How To Pick The Best Trading App

Jump to page contents

How To Pick The Best Trading App

Mobile applications have simplified many of your daily processes, and can now also improve the way you trade online. With some of the best trading apps, you can give out orders, access historical data, analyze different markets, and do practically anything else that you would otherwise do on a desktop computer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What are Trading Apps and What are they Great for?

Generally, a good trading app will offer you identical features and services as the main online trading platform. As a result, you’d use your existing login credentials to access your account, and be able to operate your trading account seamlessly.

In many ways, trading apps offer a convenient way to monitor your investments, carry out new orders, and stay updated with the latest news. The fact that such a powerful tool is available on your phone at the touch of a button is extremely helpful. At the same time, however, trading apps are not ideal for extensive research or analyses. Your phone’s small screen would make such exercises uncomfortable and more difficult.

How do Trading Apps Complement Web-based Trading Platforms?

The best way to get the most out of your trading app is to use it in tandem with the web-based platform. You could, for example, learn about an interesting stock on your broker’s app, and then access your web platform to carry out more extensive research. If the stock shows signs of significant potential, you can then move on to buy it, either through the web platform, or your mobile app.

Naturally, you cannot carry your desktop computer wherever you go all day, and after a while, even a laptop feels uncomfortable. Your phone is always with you, so having your trading platform’s app installed ensures that you can quickly access your account and manage your investments in real-time.

What are Sought-After Trading App Features?

Competition between the best trading platforms has led to a significant development of trading apps. Due to the long list of features available in each software, some apps score highly on some features, while others do the same in different features. The most popular trading app features include:

  • Chart Customisation – having interactive chart tools can allow you to find opportunities for potentially profitable trends
  • Trading Functions – the options which are available to you to give out orders, including buying, selling, and setting limits
  • Availability of Market Data – information is power, so apps would ideally have as much historical data as possible, and across as many markets as possible
  • Latest Market News – in certain trading scenarios, such as day trading, one-hour old news is useless, so the best trading apps need to provide you with on the minute updates
  • Educational Support– from providing you with daily tips to offering you detailed trading guides, the more support a trading app can offer you, the better

Some of the Best Trading Apps Available

It can be difficult to choose the right trading app for you, especially given the increasing choice which is becoming available on the Internet. The following trading apps have been identified as superior in one or more features which they offer, and you should choose the app that best suits your trading style and requirements.

Plus500

plus500 mobile app

Plus500 is an online CFD trading broker which is authorised and regulated by, amongst others, the Financial Conduct Authority (FCA). The platform offers an extensive list of products, including commodities, ETFs, and Indices. Since its founding in 2008, Plus500 has been offering favourable fees and competitive financing. Its mobile app has proven to be highly successful as it seamlessly complements the web-based platform.

User-friendliness

With a menu which is easy to navigate, and large, clear buttons, Plus500’s mobile app ranks highly in terms of user-friendliness. Available on both Android and iOS operating systems, the app is well laid out and responsive to different screen sizes.

Search Functionality

Even though Plus500 offers a significant selection of investment products, the menu options make finding what you are looking for a breeze. Products are categorised into different pages, and you can use filter tools to manage search results. If you cannot find what you are looking for, the search option instantly provides you with the closest matches to your query.

Variety of Order Types

Just like with its web-based trading platform, Plus500’s mobile app allows you to carry out a variety of trade orders. Whether you are looking to place a simple market order or looking to include automated orders, such as limit orders or stop-loss orders, the app allows you to do this with just a couple of taps.

Price Alerts & Order Confirmations

For every single product available on the app you can activate price alerts which are then shown in your notifications page. In this page, you will also find information regarding your orders, including confirmations and information regarding limits that have been reached. You can also set various reminders in the app’s in-built calendar.

Two-step Login Process

The mobile app offers two-factor authentication (2FA) as an optional to all of its users. Activating this feature is strongly recommended as it enhances user security and prevents unauthorised account access.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

eToro

etoro mobile app

eToro is an established online trading platform. One of the best-known features of eToro is its social trading option, which allows less experienced traders to benefit from emulating successful traders. The platform’s mobile app shares many of the same great features as the web-based platform. Note that only real cryptos are available in the US.

User-friendliness

eToro’s mobile app is very easy to use and offers several customisation options, including the possibility of creating themed portfolios of your investments. The app is available on iOS and Android and is responsive to different screen sizes.

Search Functionality

The app is split up to enable fast navigation, so even though you’ve got access to literally thousands of different assets and markets to invest in, finding what you’re looking for is just a matter of a few taps. Additionally, eToro’s mobile app includes a handy search function if you need to find something faster than using the menu option.

