How To Choose The Best Mobile Trading App?

Some important factors to consider include speed of transactions, fees & charges and security and reliability

Mobile trading apps are quite convenient, as you can trade from any location. Since there are several mobile trading apps available, you need to choose the one that can fulfill all your investment needs. In terms of how to choose the best mobile trading app, here are some important factors you need to consider.

One-stop-shop – It is possible that you may be looking at multiple investment opportunities such as equity shares, mutual funds, ETFs, etc. You may be interested in forex or cryptocurrency trading or may be planning to choose futures and options, day trading, etc. Your goals could also vary such as long-term investment or short-term investment. It will be better to choose a mobile trading app that takes care of all your investment needs. Essentially a one-stop-shop where you can easily access all types of investment and trading options.

Functionality – It is important to choose a mobile trading app that has easy-to-understand and intuitive user interface. The app should be fast, allowing you to execute buy/sell transactions within seconds. It is important that the app does not hang and functions smoothly even during peak trading hours. For fast and reliable operations, you can choose mobile trading apps such as Zerodha Kite and Groww. If you want fast execution speed, you can also consider Interactive Brokers trading app.

Fees and charges – As profit margins may be low, it is important to ensure that the fees and charges on buy/sell transactions are manageable. If the fees and charges are too high, it will reduce your profit. This is especially relevant if you are doing day trading. Apart from the buy/sell transaction charges, there could be other charges also such as maintenance fees, withdrawal charges, currency conversion fees, etc. Mobile trading apps that are known for their low brokerage fees include Zerodha and 5Paisa.

Research tools – It will be beneficial if the mobile trading app has dedicated research tools to help users identify the most appropriate investment opportunities. Some of the essential tools you need to have include real-time data, technical indicators and advanced charting. Some platforms such as Angel One’s ARQ Prime have also started offering AI-driven insights. You will also benefit if the app has proper tutorials, guides, blogs and videos for investors.

Security features – Before you start trading, it is important to ensure that the trading app has advanced safety systems and protocols. A suitable trading app will have features like end-to-end encryption and two-factor authentication. It is also important to ensure that the trading app complies with regulatory requirements, as mandated by SEBI in India. Trading apps like ICICI Direct are rated high for their security features.