Whether you are interested in stocks and shares or you want to make a killing in cryptocurrencies, it has never been easier to make trades and reap the rewards. There was a time when it was impossible for anyone but stockbrokers to trade, but thanks to online trading platforms, anyone can do it these days. But things are evolving, and many online brokers now offer mobile apps so traders can manage their trades on the go. If you like the idea of opening trading positions while you sip your flat white in Starbucks, here’s what you need to know.
Broadband in South Africa
South Africa is ranked 76 out of 200 for global internet speed. Compared to many European and Asia -Pacific countries, SA’s broadband is lagging behind, which makes financial trading difficult. It is hardly surprising that the world’s financial centres are located in countries where broadband speeds are fast and reliable.
Many parts of South Africa rely on mobile broadband as opposed to fibre broadband. Because of this, trading apps are more suitable than desktop applications. If you are thinking of opening a trading account, consider a broker like easyMarkets that also offers a mobile app. Using a trading app will allow you to connect via 4G, which should be more reliable and faster than a wired broadband connection if you live in a semi-rural area.
There are a number of apps to choose from. Most well-known brokers have apps, so it is worth checking out a few to see what features the apps offer and whether the broker provides a demo account so you can practice before you risk any real money.
One way to practice with no risk is to download the TradeHero app. This fun app is designed to mimic a real stock trading environment but in the form of a game. To play, you are given a virtual $100k portfolio, which you can track, buy and sell. Once you get the hang of the game, you can switch to the TradeHero LIVE version, which lets you make trades using real money, but this is limited and if you want to trade for real, you’re much better off opening an account with a top broker.
What To Look for in Apps
Firstly, it is essential that you only download an app from a reputable broker. Read reviews to verify whether the broker has good customer service, is reliable, and pays out funds quickly and easily. Next, check whether the broker offers the types of trades you are interested in. For example, if you have a burning desire to trade crypto pairs, look for a forex broker that has an app and also offers cryptocurrencies.
Bear in mind that not all apps are free. If you are just starting out, why not try a free app to see how it feels? Robinhood is a free app for would-be stock traders. It doesn’t offer a full range of investments, but you can trade stocks and ETFs.
Choose an app that best suits your experience and always begin with a demo account to test the water before you dive in.