Trading has surged a lot in popularity in recent years. Every other person in the UK is trading these days. Many have even quit their jobs to become full-time traders. The reason behind its growing popularity is pretty straightforward. Trading apps have become extremely accessible. 

The ease of access to trading apps has democratized investing, enabling investors to enter the financial market with lower barriers. Another reason is that it’s a high-reward activity; however, it doesn’t end well for all traders. Why? Because many of them are new to the trading world not knowing enough about it or not choosing the best trading app presents a lot of complications. 

If you’re new to the world as well and haven’t tried many trading apps, we can help you navigate your way through it. Here are a few smart tips and tricks that every trader needs to know. 

Finding the Right Trading App 

As mentioned, there are plenty of highly accessible trading platforms available these days; therefore, finding the right one is sometimes overwhelming. It holds especially true for the Forex trading platforms, as most people get started with a poor app and end up losing more money than they invested. 

Fortunately, there are many great automated forex trading apps available out there, and getting your hands on the right one isn’t a problem if you know your way. The following are a few things that you need to consider when choosing a trading app: 

• Security - always ensure that the app you choose is entirely secure. After all, you’re investing your money and the last thing you need is a scamming app. 
• Account maintenance - a crucial step in the trading world. Thus, you need to make sure that your trading app is reliable and that your account is updated regularly. 
• Accessibility - always choose an app that gives you instant access to your trades. 
• Trade execution - be sure that it allows you to trade in and out effortlessly without any stumbling blocks on the way. 
• Price alerts - a good trading platform keeps you updated about your entry and exit points, so you must ensure that the app you choose doesn’t compromise on price alerts. 
• Market access - it needs to have a diverse market range or else, it can affect your trades negatively, making you lose money in the process.
• Education and learning - it’s imperative to use the app for learning purposes as well and not only to make trades. A well-designed app ensures to guide you along the way.
• Access to tools - having access to all the required tools is mandatory to plan the perfect trading strategy, so make sure that your app provides you with all the tools you need. 
• Events and news - being in touch with the events and news in the trading world is also essential. These things can affect your trades. 

Considering the User Experience 

Now that we’ve established the key features of a trading platform, let’s get to the second part. It’s a step that you must not ignore if you’re looking forward to a positive trading experience. Having a user-friendly trading app is imperative if you want to grow in the world of trading. 

Many people who become traders leave after a while out of frustration only because they fail to choose a user-friendly trading app; thus, it won't be wrong to say that user experience matters a lot when it comes to trading apps. Speaking of that, we can divide it into two categories. 

The first one is having a user-friendly interface. It is especially important if you're new to the trading world and haven't tried many apps before or if you're not quite tech-savvy. A trading app with a simple interface will help you get started in a better way. Not just that, it will also help you learn and grasp all the basics about trading easily and in a shorter period. 

The second thing is functionality. Make sure that your trading app is functional at all times. Trading is all about good timing. If you're smart with time management, you may lose money rather than gain it. For that, your trading app must be functional at all times. It should be updated every few minutes so that you stay on top of your game.

Looking into Customer Support 

One important factor is the customer support. A lot of people lose their money because of poor customer support of the trading platform. For example, in case of an issue with the account functionality, who are you going to reach out to? Of course, the customer support of the trading platform you're using. However, the question is, would they respond to you promptly? 

What if they don't? Well, in that case, you'll be losing your investment. Thus, having great customer support is crucial and it's a significant factor to consider when using trading apps or choosing one to begin with. Whatever concerns you may have, you're going to need help and there's no one more suited to help you than the customer support of the app you use. After all, who knows better about one's program than oneself? The answer is nobody! 

Checking Fees and Commissions

Last but not least, never forget to check fees and commissions when using an online trading app. Also, always pay attention to the hidden costs of supposedly free trading. While you may not realize it initially, the fees and commissions of the platform make all the difference. In case the trading platform that you use is charging a high fee, it will take a big chunk of your trading platform and you'll end up losing money. Similarly, in the case of not making a lot of profit, it might take a chunk from your investment, which will be an even bigger loss. 

Therefore, checking the fee and the commission ahead of time is mandatory. It's a precautionary step that can go a long way once you move forward with online trading. Look into the cost structures of different trading apps and choose the one that works best for you. A few apps charge annually and monthly while others charge per trade. Getting the one that charges annually or monthly is a better option compared to the one that charges for every trade you make. 

Not every trade will turn out to be a profitable one. That's why paying a fee for every trade could result in losing money. On the other hand, going with the trading app that charges you after a month or a year is a sensible course of action. If anything, it will save you a substantial amount of money at the end of the day. 

The Takeaway 

Winding it up, it would be good to recall that trading has its ups and downs. Similarly, every trading app is different and they have their pros and cons. All you need to do is ensure that your trading app provides you with lower costs and more convenience. With these two things, you're all good to get started. It's as simple as that.