Benefits of Trading Apps? And how to choose Best Trading App for Online Trading
A trading platform is an app or web service provided by a stockbroker to facilitate online trading and investment of stocks and other commodities. Through a trading platform, you can place or cancel stock orders from the comfort of your home. It helps you make your own decisions about trading without the intervention of a third party. The trading platform allows you to buy shares or invest in IPOs and mutual funds.
You can start trading online by trading apps by opening a demat and a trading account with any SEBI registered stockbroker. Documents required to open an account are PAN card, address proof, Aadhar card, and a phone number associated with Aadhar card. Additionally, bank statement, cancelled cheque, and your passport size photograph is also required.
What Are the Benefits of Trading Apps?
The following benefits are:
- Trading apps allow you to execute trades within a few clicks with at least no communication with participating brokers or sub-brokers. This is one of the biggest benefits of online trading as it eliminates any possibility of illegal trade-offs due to communication or misinterpretation that was common before.
- Doing investment and trading from trading apps is the easiest and fastest option. The most important thing for online trading is the internet and computer or a Smartphone.
- Trading apps allow you to monitor your trades. With the interactive tools offered by stockbrokers, it is easier than ever for traders to evaluate the performance of their investments.
- Through trading apps, you can quickly determine the amount you want to invest in, find out the price and quantity, check online stocks, and place your order.
- Placing orders using an online platform involves less brokerage. That’s because setting up and maintaining an online platform is more economical than managing its branches and managers to help you trade.
- Speed is one of the great benefits of an online trading app. It takes a few minutes to connect with the broker and define your investment process.
- Online trading platforms link your Demat, trading, and bank account. This enables you to seamlessly transfer funds directly from your bank saving account to your Demat account. This reduces the time delay associated with transferring funds.
- Trading apps offer better returns on investment as compared to the traditional method.
How to Choose a Trading app?
When choosing a Trading app, you should consider the following:
- The trading app should provide high speed, a user-friendly interface, and reliable data.
- The trading app should facilitate a fast phase of trades.
- The trading app should feature a wide range of visuals including graphics, templates in different styles (symbols, charts, graphs, analytics, etc.)
- The trading app should provide top-level security
- The trading app should provide a robust trading interface with minimal downtime.
Which Is the Best Trading App for Online Trading?
There are plenty of trading apps available in the market which creates a dilemma for the traders as to which platform to choose. To help you, there is one trading app that is currently the best in the Indian stock market. It is an IIFL Markets app owned and managed by India Infoline or IIFL Securities. IIFL is the leading stockbroker in the country providing its services to over 1+ million customers.
IIFL Markets is a demat account app that enables customers to trade instantly and provide guest visitors with a single OTP service. Not only that, but potential mutual fund investors can also use the app to invest in all financial plans such as equity, debt, balanced, hybrid funds.
What Are the Features of the IIFL Markets App?
The features IIFL Markets include:
- You can trade in stocks, equities, currency pairs, mutual funds, derivatives, and other commodities.
- IFL Markets integrates with NSE, BSE, MCX, and NCDEX.
- You can Apply for IPOs
- You can create a watch list for your favourite stocks
- Detailed display for indices, commodities, and currencies
- Trading support for MPIN based on login
- Free services for guest users
- Advanced charts and graphs to study and analyze the stock performance
- Financial alert and status regarding stocks, news, and ideas.
- Free diverse research reports and trading tips of stock market
- Updates to the latest on live TV and videos
- One tap customer support
What are the Advantages of the IIFL Markets app?
IIFL Markets is a very user-friendly application that offers users a wide range of services:
- Single platform to trade in all securities
- Stock news, quotes, and reports that help users to make the right calls with their investment
- Individual and personalized watch list
- Immediately enter intraday charts and live indices
- Fast and convenient platform
- Document without IPO / OFS certificate
- Instant stock recommendation and notification alerts
- Track history of your investment portfolio
- Modify and cancel your trade at any time
- Low brokerage charges
- Free account opening process
- 24/7 customer care support