stay on top of what is happening with your investments and the market. The best trading app should make it easy to set price alerts, news alerts, and trade notifications for trades and investments you are interested in. These will allow you to take advantage of opportunities quickly before they pass you.
Research and Analysis Tools
These go hand in hand with real-time data and charting tools. You should be able to access news feeds, analysis reports, economic calendars, and other information that helps you stay updated.
You should also be able to iterate what you learn from these apps into your other tools, like historical research tools, to see how similar conditions have affected trading. By doing this, you might be able to leverage opportunities others do not know of yet or avoid upcoming disasters with the potential to severely impact your investments and positions.
Top-notch Security Features
You should do everything you can to ensure the security of your trading account and investments. If you trade on a mobile app, it should have advanced security features, the least of which is 2-factor authentication.
Once you get this added layer of protection, you can start considering other options, such as password requirements to withdraw funds or fundamentally change your portfolio’s composition.
Customer Support
While this is not a direct app feature, it should come with the app. You should be able to reach a customer support agent 24/7 if you need help with the app, a trading platform, or your trades. Customer support should be easy to reach and useful enough so you do not have to go outside the app to find the help you need.
Mobile apps have become the go-to trading platforms for many people, especially those who love the accessibility and convenience they provide. When looking for one, take some time to consider the features that would benefit you and that you must have in the trading app before starting your search. These features will work together to provide an excellent experience regardless of how you use the trading app.
