What You Need to Know Before Using a Stock Trading App | Motilal Oswal
What You Need to Know Before Using a Stock Trading App | Motilal Oswal

What You Need to Know Before Using a Stock Trading App

If you are looking to invest in the stock market, it is likely that your first point of contact to interact with the stock market is your stock market app for android or IOS. These apps, created by Depository Participant (DP) such as brokers allow you to access your Demat account and the stock market. You can use this to view stocks, track stock prices, and even customize your buy and sell orders through GTTs, stop losses and target triggers. The MO trader app for instance offers users a multi-asset watch list, through which they can keep track of how various investments such as stocks and mutual funds are doing, allowing them to better pick entry and exit points. Stock market apps for android have come a long way, resulting in there being no best stock market app for android. Rather, you can pick an app and DP that best suits your investment needs. In this article, let’s take a look at some things you should keep in mind while using a stock market app for android or ios. 

1.    Account opening and closure process. 

If you are planning to use an android stock app or ios stock app, then you will likely have to open an account with the app first. Most companies make the account opening process for their stock market app for android or ios fairly seamless and require minimum time. The catch, however, is in account closure terms. Make sure your stock market app for android allows you seamless account closure processes as well, else you will find yourself stuck paying unnecessary charges for an account you are not actively using. The best stock market apps for android and ios will allow both processes to be fairly hassle-free. 

2.    Make sure it has all you need. 

AN android stock trading app will provide users with an extensive list of features. It is essential, therefore, to ensure that your app provides you with all the features you will require to attain your financial goals. The MO trader app, for instance, allows users a number of additional features such as trading reports, real-time overall margin updates as well as an app for your desktop, phone and smartwatch for instant notifications as well. 

3.    Fees and charges. 

Even the best stock market app for android or ios will most likely be free for you to download and install on your computers and phones. However, using the android stock app or ios stock app is likely to incur some charges. Two primary charges that you should keep an eye out for while using a stock market app for android are Account Maintenance Charges (AMC) and transaction charges. While AMC charges or transaction charges cannot be avoided if you are using even the best stock market app for android or ios, you can pick a stock market app to suit your needs. If you are planning to hold your investments for longer periods of time, look for a stock market app for android that has lower AMC charges. If you are looking to trade frequently, you can look for one that offers lower costs per transaction. 

Conclusion

A stock market app for android or ios offers a convenient trading experience, and most apps are now feature-rich enough to suit all your needs. The MO trader app for instance allows you access to a number of additional services such as a strategy builder, a trade guide signal and SENSIBULL, an advanced options trading platform. With the sheer access that such apps offer to new stock market entrants, you can trade with confidence and net yourself healthy returns. 
 

Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account | 10 Points to Remember When Operating your Demat Account | Types Of Demat Account & Trading Account | 5 Advantages of using MO Trader App | 7 Benefits of Trading through an Online App 

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