Everyone knows that trading, or investing in stocks takes a lot of research and patience. One has to monitor the market closely to be able to make profitable trades. You can do this directly on your device but if you want something more advanced, you can use stock apps for android . If you already have an account with any of these sites, find out how many free stocks they offer for new registrations (though sometimes they are not available anymore). Below, I put together some tips for choosing the best stock apps for a high profit rate.
1 – Simple enough to use
The point of stock apps for android is having something that will make your life easier. So you don’t want to complicate things by using an app with too many options or one that does not give you easy access to important information like latest price, market cap, etc. Some apps may be hard to navigate while others do not let you change the default settings. If it’s your first time, I suggest sticking to the basics at first then try exploring more advanced features later on if you find them interesting and useful.
2 – Low trading fees
When trading stocks there are two types of costs involved: The purchase commissions (or how much money you pay each time you buy) and the selling fees (the fee charged when you sell). If you are not careful, these costs can eat into your profits. Usually if you plan to invest for the long run (over 6 months), fees should not be too much of an issue but still, try to find out what they are before making a purchase.
3 – Free dividends
Some exchanges payout dividends to their users based on the number of stocks owned in their account or in some cases, just by having an account with them! To find out whether any stock app offers this feature, check whether there is any info about “dividends” on their site pages. Then all you have to do is buy the right stocks and wait for money magic to happen.
4 – Referral programs
There are stock apps with referral programs that offer free stocks when somebody registers on their site through your link. If you are new to the stock market, you can easily start this way and get your portfolio started for free!
5 – Price alerts
Price alerts are notifications sent by some stock apps when the price of a particular stock reaches or breaches specific conditions. You can set up these alerts to be sent via SMS, email or through some other mediums like push notifications on some versions of android . This is especially useful if you plan to buy later on at lower rates (or sell at higher). App developers usually release updates making it more convenient than ever so check out what they have in store.
6 – Extra features
There are many stock apps that offer additional features like real time or historical charts, stock quotes, news about different stocks and personal portfolio management tools. If you are not interested in these features, I suggest sticking with the basic app but if you are, don’t hesitate to try them out.
7 – Reviews
Online reviews are a great way of knowing what others think of a particular service or product before buying it. So some research on the internet will be very helpful before making that final purchase decision . Here is an article covering some good Android apps for trading stocks .
8 – Download rates
The download rates for any stock app will play an important role in your overall experience while downloading , using and sharing it with others. If the download speed is too low (less than 50 kb/s recommended ), sharing via Bluetooth or WhatsApp may be impossible. Though if you want to speed things up by uploading any stock app to an online file sharing site, keep in mind that doing so will make it useless for others.
9 – Privacy policy
We are living in a digital age where companies do not hesitate one bit before selling or giving away your information (even personal data) to other parties so it’s important to pay attention to the privacy policies of these services . Some might sell your email address to third party marketers while others might give out other details like browsing history and device ID number etc. Make sure the service does not violate your right to privacy.