It’s not as difficult to get into the world of trading as you might think. Stockbrokers and other professionals have a vested interest in making it look hard, so that you’ll use their services, but the fact is that anybody can get into trading with minimal experience.
Thankfully, the smartphone in your pocket is a great portal into this world as well; with a few well-placed apps and a little knowledge in your corner, you could go far. Here are the most important apps for new traders to download, whether it’s on iOS or Android.
You might well have seen ads for eToro online, especially if you’ve already dipped a toe into the world of online trading. The fact is that eToro is the best all-round trading app for anyone who wants to trade currencies, stocks, and other commodities. It’s a clean, well-structured app that’s easy to use but that also offers a huge amount of depth. When you’re looking for an app that simply encapsulates everything you could want to do in the online trading world, look no further than eToro.
Not all great trading apps are specifically focused on trading. Sometimes, you’ll also need an app to manage your money, and that’s where Snoop comes in. You can see summaries of your bank accounts, get special tips on where to save, and more. Snoop isn’t just great for traders, either. Let’s say you’re currently paying back a £3000 loan. Snoop will let you see what your repayments look like and help you to rearrange your money so that you can make more efficient decisions. It’s that useful!
Much like eToro, Freetrade is a trading and investment app, but this one is specifically geared towards newcomers. If you’ve never entered the world of trading before and you’re feeling a little intimidated, Freetrade is a great place to begin. It’s got an extremely clean user interface that will tell you clearly where everything is, and it also comes with a suite of tools that are designed to help beginners navigate this somewhat difficult world. Make sure to install Freetrade if you’ve never traded before.
Again, Trading212 is another app for which you’ve probably seen ads on your travels; it’s pretty well-publicised by its creators. There’s a good reason for that, though. Trading212 is one of the best trading apps out there thanks to its detailed interface, range of options, and zero-commission approach (which is one you’ll see elsewhere as well). Trading212 actually lets you set up a practice account with virtual money, so you don’t need to make any real-life spending decisions until you’re confident you know what you’re doing.
Your calculator app
We know it sounds like a cop-out, but hear us out. Your calculator app is actually one of the most important tools in your toolkit when it comes to trading. Why? Well, you’re almost certainly going to need to make some complicated calculations at some point, especially if you intend to get deep into the world of trading. That being the case, it’s important to have an app to hand so that you know how to make those calculations. Don’t leave things up to your brain!
Hargreaves Lansdown describes itself as the UK’s biggest investment platform, and it’s not hard to see why. We’re going a little outside our comfort zone for this one; after all, Hargreaves Lansdown’s app isn’t really essential for “new” traders. However, you should make sure to install it anyway, because if you get into trading, this app will be invaluable to you. It’s an advanced-level trading app with a huge range of options and features, and while its commission is more costly than its rivals, that’s because it’s for serious traders.
If you think putting together your own portfolio of stocks or trading commodities sounds intimidating, then Nutmeg is the app for you. It lets you invest in a series of different managed portfolios, so you don’t need to worry about assembling them yourself; just pick the one that looks best to you and invest away. Nutmeg’s investments are handled by an “experienced investment team”, according to the app’s creators, so you know you’re in safe hands.
When you’re an active trader and you’ve got a bit more experience under your belt, Plus500 is the app for you. It imposes some hefty fees on those who don’t regularly use it, but for those who are regular users, Plus500 has some excellent features and a user interface that’s incredibly easy to navigate. If you want to get into the world of CFD trading, then Plus500 is widely considered to be the best app for that purpose, so bear that in mind if this is an element of trading that interests you.
Generally speaking, Fidelity is considered to be the best app out there for trading funds, as it offers a choice of more than 2000 funds to invest in. These include exchange-traded funds, or ETFs, and you can also invest in shares from the FTSE stock market. If you’ve got family members who are into trading, they can also take advantage of Fidelity, as you can sign up to see what family members’ accounts look like. This is a great app for those who don’t like to go it alone in the world of trading, but its slightly different approach might take a little getting used to.
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