What To Look For While Choosing For A Trading App?

Trading apps have changed the way Indians invest. They were first introduced to track your existing portfolio but are now the basis of how various broking firms are competing to attract today’s tech-savvy millennials. While apps may be many, it is important to first check the connectivity with your Demat and trading account. Mostly you will be opening a Demat and trading with the same company to ensure easy trade execution and settlement. 

There are the following few factors to keep in mind before choosing an appropriate trading app for trading and investing as it will be used for a long period.

1. Trading Ease and Variety – One must see the ease of opening and starting the investing process with easy connectivity with your bank accounts. The next thing to see is the spectrum of investments it allows – cash, futures, options, international markets and others. How quickly the KYC takes place and how soon you can start trading, trading availability during IPOs and other events can make a difference to your investing journey. 
2. Technical Issues – while one cannot judge this without testing, searching online for reviews for dependency and seeing the app reviews can give some ideas. It is important that the app is high on execution speed and allows trades to go through as you would execute on your desktop. App glitches are a common reason why people move between companies. The performance of investment apps on Android and iOS can also differ widely.
3. Information and Market Research – the competition between brokers had led to world-class stock and securities research accessible at your fingertips. Many apps are now giving access to technical calls, trading charts, hourly, daily and weekly movement and predictions on various stocks. As an astute investor, one can use these to understand market movements and do research.
4. Dashboard – The flexibility of watchlists, per trading controls such as order book, trade book etc., can make your daily trading journey much easier. Also tracking derivatives, and real-time information regarding positions and pricing can be a great advantage while creating strategies. The apps when connected with your bank account or are a three-in-one account can also give an idea of the investable balance or surplus available for investing. The dashboard should give percentage returns over various periods which can help you determine your progress and potential losses.
5. Investing across asset classes – Investing across asset classes and allowing investment through various foreign exchanges via KYC princesses is a distinct advantage of certain apps. They can end up being your one-stop shop for all investing needs – mutual funds, bullion, derivatives, even insurance and government securities and debt. This feature can be a competing factor for a carefully planned and wide asset coverage portfolio.

Choose Pricing Carefully 

Finally, pricing is a decisive factor with companies having hidden charges in the name of app maintenance. The charges are all right as long as their service is at par. Be sure to add up all the charges including brokerage, securities transaction charges, trading account annual maintenance charges, and any app-related charges to calculate your real profit over the year. You can negotiate with your broker on the app charges or brokerage at the time of signing up if you are a high-volume trader. You can download the Bajaj Financial Securities trading app at lowest charges.

In Conclusion

Trading apps are not just a great way to execute trades but are a treasure trove of knowledge and information for the seeker. They can help you understand the use of parameters to track and indicators to watch out for as you start using them frequently and follow the patterns. Even if you are unable to invest a large amount initially, using small frequent trades and following patterns and indicators can give great learning.