Recomendation Investment Apps and trading
Which trading app should I choose?
Keeping the amount you pay for trading and investments to a minimum will increase the returns on your underlying investments.
But, as with many decisions regarding our finances, when it comes to choosing a trading app, there is no one-size-fits-all choice. Many decisions will depend on what you expect from the service.
In addition to the fees, there are many other considerations to keep in mind to get the most out of your trading app. They include:
transaction cost
The investing world is riddled with variable fees and charges from one provider to another, so figuring out what they’re actually paying can be a complicated affair for investors – whether it’s app-based or based desktop.
When buying and selling stocks, some providers charge a flat fee per trade. Others arrange their fees to benefit users who trade the market more frequently.
Users can also be billed based on the size of their investment. Accounts offered by established platform providers typically require a monthly subscription or management fee.
If you plan to buy foreign stocks—for example, you want to invest in U.S. tech stocks denominated in U.S. dollars—you may be charged a currency fee for doing so.
If you're an infrequent trader - let's say you take a year between trades - your account may be affected by "inactivity" fees.
How user friendly is this app?
What kind of investments do you want to trade? Stocks, funds or more sophisticated investments?
If you are new to investing, does the app allow you to practice trading or trade virtually before making your decision?
In addition to trading costs, what other administration fees does the app impose?
Is there a minimum investment?
Can you use the app to trade profitably?