—TechRound does not recommend or endorse and financial practices or investments. All information in this article is purely informational—
The New York Stock Exchange can be traced back to May 1742, with the signing of the Buttonwood Agreement. Since then, the size and reach of the stock market has grown, with anyone being able to access it on their smartphones. However, given the nature of the stock market involved money, cybercriminals aren’t far behind. Therefore, before downloading an app and giving away your information, you need to check to make sure it has a good reputation – continue reading to find out how.
Is There a Dedicated Stock Trading App?
The stock markets are considered centralized trade, which means everything is managed by one entity – the New York Stock Exchange. However, there isn’t an official app for the stock markets, which means countless third-party options have opened. You will need to narrow down your choices and then carry out further research into the app.
Make Sure the App Is Well Reviewed
One of the greatest indications of a reputable stock trading app is the testimonies of other users. There are plenty of ways to find out this information including on Google itself and through reviewing platforms like TrustPilot. Alternatively, you can read an article like “best stock trading app UK”, which comes from a verified source. These “best of” websites will do the heavy lifting for your research, which means you can just choose which one works for you from one page.
Can You Open a Demo Account?
Many stock exchange platforms will offer you a demo account, which you can use to fully explore the features before making a decision. You can sign up for as many demo accounts as you like, and it won’t cost you a penny. However, you will need to create accounts and hand over your details first, which is why you need to check the app’s reputation beforehand.
Does It Suit Your Trading Needs?
Stock trading apps have countless features to make life easier for their users, so you need to decide what’s important for you. For example, if you want to make sure your information is secure, you should choose an app that offers high levels of security including two-factor authentication (2FA) and certain levels of encryption. Further, when it comes to making the trade, you should check the information on commissions. After all, you don’t want to lose your investments to the man.
What Markets Are Available?
The stock market is only one revenue stream when it comes to trading; there are countless other markets to add to your portfolio. Many stock trading apps will grant access to trade across several markets, so make sure your chosen app has access to avoid needing more than one.
The stock markets have become much more accessible, with newbies entering the space all the time. Choosing a legitimate app involves reading reviews, comparing features, and testing platforms through demo accounts. At the end of the day, you will have a gut feeling about the legitimacy of an app – if it’s putting out red alerts, you should listen.
—TechRound does not recommend or endorse and financial practices or investments. All information in this article is purely informational—
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