Trading apps have made it easy and convenient for investors to start trading their favorite global financial assets online. From stocks to currency pairs, indices, commodities and cryptocurrencies, investors can now access the financial markets with just a single click.
Whether it is on a mobile or desktop device, investors can execute their orders on the go, view live price feeds, and access historical charts as well as numerous other tools and resources through their online trading apps. Investors and traders have all they need to make their trades in one place.
With the advancement of financial technologies, investors have a wide array of online trading apps to choose from.
When choosing an app for trading financial assets online, investors should consider several factors such as user-friendliness, trading tools, and resources, news feeds, charting and timeframes, tradable assets, accessibility (mobile and desktop), order types, and even automated trading support. A good trading app will allow you to apply your trading strategies optimally.
Here are 3 of the best apps currently available for trading financial assets online:
MetaTrader 4 (MT4)
The MT4 trading platform is the most popular for serious retail investors, new or experienced. And it is easy to see why. It has a very user-friendly interface but it is packed with numerous professional features to allow the application of any complex strategy in the market.
Investors can trade a variety of asset classes on MT4, including forex, stocks, bonds, commodities, and indices. Traders can execute live buy/sell market orders, as well as 4 types of limit orders and 2 conditional risk management orders.
MT4 features numerous analytical tools that include 9 timeframe interactive charts and over 50 technical indicators and graphical analytical objects. MT4 also supports algorithmic trading and copy trading integration.
On the MT4 market, traders can also access 1000s of customized indicators and expert advisors (EAs) as well as a range of free and commercial trading products. MT4 has both a desktop and mobile application, with maximum functionalities on both types of devices.
Robinhood shot into prominence during the COVID-19 pandemic, allowing all types of investors to access global financial assets easily and conveniently. But the platform has been around since 2013, and its selling point has been commission-free trading and an extremely easy-to-use and interactive interface.
The Robinhood app is so user-friendly that it has been criticized for encouraging active trading and making investing activity appear more like a game or gambling.
The Robinhood app can be accessed on both mobile and desktop devices, and it allows investors to trade stocks, ETFs, options, and even cryptocurrencies. Robinhood customers can also access IPOs and trade fractional shares as well as place limit orders on cryptocurrencies.
For advanced traders that wish to have more professional tools and resources, there is the Robinhood Gold platform, which is a paid premium product that offers additional perks such as access to expert insights and enhanced margin trading capabilities.
SoFi Invest is another beginner-friendly app that is available for investors who wish to explore financial assets trading online. SoFi means ‘Social Finance,’ and it was designed to be an all-inclusive financial services app for investors.
The app allows investors to trade stocks, cryptocurrencies, and innovative ETFs, as well as buy fractional shares, and access IPOs. Furthermore, unlike other online trading apps, SoFi Invest users can also invest in retirement accounts such as traditional and Roth IRAs.
There are other financial products as well such as high-yield savings accounts, credit cards, personal loans, and even mortgages. All of these are accessible via one comprehensive app.
However, despite the wide range of financial products, the SoFi Invest trading platform is limited in terms of features compared to other top trading platforms. It is too beginner-friendly, making it not as effective for active or experienced traders who may seek more advanced or professional tools and resources.
Online trading apps provide an easy gateway to the lucrative world of global financial asset trading. There are plenty of apps around, but investors should be cautious as to which one they wish to trade with.
It is, therefore, important to filter the brokers by other factors such as regulation, global reputation, as well as tools, and resources. Choosing the right app is essential to build a successful online trading career.