Trading is as popular as ever! Brokers are constantly looking for new ways to make trading even more accessible and more attractive for their users; that’s why there are plenty of brokers with trading apps. If you are thinking about starting to trade with trading apps, this is the right article for you!
What is a trading app?
A trading app is a mobile application that allows you to trade through your broker on a smartphone. This way, you have easy access to your portfolio, an overview of the market, and so much more! Until now, traders had to log in through the broker’s website to see all the statistics and get the necessary information. We advise you to do your research before deciding on a trading app since, unfortunately, there are a lot of black sheep out there. One way to determine whether a broker and a trading app are legit or not is by reading the reviews. A great website to do so is trusted-broker-reviews.com.
What are the advantages and disadvantages of trading apps? Is it this easy to trade nowadays, and are trading apps recommendable for beginners? In the following, we want to introduce you to all the pros and cons regarding trading through trading apps.
The advantages of trading apps
Trading apps are popular right now, and there are many reasons why. Here we want to introduce you to the advantages of trading apps.
Trading on the go
Do you want to check your portfolio on the way to work, or do you want to take the chance of trading an asset while in a meeting? Whatever it is, with trading apps, you can do it. Rather than carrying around your laptop, you can just pick up your phone and make the trades.
Easy to use and to navigate
Since there is less space involved due to a smaller screen on the smartphone, the brokers focus all the attention on the most critical information, making it easier to navigate and trade assets. Just a few clicks are necessary to buy and sell stocks, forex, etc. This is a great advantage for beginners since they won’t be overwhelmed by too much terminology and too many options.
Perfect for day-trader
As a day-trader, you are looking for good chances of buying an asset at a low price and selling it at a higher cost. This usually requires you to be on your laptop all day, but with a trading app, you can easily trade on the go and check the market whenever and wherever you want!
The disadvantages of trading apps
With advantages come disadvantages! Here we want to tell you everything about the cons of trading apps!
Small screen and missing information
Having a small screen can also be an issue since there is a lot of helpful information missing. Let it be statistics or even certain information about the assets. This can become a big and pricey problem, especially if you are trading with a high-risk method. For example, if you are trading binary options, you need a lot of information to lower the risk, and it’s not recommended to use a trading app.
It makes trading too easy
Since it is so easy to trade with a trading app, it is also more likely to make trades that you wouldn’t do under other circumstances. Some people even compare trading with a trading app to gambling since it is always available.