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How to compare stock market trading apps for a long term investment ?

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Here is a checklist if you want to know what you need to verify if you are looking for a trading app which is easy to use.

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For a long-term investment, you need to be well equipped and coached. You need to choose a stock broker who offers you a practical, intuitive and efficient trading app. This is of a particular importance if you are new to the world of trading and need to familiarize yourself with it.

But since there are so many trading applications, making the right choice is not always easy. But by learning how to compare among these apps, you will be able to choose the best program for you. Here are some tips to do it.

Test the trading app

At a glance, you can sometimes determine in advance whether a program is easy to use or not. Hence the importance of an easy to use interface for a trading app.

So, if you feel like you can manipulate the app interface easily, that’s already a pretty good sign.

Therefore, give preference to stock market app with a clear, simple and concise design. Among the current trading applications, we recommend the broker eToro. According to this eToro review, the app is very easy to use, making it one of the best beginner trading apps.

In addition, also check the types of orders available on your trading app as well as the simplicity of withdrawing and depositing money. These should be easily accessible from the application interface for more ease of use.

If you want to evaluate the interface of a trading application and its functionalities in general, feel free to open a demo account to test it.

Pay attention to the fees

The vast majority of trading applications are free in the app store. However, the services they offer are chargeable, and the prices offered are not always the same.

Therefore, comparing trading apps on their price can also help you choose the best platform.

Among the amounts to be paid, you must check overheads, including opening and closing costs, account maintenance costs and transaction costs. However, beware of brokers who offer very low prices. Often they are unreliable and do not offer a guarantee. To be sure of the reliability of a broker, do not hesitate to check if it is regulated or not.

Check the quality of the application’s customer service

A worthy trading application should always offer a modern and responsive after-sales service.

So, when choosing the application, the quality of customer service is an important criterion to take into account.

The best brokers often offer an online chat to respond quickly to users. But generally speaking, brokers can be contacted by email or even by phone. What makes the difference in trading applications are the availability schedule as well as their responsiveness. The more reactive they are, the more satisfying it is to use the app. You could check this information by looking at the rating of the app or by reading its review like we mentioned for eToro.

Again, feel free to test the app by opening a demo account to be sure of your choice. This is a great way to find out about the quality of the trading app as well as its customer service.

 

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