You’ve probably heard the term “stock trading” many times before, but have you ever seriously considered investing your money in a company’s stock? It is true that trading stocks online can be very profitable, but it can also be very disastrous (for you and your money) if you don’t have the right guidelines. To trade stocks effectively you need to understand the potential risks and opportunities associated with financial and capital markets. This can mean reading the news, reviewing technical forms, analyzing the potential profit of a particular market sector, or simply choosing the right broker or stock trading app. It can take some time but here are some guides to follow when choosing a good stock trading app for beginners.
8 tips for choosing a good stock trading app for beginners
1. Check its availability and cost
Before you dig deeper into this process of stock trading, you first want to check the app’s availability and monthly cost. There’s a chance you won’t like the stock market or the app you choose, so why would you pay a lot of money for something you’re not going to use? A lot of apps can be found without charging you anything monthly, so maybe you should consider these first.
2. Know what you are looking for
Once you decide that you’re ready to embark on this adventure, you need to know what kind of app you want to use for stock trading, and what are your preferences & options. Not every app offers you the same investment options, so it would be good to know what you’re looking for. As it has been already said, some of them have high monthly fees, and some of them are completely free, so this is also something to consider beforehand. You don’t have to spend hours searching for the best one, because you can simply check stockapps.com where you will have all of them listed in one place.
3. Is it user-friendly?
Remember how difficult it was when you first started learning a foreign language and when you were a beginner in that process?! You were probably looking for help from the outside because it was a bit difficult to follow all those inputs. Every beginning is difficult, and you’re now aware of that! So, once you are a beginner in stock trading, you want your app to be user-friendly, right?! You want it to be easy to use, so you can master all those rules in the shortest period. When you’re a beginner, you don’t want to deal with difficult tasks at the very start that you can’t solve. Because of these difficult tasks, people tend to give up a lot easier!
4. Ask for a recommendation
If you are new to this field it is vital for you to ask around & get informed on all the aspects. Nowadays, a lot of people are into the stock market, and some of your friends or coworkers might be in it as well! You can always ask around and see what they recommend for your beginner-friendly use. If no one can help you with recommendations, you might want to browse user evaluations for each app and see what some sites have to offer.
5. Read some reviews
Whenever in doubt of not knowing what to choose, you can always rely on reviews, especially when it comes to apps. You can find these reviews online. These are written by people who have been using them, so you will get everything you need (people are honest, and sometimes even brutal (if they don’t like it) when it comes to giving reviews). Once you go through all these reviews, it will be easier to select the most appropriate one for beginners.
6. What is the minimum investment required?
Another important factor to be considered, even though a lot of beginners don’t think about this when entering the world of stock trading. Different apps provide different features, but the expenses of the minimum investment required are usually different and vary among them. That is why it is critical to consider all of these aspects before downloading an app from the PlayStore or AppStore. Nobody wants to give big amounts of money at the beginning of something, especially if you don’t know how it’s going to end.
7. Is your app licensed?
When you decide to invest money in stocks, there’s another thing to consider – does your app have a license? There are a lot of scammers who try to lure people into downloading the app, which doesn’t even have a proper license. Imagine if you invest a lot of money in particular stocks, and are supposed to get a lot of money in return, and you lost it all because your app didn’t have a proper license?! You would probably be super angry and devastated! So, dig a little deeper and see which apps have the license, and that won’t take your money away!
8. Customer service availability
Like any beginner, you will probably have a million questions when you decide to embark on this adventure called stock trading. Thus, it is important to have someone who would be able to answer all of the possible questions. In this case, it is customer service. Before downloading an app, check the customer service availability. Just like anything else, you can find this online and see if the customer service exists at all, and whether it is a quality one or not.
Best Stock Trading Apps in 2021?!
Since you’ve got all the info and insight into what you need to know before choosing an app for trading stocks, now it’s time to see what apps you can choose to start your small project. There, you are given an elaborate description of each app that has been popular and safe to use in 2021, with its features, assets, fees, and usability. Besides, for each app listed there, you are provided with pros and cons, which can later narrow down your selection!