Trading on mobile platforms was once a distant dream, but technological advances over the last decade or so have propelled mobile trading into the mainstream and Android has become a major mobile trading platform. Numerous modern-day Android apps facilitate both stock and cryptocurrency trading and more and more traders are taking to the mobile platform to make smart investment decisions on-the-go.
In this blog post, we’ll first take a look at what prompted the development of mobile trading apps and then, the advantages that you can enjoy as a trader by shifting to mobile trading.
How did mobile trading come about?
Trading, particularly for regular traders, involves making the most of the opportunities. In essence, both cryptocurrency and stock trading are all about timing. However, before the advent of mobile trading platforms, traders weren’t able to always capitalize on opportunities when they arose. They mostly relied on desktops at their work terminals, which offered limited access. The situation was even worse for those who were employed in other fields, particularly the ones who had to travel extensively.
As a result of the restrictions and limitations that resulted in traders missing opportunities to make profitable investments, the demand for mobile trading skyrocketed. The calls for mobile trading apps were finally answered in 2010 when mobile stock trading was launched in India. Since then, there’s been no looking back, as numerous successful trading apps have facilitated remote trading, eliminating the need for desktops and laptops.
The advantages of mobile trading
- Ease of use: Previously, traders had to rely solely on laptops and desktops – big machines that needed time to start up. However, mobile apps have allowed traders to place market orders, even when they’re on the move. All that’s required to use mobile trading apps is an internet-enabled mobile device (smartphones, tablets, pads, etc.).
- Notifications: Notifications and alerts are part and parcel of every modern-day mobile trading app and they allow traders to be aware of the latest portfolio developments. While brokerages, custodians, and exchanges send separate notifications through SMS, mobile trading apps with their in-app notifications allow traders to respond to developments instantly. The result? More efficient trading and faster capitalization on opportunities.
- Live data: Real-time data is another major advantage provided to traders by Android mobile trading apps, as it allows traders to monitor their respective portfolios and underlying assets in a matter of seconds. Traders can also gather live information regarding commodities, currencies, derivatives, shares, and stock indices. The latest news with regards to a particular stock can also be accessed.
- Access to market research reports: Every brokerage generates market research reports that are meant to enlighten traders regarding potential investment opportunities and pitfalls as well. Through Android trading apps, traders can access these research reports whenever they want detailed information before making a crucial investment decision.
- Trading opportunities for residents of villages and small towns: Before mobile trading apps and technologies were developed, people living across small towns and villages couldn’t pursue trading, as most of them couldn’t afford laptops or desktops. However, with mobile trading apps, the scenario has changed completely. Now, people from villages and small towns can participate as well.
- Trading tips and advice: If you’re new to the world of cryptocurrency and stock trading, you may feel a bit lost. More importantly, you may end up making some really poor investment decisions owing to your inexperience. Thankfully, many mobile trading apps these days feature detailed tutorials to help you get started. By following the advice provided by these apps, you can make well-informed, low-risk investments.
Perhaps the only limitation that mobile trading apps have is that due to the small screen, traders can’t simultaneously view multiple charts, which is possible on laptops and desktops. Most mobile apps also don’t allow traders to place bracket orders. However, as developers of mobile trading apps are working round-the-clock to come up with innovative solutions to existing problems, you can be sure that in the near future, the gaps will be bridged.
2020 mobile trading stats
2020 has seen the world being turned topsy-turvy by the coronavirus pandemic, and as lockdown restrictions forced traders to stay at home, the use of mobile trading apps significantly increased. While only 24% of clients used mobile trading platforms for trading on NSE back in May 2019, the percentage went up to a whopping 45 in May 2020.
Similar observations were made for the BSE as well, which witnessed a jump in mobile trading to 11.72% in April 2020 from 5.35% in April 2019. As the world waits with bated breath for a vaccine to end the nightmare of the COVID-19 pandemic, more and more traders are sure to take to mobile platforms.
All in all, Android as a trading platform is here to stay and in a few years, it’s bound to become even bigger and better, facilitating greater convenience to traders across the length and breadth of India.