For quite some time now, online trading has been on many people’s minds. The great evolution of trading began when traders took the step from physical desks and phones to the internet. This more convenient way of buying and selling assets has attracted lots of new traders.
During the last few years, a new surge of online traders has been seen. According to the Daily Mail, nearly 1.8 million adults tried day trading for the first time between the years 2020 and 2021, and that’s only the numbers in Britain. The same trend has been reported in the US and many other parts of the world.
How did this surge happen? Partly, it’s because lots of people were forced to stay at home, which gave more time to discover new hobbies. What is believed to be another important factor, however, is the fact that our smartphones have been integrated into the world of trading.
Mobile trading is attracting newcomers
With the constant development of technology, trading platforms have been able to offer smartphone owners a better trading experience. Many brokers have decided to develop an app for trading, both for Android and iOS. Since lots of people carry their smartphone everywhere they go, mobile trading platforms has made trading more convenient than ever before.
While the large number of traders attracted by mobile trading apps mostly is seen as something positive, there are also some concerns related to this. The main concern is that newcomers within day trading will end up losing money. In order to minimize this risk, new traders will have to gain knowledge of how online trading works in general, and how it’s done from a smartphone.
How to Find the Best Mobile Trading Platform
The first step to start trading on your smartphone is to find the best mobile trading platform. To do this, you will have to compare your alternatives. Below, we list some of the factors to consider during the comparison, and that determines if a trading app is worth choosing or not.
If the mobile app is difficult to understand and use, trading will not only become boring, but it will also affect your chances of being successful. Some of the apps are designed in a complex way with lots of features on display. This might be appreciated by the one who’s more experienced within trading. For the newcomer, however, a more minimalistic design most often is the best start.
Although smartphones of today offer quite large screens, they will never be as wide as the ones on a laptop. Therefore, your app of choice should offer so-called interactive charting features. These make it possible to zoom in and out as well as sort out specific time frames, which makes it easier for you to gain an understanding of the movements on the market.
Most mobile trading platforms will charge you a fee per contract. Obviously, you want to find a platform with as low fees as possible. However, what’s most important is to be aware of how payments are made. Sometimes, they come in the form of a flat fee, sometimes it’s a percentage of your earnings.
The most important factor to consider is security. The best mobile apps offer two-factor authentication, to make sure no one unauthorized might put their hands on your assets. You should also make sure your platform of choice is regulated, which ensures you’re legally protected. To find out if an app is secure or not, it’s a good idea to do some research on it before signing up.
Remember This While Trading on Your Smartphone
According to the article in the Daily mail, 50% of the British newcomers within trading shares are making money from their new hobby. That means there is a risk you won’t be profitable. To better your odds of being successful, we’ve put together a few final tips for mobile traders.
- Knowledge is the Key to Success – a great mobile app will make trading more fun and easier to perform. However, to make positive results is still up to you. Make sure to develop a strategy and stay up to date with your market of choice.
- Keep Your Emotions in Check – with constant access to your smartphone, it’s easy to make a trade whenever you have a few minutes to spare. Make sure to avoid impulsive trades. Always base your decisions on facts.
- Stick to your budget – greed is a big no-no when it comes to trading. To make sure you don’t spend more money than you can afford, set up a budget and make sure you stick to it.