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Top 10 Trading Apps

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Top 10 Trading Apps

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Until recently, the idea of ​​managing stocks and shares from your mobile device – in effect having a dealer’s room in your pocket – would have seemed fantastic.

But today’s smartphones make it a reality. Private investors are increasingly using trading apps, not only to execute occasional transactions, but also to launch entire portfolios.

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Whether you’re new to buying stocks or a seasoned stock market investor, here’s a look at the rise of trading apps and how to choose the one that suits your needs.

Remember: investing is speculative, and as an investor your capital is at risk. This means you could lose some or all of your money.

Keeping the amount you pay for trading and investing to a minimum will ultimately increase the returns on your underlying investments.

But as with many decisions related to our finances, when it comes to choosing a trading app, there is no clear cut choice that will work for everyone. Much of the decision will depend on what you are looking for from the service.

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Aside from cost, there are a number of other factors you need to keep in mind to get the most out of your trading app experience. This includes:

The market for trading apps is getting crowded. Here is a selection of apps that cover a range of scenarios, from beginners to sophisticated investors.

EToro describes itself as “a bridge between the old world of investing and the new” and claims to be “the only place where investors can hold traditional assets, such as stocks and commodities, alongside ‘new’ assets such as the cryptocurrency Bitcoin”.

The app offers a decent mobile experience and, along with several of its rivals, provides an added appeal to commission-free stores.

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EToro also allows users to follow and even copy the trades of legitimate investors with proven results. FCA regulated.

Freetrade’s core service offers commission-free trading and provides access to UK and US large and mid-cap stocks, as well as initial public offerings (IPOs) and special purpose acquisition companies (SPACs).

It also provides limited access to a number of companies located in the German, Finnish and Dutch markets.

Freetrade Plus costs users £9.99 a month, but offers a significantly wider choice of investments, including all other London Stock Exchange shares, as well as access to all other European shares. FCA regulated.

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Fidelity allows investors to choose from over 2,500 funds, as well as stocks from the FTSE 100, FTSE 250, FTSE All-Share and FTSE AIM 100. Other investments available include investment trusts, exchange-traded funds (ETFs) and some Irish shares.

The service allows the user to link family members’ accounts to see everything in one place, while Watchlist tracks the performance of up to 50 investments at any one time. FCA regulated.

Trading 212 offers unlimited commission-free trading with access to over 10,000 stocks and ETFs from the UK, US, Germany, France, Spain, the Netherlands and other markets.

For those looking for more sophisticated investments, Trading 212 also offers over 3,000 contracts for difference (CFDs) on stocks, currencies, gold, oil and indices.

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It features interactive charts, news, automated trading alerts and real-time signals. Users can spread bets or trade CFDs on commodities and options trading is available on a variety of assets timed daily, weekly and monthly. FCA regulated.

For those looking to invest through the stock market, the days of “calling a broker” are long gone.

Most investors who want to buy and sell stocks, build a portfolio of investment funds or trade sophisticated instruments such as ‘contracts for difference’ now do so through an online account.

Over the past two decades, investment platforms representing some of the biggest names in stockbroking and fund management have catered to this need, mostly with services aimed at a desktop or laptop user base.

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In the last few years, however, there has been a noticeable shift from desktop to mobile trading by private investors.

Two factors helped to accelerate this phenomenon. First, the evolution of increasingly powerful smartphones, and second, the rise in the number of stock trading applications.

The numbers are significant. According to analysts at App Radar, there were an estimated 3.1 million downloads of the top 10 Android investment apps in the UK via the Google Play Store in 2020/21.

App Radar does not record numbers for iOS, which refer to Apple users. But it says the split between Android and iOS downloads is about 50/50. Taking this into account, App Radar estimates that a total of around nine million people use trading apps in the UK.

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To keep up, providers of traditional, desktop investment platforms have developed their own trading applications for users to use.

The UK’s largest traditional platform, Hargreaves Lansdown, says its app had almost 700,000 users at the end of 2021. It says more than a quarter of a million customers use its app daily.

One of its rivals, AJ Bell, announced earlier this year the launch of Dodl, an app aimed at younger users. One of Dodl’s key features is that it will allow investors to buy shares ‘commission-free’.

Commission-free trading has become a major selling point for trading apps that rely on other fees to make their money.

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The investment space is cluttered with variable fees and charges from one provider to another, so it can be a complicated job for investors – be it apps or desktop – to gauge what they’ll actually pay.

When it comes to buying and selling stocks, some providers impose a flat fee per trade. Others structure their fees to benefit users who trade the markets more frequently.

Users may also be billed according to the size of their investment. Accounts provided by long-standing platform providers often come with a monthly subscription or administration fee.

If you plan to buy stocks overseas – for example, you want exposure to US tech stocks priced in dollars – then you’re likely to be charged a currency fee.

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Meanwhile, if you’re an infrequent trader – say you take a year between trades – your account could receive an “inactivity” charge.

Several app providers promote their ‘commission-free’ trading status. It is a welcome and increasingly popular option across the investment space. But keep in mind that just because the trades are commission-free, it doesn’t necessarily mean your account will be completely cost-free.

Before you sign up for a particular investment app, decide what kind of investor you plan to be. Having an idea of ​​how much you will invest, how often you plan to trade and which markets will be your primary focus can help you determine the best and most profitable application for your needs.

If protecting your investments from tax is a primary concern, make sure your provider has the ability to offer a stocks and shares ISA – a wrapper that allows £20,000 of tax-free annual growth in stocks and funds.

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Two of the main attractions of app investing are the ability to trade quickly and, assuming you choose the right provider, with little or no fees.

At first glance, this sounds like a winning combination with the potential for improved investment returns in your portfolio. However, research by a team at the Leibniz Institute in Frankfurt says it’s still important to be cautious, even when you have the investment power of a small business room in the palm of your hand.

Scholars suggest that the shift to app-based trading could do investors more financial harm than good if they are not careful.

The researchers tracked the transactions of 15,000 customers of two large German retail banks over several years. They found that when people traded through a

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