The stock market can seem like an overwhelming place, especially if you are just learning about trading or investing. In the trading market you can trade almost anything today. Advanced financial instruments allow traders to arbitrate the price differences in various commodities as well as equities. Thankfully, there are a number of smartphone applications that can make it easier and safer to start investing in the stock market.
Tips for Keeping Your Smartphone Secure
The applications we are going to discuss for trading via your smartphone have been designed with your safety in mind. Still, you have to do your part by keeping your smartphone secure.
Most smartphones run one of two operating systems, Apple iOS or Google’s Android. A number of companies sell Android devices. Their software is modified by the manufacturer. The reliability of the operating system that you use is one of the key considerations when purchasing an Android smartphone. If you purchase a cheaper phone, you might not get access to the updates designed to correct security flaws. This could leave you vulnerable to a number of attacks.
Your smartphone will come with multiple security settings. It is important to understand the security settings and make sure that your smartphone is set up in the most secure way.
Remember, if you are using your mobile phone for trading, it is going to carry a lot of sensitive information. Pay attention to which apps you grant access to the data stored on your phone. Familiarize yourself with the security and privacy features on the phone, putting all possible safeguards in place.
Remember, iOS phones automatically have a strong encryption. Android devices support encryption. You can and should enable it if you are using your phone for trading. This would include encrypting all the data on flash memory cards if you use them.
Finally, Android devices allow you to record your password safely. You can remember a master passphrase, which will allow you to look up other passphrases. This makes it possible for you to create unique and strong passwords for all of your trading accounts without needing to memorize them. There are a number of apps available that will create random passwords for you when you create new accounts, and they will remember these passwords.
Robinhood: A Safe and Secure App Tailored Toward New Investors
Robinhood is a safe mobile app designed for individuals looking for a non-complicated way to trade. Individuals who want a more diverse platform that is full of trading options will not like this.
This app is best for those looking at low cost stock trading. It is designed for beginners and investors on the go.
In addition to its security features, another benefit of this platform is that it offers free trading for all stocks. You are able to deposit money into the platform using a variety of options. You do not get charged fees for transferring out.
One of the downsides of this platform is that some of its best features require you to upgrade the product. This product also does not have research reports. At the moment, Robinhood investors are only able to trade domestic exchange stocks and ETFs.
M1 Finance Makes Investing on Your Smartphone Easy
This is an investing app this is tailored for smartphone users and do-it-yourselfers. This app has been described as the perfect combination of traditional investment brokerage accounts with robo advisors.
M1 Finance allows you to invest your money using an investment portfolio template referred to as “Pies.” These pies have been created based on Modern Portfolio Theory. You have the option to invest all of your money in one of these pies, or you can customize the template however you want. M1 Finance will then manage your account by keeping your allocations within the parameters you stipulated when designing the template.
M1 Finance has a number of features that are like traditional investment brokerage platforms. You are able to customize your pies, in effect choosing your own investments. You are able to buy individual stocks as well as ETFs using your account.
TD Ameritrade Mobile Offers One of the Best Overall Trading Experiences
TD Ameritrade is one of the biggest brokerage firms on the planet. They offer their clients a variety of mobile apps based on their needs. The first is the basic TD Ameritrade mobile app. This basic app has a lot of the features you would expect from your desktop stock trading app, but the only difference is that it has been redesigned to work with iOS, Windows phones, and Android. The TD Ameritrade Mobile Trader application offers a more powerful trading experience. This app is available for iOS and Android.
However, if you are a beginning investor, TD Ameritrade mobile app is just about all you will need. You have the ability to customize dashboards and screens, and you will be able to research different stocks and get advice. You are able to receive market alerts and learn from videos that discuss different types of trades and investments.
Acorns the Best Investment Plan for Beginners
Acorns is another great mobile trading app for beginners. It has all of the safety features you would expect from an app of this type. It tracks your regular spending, rounding up your purchases to the next dollar. Then that excess money is transferred to your account and is invested for you. You also have the option to transfer funds into your account manually.
The platform will primarily invest in a portfolio of stocks and bonds. The stocks and bonds selected are based on a brief questionnaire you complete when you sign up for the new account. This allows you to create a diverse broad portfolio to help you reach your investment goals.
Smartphones have made it possible for a more diverse group of people to begin investing. If you follow proper security procedures, you can minimize the security risks and enjoy investing in your future using your mobile device.