Since the increased popularity of digital currencies in 2014, trading apps have emerged as essential tools for seasoned investors and newbies. While seasoned investors may easily find their way around different trading apps because of their experience, newbies may have difficulty navigating even the most user-friendly.

Since trading apps are an essential part of any market, it’s ideal that you know the rudiments of these apps as soon as possible. To simplify your journey, we have searched through top trading apps to recommend the best crypto and forex trading features. Enjoy the read!

What Is A Trading App?

A trading app is an application that allows users to buy, sell crypto, and generally trade securities. These apps allow users access to various markets and opportunities for executing trades directly from their devices (often smartphones or tablets). 

Some apps, such as TradingView, are designed specifically to display real-time market data, track the markets and perform analysis. You can also open trades with TradingView, but you must have an account with a broker.

How Do Trading Apps Work?

Trading apps act as intermediaries to connect traders to forex and cryptocurrency exchanges where digital assets are bought and sold. Brokerage firms or financial institutions typically offer these apps to enable individual investors to participate in the financial markets. Here’s how trading apps generally work:

• Account Creation: To start with a trading app, users must create an account. This involves providing personal information, verifying identity, and agreeing to the terms and conditions of the platform.
• Funding the Account: Users must deposit funds into their trading account to start investing. This can be done through various methods, such as bank transfers, credit cards, or other electronic payment options.
• Market Access: Users gain access to the financial markets through the trading app once the account is funded. 
• Placing Orders: Trading apps allow users to place different orders to buy or sell assets. The most common types of orders include market orders (buy/sell at the best available price), limit orders (buy/sell at a specified price or better), and stop-loss orders (automatically sell a position if the price falls to a predetermined level).
• Portfolio Management: The app lets users track and manage their investment portfolios. They can monitor the performance of their holdings, view profits, and access historical data and reports.
• Research and Analysis: Many trading apps offer research tools and analysis resources to help users make informed investment decisions. These may include real-time news updates, technical analysis charts, and fundamental data.

Key Features Of Trading Apps That Ease Your Trading Journey

Trading apps are designed with various features to make trading seamless and efficient. No two trading apps are exactly alike, so specific features vary from app to app. As a beginner, however, there are specific features to look out for in any crypto trading app. These features include:

• Wide Market Access: Ideal Trading apps offer users access to various currencies. The app should include popular currencies like Bitcoin, Ethereum and notable currency pairs.
• Real-Time Market Data: Users need to access real-time price data of various currencies to make informed trading decisions. An ideal trading app should thus allow you to view various price charts, trading volumes, and market depth.
• A Repertoire of Order Types: Variety is the spice of any trading app, and in this regard, you deserve an app that supports different market orders, limit orders, and stop-loss orders. These orders enable users to design and execute good trade strategies.
• Portfolio Tracking: This feature allows you to monitor your holdings, know the current value of your holdings, and track the performance of your holdings over time. This way, you know when to sell or buy.
• News and Market Analysis: As a newbie, you must stay current on market-related news, trends, and analysis. So you can stay informed of the latest developments and make swift trading decisions.
• Price Alerts: The market volatility demands that users set up price alerts to receive instant notifications of the price movement of assets. This is one sure way to stay at the top of your game.

Factors To Consider In Choosing A Trading App

If you’re considering signing up for the next trading app with all the features discussed in the previous section, we applaud your initiative, but there’s more. There are a few other factors that every beginner must consider before sign-up for a forex trading app. 

• User-friendly Interface: Beginners can rarely navigate a complex trading app design. We recommend choosing an app with a user-friendly interface.
• Educational Resources: As a beginner, you need all the help you can get, and educational resources are vital. With these resources, you can learn about the currencies on the app and the best trading strategies.
• Available securities: Different apps support varying ranges of assets, so choose a trading app that will provide access to your preferred currencies.
• Security: With the latest cybercrime statistics, you must use a trading app with solid security measures like two-factor authentication (2FA), encryption, and biometric authentication.
• Fees and Costs: Many trading apps charge different fees for different transactions, so please confirm that your preferred trading app does not charge fees that reduce your overall profitability.
• Customer Support: The app can have hitches from time to time and may require you to seek assistance from the app’s customer support. Finding a trading app with reliable and responsive customer support channels is crucial.
• Reviews and Reputation: Reviews don’t lie. Read user reviews and feedback to know what the app is like for daily use. This way, you can gauge the app’s performance and customer satisfaction.

Whatever trading app you settle for, we recommend that your choice aligns with your trading goals and risk tolerance, especially as a beginner. You must take the time to compare different apps before making a decision.

Conclusion

Selecting the ideal trading app with the right features is vital for hassle-free trading success, especially for beginners. With wide market access, real-time data, order types, portfolio tracking, news, and price alert features, you will become an expert trader quickly.

The trading world is yours for the taking. Join the TradingView community to enjoy premium trading offers. Happy trading!