Stock trading apps are specially developed to make it easy for the stock trader to place orders. There are different stock brokers out there. Each of them claims to be reliable for stock trading. However, you must investigate them closely to be sure that the traders are reliable. You can only get the top quality trading app from a reliable broker. So, the principal thing to consider when looking for a reliable trading app is the quality of the broker. The quality of the app depends on the reliability of the broker. As a result of this, the content of this write-up will focus on how to choose a reliable stockbroker. This is because a reliable stockbroker will provide a reliable stock trading app.
Best Stock Trading Apps in Canada
Tips for Choosing Stock Trading Apps
As a stock trader, you should know what you are looking for in a stockbroker. So, you want to find out if the broker has those things or not. You should only focus on brokers that can provide you with the things that you need.
This way, you can meet all your trading targets successfully. You should also find out if the stock trading apps offered by those brokers contain specific features that will make your trading experience a wonderful experience.
What exactly are you looking for?
You need to first determine your investment goals before you choose a broker. You should only go for a broker that has what you need to fulfill that goal. Are you a beginner or an expert? This can also determine the particular broker you register with. Bear in mind that some brokers provide full supports for beginners. On the other hand, some brokers mainly focus on experienced traders. Those brokers focusing on beginners will provide simplified stock trading apps that can be easy for the beginner trader to handle.
Some of the basic features to consider in stock trading apps for beginners are:
- Basic resources for education
- Comprehensive glossaries
- Easy access to customer support
- Practice account
Check for regulation
Before you download the stock trading apps offered by stockbrokers, first find out if the broker is regulated. The organization responsible for stick trading regulation in Canada is the National Registration Database. You should not register with any broker that is not registered with this body. This body equally plays the role of the territorial and provincial registration authority. Find out also if the broker is under the regulation of the Investment Industry Regulatory Organization of Canada (IIROC).
If the broker is regulated as described above, then it means that nothing will ever go wrong with your fund. A good broker will offer a guarantee against fraud. One other factor to consider is what customers are saying about the broker. If the reviews are bad, then you should steer clear of the stock trading apps offered by such brokers. Only register with a broker with positive reviews. Also, make sure that you read such reviews from reliable, neutral sources.
Check for security
The security of the trading platform is also very important. You should opt for brokers that offer two—factor authentication when looking for good stock trading apps to use. This gives assurance that you can use the app without fear of losing identity theft or fraud. A secure stockbroker can offer any number of security measures below:
- Answer security questions
- Receive time-sensitive, unique codes via email or text
- Use a physical security key slotted into the USB port of your computer
You should steer clear of a broker that sells the personal details of its members when looking for stock trading apps. Find out first what the broker will do with your information before you register there.
One other important thing to consider when looking for the best stock trading apps is the account options available. Some brokers offer different types of stock trading accounts like:
- Standard account
- Micro account
- Mini account
- Cent account
The minimum deposit you need differs from one type of account to another. If you are new to stock trading, you can consider a broker offering a cent account. A more experienced trader can go for a standard account.
Consider the fees
Before you download any of the stock trading apps out there today, take some time to consider the fees. The fees vary from one stockbroker to another. Look for a broker that offers low fees all round. As a beginner, the issue of fees should matter to you. If you are starting with a small amount of money, you need a broker that will not charge you too many fees. This is because huge fees can eat deep into your trading account. You should always read the terms surrounding the trading commissions and fees of the broker before you register there. Some fees should not even come up at all. A good example of such fees is the account opening fee. Opening of an account with a broker should be 100% free. Check if the minimum deposit also agrees with your trading preferences.
Before you choose any of the stock trading apps, take some time to investigate the brokers that develop them. The points we mentioned above can help you to make the right decision about stock brokers. You should also not register with a broker that demands high and bogus fees. A good broker will give you access to a demo account also. The demo account can help you to learn the rope about stock trading.