Investing in the stock market has become quite easier with the technology being adopted in the sector. Smartphone has become the platform to have a look at the shares of numerous companies spread across the globe.
The mobile applications have adequate information about the stocks of various companies, the rates, and percentages. In addition to this, the application developers have also created a feature to help beginners in investing in a particular stock.
The past datasheet of the respective company is mentioned along with the forecast and the share market rate. Thus, making it easier for a layman to start investing in stocks just at the click of the button.
Moreover, the mobile application enables the user to link the bank account for quick investment and the returns are automatically transferred to the bank account. Further, the user can anytime re-invest in the company or change the option to another company.
Trading apps are well informed of market analysis, market news, and trading research reports. The user doesn’t have to wait for the next day to track the returns or the prospective lead as the sheet is updated on an hourly basis and returns are displayed on the panel.
Many of the youngsters are opting for online trading as they can track and invest in the companies which they like and also enables the person to have null communication, thus adjusting to the pattern of youngster’s lifestyle
To begin with Online Trading, the user has to open a Demat or a trading account. The most important benefit that mobile trading applications provide is the removal of middlemen.
Benefits of Trading App for Beginners
Below are some of the benefits that the user can be benefited from Online Trading applications-
1. It is Easier to Operate with Trading Apps
The user neither requires specific knowledge or skill. The apps are simpler to operate by people belonging to different professions and industries.
2. Reduces the Extra cost
The extra cost which is charged by the third-party brokers is saved. The app doesn’t require third-party people or middlemen to intervene while the process of trade is taking place.
3. Reduction of Errors and Mistakes
As the brokers are not present in online trading apps, confusion and gap in communication are completely reduced. And so, there are no errors, as everything is mentioned in the app.
4. One will Get Adequate Information
With ample research reports, yearly analysis statements, datasheets of companies, and stock market prices mentioned, it becomes easy for the user to analyze the information and then invest carefully.
5. It Saves time
The time is greatly reduced with the help of online trading apps. With just a few clicks the investment process is completed. The entire process saves your time.
6. Keeping Track of the Stocks
The user can have a complete track of stocks that are invested. The stocks which are falling are displayed to help the user in withdrawing the amount and reinvesting them on the shares which are booming.
With the Coronavirus Pandemic being on the rounds, the need for online trading apps has surged when compared to the essential food apps. People are flocking to invest in apps as it is the top source to monitor the money invested.
However, it is advised to the users to check the terms and conditions before investing. Beginners might be confused over investing in stocks and browsing for applications that are reliable and have the expertise in providing ample information in a clear and precise way.
List of the Best Trading Apps for Beginners
Let us present you some of the best trading apps for beginners online:
1. Robinhood Trading App
Robinhood, the name itself represents a user-friendly experience. This personal finance app is top-rated for its stock being updated at a fast rate than its competitors.
The app provides no-fee stock trade, attracting traders. To get hands-on experience in the stock market, it is best advised for beginners to download this stock trading app and try the simple steps. The investment choice, research analysis, and datasheet are updated on a real-time basis which makes it easier for beginners to invest.
Other features include- cash management, cryptocurrency, and fractional investments. Ample of bank options are given to offer the user convenience to opt for share market investment both from their regional and central banks.
2. E-Trade App
The second most famous app is E-trade which has been rated by various users. The app has recently removed many of the additional fees which is the reason it is giving competition to other apps relating to trading.
The app provides various options in the field of mutual funds and users can customize their profiles and track the growth revenues to invest in stocks. The main reason for its popularity is that the app dates back to the 1990s when there were hardly any trading companies.
The company is reliable as it has roots right in the stock market for ages. The investment required by users is comparatively low at just $500.The Hong Kong-based app is grabbing the attention of customers.
The bumper offer of bonuses on initial deposits from the users is the USP of the app. Additionally, the explanatory heat maps display the upward-trending stock in green color and the falling ones in red color.
3. Zerodha Kite Online Trading App
One of the best trading app for beginners is the Kite app. This app has a simple theme and minimizes the advertisement and other irrelevant content to provide simplicity to its users.
Zerodha Kite App has simple icons for people to understand and invest in. The app has a universal search tool by which beginners can invest in basic stocks and then move toward investing in complex stocks of huge multinational companies. The app also provides real-time data of the past 10 years about an individual or group of companies.
There are instant updates provided in the application for every raise in income and prices being increased. Live trades are updated in a separate sheet for beginners to track the rates and invest carefully.
