With the rise of smartphones and hand-held Internet-enabled devices, the world of online trading has opened its doors to everyone. Around $5.4 trillion of currency is traded each day, every day. Order book trading on the London Stock Exchange is typically around $4.1 trillion each day. This is a lot of money, but these days, you don’t need to be a young Budd Fox to take a bite of the cherry.
Anyone can trade shares or dabble in forex. All you need is a forex trading demo account and an internet enabled device. All the top online trading platforms provide trading apps for customers. There are also apps available that help traders glean useful insights into the vagaries of the financial markets, monitor their trading portfolio, and practice trading strategies.
When it comes to trading in forex, stocks, shares, derivatives, futures, or anything, technology is our friend. Here are some of the best trading apps for Android devices, so grab your smartphone or tablet and start playing the financial markets.
TradeHero is a great app for newbies and experienced traders. If you have zero experience in online trading, start investing with virtual money risk-free. TradeHero provides a safe trading environment; you can begin with a $100k virtual wallet and use this to create a fantasy portfolio. Pick your stocks and shares and compete against family and friends to unlock prizes. Once you are confident you have a winning strategy, start trading live in commodities, forex, and even bitcoin.
The IG Academy app for Android teaches you the Art of Trading, straight from a smartphone. This app is a useful training tool for would-be online traders. Learn more about trading strategies, how to capitalize on market conditions, and how to limit your losses. The app tests your knowledge via quizzes and exams. It’s a great app for anyone who wants to boost their knowledge prior to testing the markets.
Social trading is the future and EToro is the world’s largest social trading network, with 4.5 million users worldwide. Joining a social trading platform lets you leverage the wisdom of more experienced traders. Follow successful users SuperG, 4exPirate, and Amstone and you can learn from them, follow their trading strategies, and gain useful insights. Download the eToro social trading app for Android and start trading on your smartphone.
The Robinhood trading app aims to make online trading approachable and intuitive. You can build an investment portfolio fee-free and you don’t need to have a minimum balance in your account to begin trading. The app lets you analyze real-time financial markets data and stay on top of your investments with personalized notifications. 25% of Robinhood app users are first-time investors, but once you feel confident in your trading abilities, you can download the Robinhood Gold, a premium app with extra features, including extended trading hours and a line of credit.
Trading apps are a great way to play the financial markets, but until you know what you’re doing, it’s best to stay in “demo mode”.
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