Variety of Order Types

The same order types which are available on eToro’s web-based platform are also available to you on the mobile app. For each investment, you can buy, sell, or set automatic limits easily, normally with just a few taps.

Price Alerts & Order Confirmations

The eToro trading app will notify you every time there is a price alert, based on your preferences. Several options located within the same notification screen will help you to proceed with an action. Every time you make an order, you also receive a confirmation through the mobile app.

Two-step Login Process

Just like with its web-based platform, eToro offers 2FA to all of its users, although the option needs to be activated. This two-step login process is highly recommended to keep your data safe.

This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

Trading 212

Unlike the other trading brokers in this list, Trading 212 focuses most of its marketing efforts on its mobile app rather than its web-based platform. Since its incorporation in 2013, the company has registered over 14 million downloads of its trading app. Here are some reasons why.

User-friendliness

Trading 212’s mobile trading app is superb, offering seamless navigation between thousands of instruments. The app also scores highly for its data visualisation and customisable asset charts.

Search Functionality

The mobile app allows you to trade and search through its whole list of markets and instruments. Once you find the asset you are looking for, the app presents you with several options, including viewing historical data. This search function is especially ideal if you are still looking to buy shares but haven’t yet pinpointed the right investment.

Variety of Order Types

Trading 212 offers all the same order types on mobile as it does on its web-based platform.

Price Alerts & Order Confirmations

Every time you place an order through the mobile app you are notified with a confirmation of price and other details. Trading 212’s price alerts are not as sophisticated as the other two brokers in this list, but they serve their basic function well.

Two-step Login Process

Although Trading 212 does not yet offer 2FA, it implements several security processes to protect your funds and data. Apart from carrying out regular scans and penetration tests, the trading broker operates a 24/7 security operations centre which is continually analysing the system for potential threats.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

What are Market Orders and How to Use Them?

When it comes to trading in the financial market, whether you’re trading CFDs or buying the actual underlying asset, there are several orders you can use to execute your trade. These execution methods entirely depend on your trading strategy, and they can broadly be categorized as either market orders or pending orders. The primary difference […]

18 January, 2022

A Comprehensive Guide To Reading Candlestick Charts Effectively

Technical traders use various tools to analyze the global financial markets. With the advent of technology and the internet, traders can easily access these valuable trading tools for free. However, the problem could be choosing the right and comprehensive tool among the lot. For instance, novices can get confused with what chart to pick to […]

5 January, 2022

The Role of Fundamental Analysis

Like any other financial asset, trading cryptocurrencies require a well-defined strategy. This strategy will require a never-ending learning process. The three major analyses you’ll need to conduct are fundamental analysis, technical analysis, and a third but relatively unknown one, Sentimental analysis. The sentimental analysis is a measure of people’s sentiment towards an investment class. It’s […]

29 December, 2021

Key Drivers of the Crypto Market

The cryptocurrency wildfire has swept throughout society, and it has reached the extent where every fight against crypto has only stoked this fire. This new craze has not spared any sector of the global economy, with the sector of every nation adopting new strategies to work with digital currencies. In this article, we want to […]

16 December, 2021
Cryptocurrency,Trading

How to Develop a Crypto Trading Plan?

Have you ever been burnt by FOMO (fear of missing out)? Perhaps, you saw a trending token on social media that’s already rallying, and you bought, only to be burnt by a rug pull. If you can relate to this scenario, this article is for you. If you can’t relate, this article will help you […]

1 December, 2021
Cryptocurrency,Exchange Platforms

Top 9 Crypto Exchanges by Volume in 2022

As the crypto market continues to gain increasing mainstream popularity, crypto exchanges play a critical role by ensuring a constant supply of liquidity. There are over 500 crypto exchanges, with many more launching almost every other day. While many factors determine the best crypto exchange, the volume has always been the major determinant. Volume refers […]

11 November, 2021
Altcoins,Crypto Mining,Cryptocurrency

What is Staking in Crypto?

Let’s Define Staking Crypto staking can be likened to depositing your money in a bank. It simply means locking up your assets in exchange for rewards or interest. In other words, staking is when you commit your crypto assets in order to support a blockchain network and confirm transactions. Crypto staking is common with cryptocurrencies […]

4 November, 2021
Blockchain,DeFi

Which is the Fastest Cryptocurrency?

Cryptocurrency is now a global phenomenon that has enjoyed so much attention in virtually every sphere of human existence. From politics to banking, and even space shuttle, big corporations are now accepting digital coins as a form of payment for their products and services. With the number of digital currencies in the crypto space, there […]

25 October, 2021