4. 5Paise Online Trading App
5Paise Online is the best trading app for beginners and senior citizens who have little information about stocks. Users can swiftly open the Demat account in the app itself. The app is connected with National Stock Exchange NSE and Bombay Stock Exchange BSE.
There is a personalized mutual fund section for users to invest in various platforms. Though the app requires high-speed connectivity of the internet, the speed of service is quick and easy for beginners.
5. Upstox Pro App
Upstox is another best trading app being downloaded by 40% of the population because it is ranked the easiest and reliable app with plenty of information to get expertise from. The app is known for its heavy feature-loaded app as it provides numerous options to pick from.
Stocks are displayed in multiple drawings, intervals, and charts to understand it more simply. Users can directly trade from the chart, leveraging from the Trade chart feature. The setting of unlimited instant updates relating to stocks is made easier with the Upstox Pro app.
6. Angel Broking Online Trading App
Angel Broking online best trading app provides a large variety of investment options, right from insurance, brokerage, mutual funds to the stock market. Multiple indexes with prices can be viewed quickly at the tap on the screen.
Another best feature provided by the app enables the user to watch the live updates of other users who are investing in various stocks and how they get benefitted or lose the amount invested.
By this, the users can be aware of the best company which they can invest their money on. There is a separate section to save the companies that are performing on top and the user can save it in the watchlist to review it later. Ten transactions from the ledger can be accessed at once.
7. Edelweiss Trading App
Edelweiss is the branded app available in the market today. The app has a variety of brokerage plans for both investors and traders. Users have given 4 out of 5 stars to this app, thanks to its query answering system and issue-resolving speed.
Users can quickly connect with the company and start investing. It just requires the user to tap the screen three times and the booking for the investment can be done. Updates are sent throughout the day to keep an eye on the happenings of the market.
The login session has also been extended from 1 hour to 2 hours giving seamless ease to invest. Favorite stocks can be saved to another tab to track the performance and to choose the right time to invest. Further, the app informs about the 52-week circuit of the stock market, highs, lows, market depth, consolidated, and standalone datasheet.
8. Ameri Trade App
Ameri Trade app provides order entry, editing, and tracking the trade stocks and price alerts. The user can access the real-time quotes and watch lists along with getting the latest market news. Users can view their quick snapshot of a portfolio of the trading investments done via the app.
To educate the users, videos are uploaded that provide tips and information relating to the trading.
9. Thinkorswim Mobile Trading App
If you like customization then this trading app is all that you have to download. Being the most advanced trading app in the market it enables the user to use multiple options such as stock, futures, and forex trade.
Users have a great option of customizing the charts with drawings and technical indicators. The user can also text the trade specialists while watching the market updates. Analyzing the risks can also be done through live indicators present.
The charts have an automatic sync function to fit the preference of the users. For advanced trading users, the thinkscript feature is installed that executes and tests algorithms to reap highly specific results.
10. Groww Trading App
Groww Trading App is the best trading app and has more than lakh users due to the simplicity it offers to its users. The app is designed to fulfill the needs of the customers by providing adequate information to minimize confusion.
The app is known for being the quickest, swift and convenient app. The app is safe and secured with a high level of encryption standards with almost 128-bit SSL Encryption. Moreover, the app is protected from malware, virus, and the leaking of personal information.
In case of a query, the user can contact the customer helpdesk. There is no need for paperwork and hassle-free investments can be done. Users can access stocks, Derivatives, US Stocks, Fixed Deposits, Mutual Funds, etc.
11. Fidelity Trading App
Fidelity app has won the award in 2022 for being the best trading app for beginners online. The app provides zero commission services on equity and base options. The uninvested cash is sent back to the money market fund to create interest in users for re-investment.
Fidelity Trading app enables speed research and asset screens to monitor the stock changes. Here to minimize the clogging of the notifications bar, the company has launched the latest feature which lets the users customize the news feed and select the important news to be displayed on the notifications.
One unique quality of the fidelity app is that it provides a better rate when compared to other apps in the market. In addition to this, the app provides numerous pre-screens for users to evaluate the stocks, ETF options. There are 140 criteria with more than 21 themes such as natural foods, robotics, and cloud computing.
There are multiple online best trading apps available beginners can use. But the users need to make a wise decision before investing, as the disclaimer contains some vital points that need to be monitored before investing in the respective company.
Initially, the beginners should begin with investing a small amount in different shares and then after gaining experience move towards other apps and segments.