One of the best ways to increase your wealth is to invest. As a millennial wanting to invest and building an intelligent portfolio, you may consider going beyond the traditional schemes. One of the most attractive investment opportunities in trading.
You can do trading for stocks, bonds, commodities, and even currency. Yes, you read that right! Trading with currency or Forex trading is one of the most exciting formats available for investors worldwide. With advancements in technology, you can trade right from your mobile devices! So, if you are ready to venture into the world of Forex trading, continue reading. Here you can find forex trading apps that genuinely work and are top-rated.
There are lots of options, and you may feel overwhelmed. But, don’t worry. Read on to find out the top six features you should consider when choosing a forex trading app.
- License and Registration – While several interesting apps are available out there, not all have the same level of permits and registrations. The licenses are present on the apps. Find out about these licenses and the various bodies that regulate the service provider. These licenses and registrations protect the interests of the investors and ensure fair play.
- The User Interface And Software – An app could offer several features and benefits to its users, but if the interface and software are not user-friendly, it will not do the user any good. Only a handful of service providers have apps that give their users a great experience while trading.
There are several exciting features that are made available to users, including trial trading games, blogs, and detailed videos and guides explaining the features and how to use them. Make sure you check out the blogs and videos and try the trading games. These are free, and they will give you a feel of the app. Only when you are comfortable with the interface start investing.
- Fees – Trading apps charge different types of fees to their users. The most common fee is a trading fee where the app deducts a small percentage from your account on the purchase or sale of the forex assets. Other types of costs include inactivity fees, deposits, and withdrawal fees. While rare, some apps do charge these fees. But if you look at the prominent ones, most of them would charge only a nominal trading fee to attract more consumers and promote trading.
- Assets Available – Several assets are available for trading, but not all apps will carry every asset combination. So if you have done your homework and want to trade in a select few assets, check out their availability after signing up. After all, if trading is not a full-time profession for you, you will have limited time to do your research, and too many options would only lead to a lot of confusion.
- Minimum Deposit – Now, this is where things get interesting. As an investor using any forex trading app, you will be required to make a minimum deposit to start trading. This amount could range between 0 – 250 Pound Sterling. As a responsible investor, you can select an app that would allow you to invest only the amount you are willing to use for this investment format.
- Payment and Withdrawal Options – Be sure to opt for an app that offers multiple convenient ways to deposit and withdraw money securely. Credit cards, Bank transfers, and a dozen online payment transfer services are available. Read up about the timelines taken by the app to conduct the transactions. Usually, the timelines are very short. However, check the guidelines to figure out the maximum time required and the support features in case you get stuck.
Consider these key features, and you would find a suitable app to enable your Forex trading experience. Happy trading!
