The economics of the Indian polity took a major turn after the emergence of many stock brokerage firms in the last 5 years. Stock trading diversified the organized sector of international exchanges and introduced the concepts of finance to the large mass of the Indian population. Today, our country houses over 110 million registered users which are still counting.
Experts consider this an IT-led financial revolution that Demat accounts, which are a primary requirement to set up trading facilities, have been created in bulk in recent years. There exist over 250 registered depository participants within the NSDL and CDSL which allow this population to trade over the Bombay Stock Exchange and the National Stock Exchange. SEBI, the Securities Exchange Board of India, is entitled to the responsibility of regulating the exchange market and protecting the interests of investors in India.
As known through experience, new users consider zero brokerage and nil annual maintenance costs as the parameters when looking out for the best brokerage apps. Learning to trade in stocks takes time and consistent effort. This requires that applications understand the needs of their users, especially the new ones, and create cost-effective programs in order to incorporate these new people within the larger ambit of regular stock investors.
Of course, everybody’s trading needs are different. But it is suggested that one shouldn’t step into this domain without having a piece of basic knowledge about stock markets, trading patterns and demat accounts. Freebies like free-to-open demat accounts are loved by even the regulars.
The best trading apps for beginners come with a host of solutions to their problems and attempt to safeguard their money and privacy. Given below are some features and benefits that good stock tradings apps provide-
- Speed of The Interface: The speed with which one can explore and quickly learn about a trading application is what retains its customer base. To place an order for popular stocks, speed becomes one of the most important factors of differentiation which sets the good apps apart from the bad ones. Therefore, Speed is money.
- Modes of Authentication: While it is generally believed that a hassle-free, hasty login procedure would be appreciated by users of an application, it does not hold true in the case of brokerage apps. The best brokerage apps provide multiple layers to how anyone could access the application. Also, people prefer to remain secretive about their ways of trading. Multiple modes of authentication safeguard the privacy of users and prevent their monetary data from coming out to the public. This process, in addition, requires that even the many ways of signing in are convenient enough for users to not miss out on their important transactions.
- Digital Accessibility: One of the main features or benefits of a demat account is that it is an online service which can be used from anywhere on the face of Earth. This mandates that our trading app is compatible with a range of devices and operating systems like smartphones, laptops, Android, iOS, Mac etc. Furthermore, access using multiple devices at the same time, spread over a large geographical place, is an important feature that must exist in the best trading app for beginners. The displays of trading apps must be in sync with the kind of need each device fulfills. For example, smaller screens on phones would display the main information needed such as the price of the stock to buy or sell it in an instant. On the other hand, a larger screen must provide a deep analysis of the prices using charts to give the user a more immersed experience in stock trading.
- Real-time Review and Updates: No stock trader works in a state of unawareness. Even in the past, traders remained glued to their TVs or radio to be on track with the changing prices of any stock. This must form the backbone of any good trading app. Current updates on stock prices help traders in forming the right decisions for their transactions. This is possible only if the app provides all financial news in well-designated sections within the app and also uses prompt notifications and pop-ups to alert its users.
Certain apps also connect the trading interface with a separate news feed. This helps users to know about any happening that might affect the prices of their stocks. Also, conscious investors lay stress on knowing the history of the stock they wish to invest in. Having a newsfeed on the app itself saves a lot of precious time for the investor that would’ve been wasted if he/she was constantly being diverted to another channel of information.
- Expert Analytics: Apps providing expert guidance at zero or discounted rates fare much better than the apps which do not do so. Experts prepare charts and serve the analysis of a user’s portfolio to make their future actions more conscious, organized and fool-proof. Best brokerage apps track the movements happening in the market and notify their users to take calls in the best way possible. Some do so by providing public expert commentaries which shed light on the course of any particular stock or the market as a whole.
In many applications, these primary features are followed by a range of benefits like security covers, multiple payment methods, low margins on trading charges etc. Users generally look for a cumulative experience within good trading apps that integrate their trading needs and offer a seamless experience in learning and navigating through the app.
The use of demats is already on the rise and so is cybercrime. Hence, we suggest that our readers install their preferred trading applications from authentic sources, thereby reducing the chances of viruses or trojans, which generally surround the broking facilities. It is to be remembered that the best brokerage apps will do everything that makes your work less tedious at the lowest possible costs involved.