For many of us, the smartphone is a daily companion. It is therefore less surprising that shareholders would also like to use this in their favor. For many it is one Trading app It is impossible to imagine everyday life without it, especially since you can always call up current and reliable information. In addition, these finance apps also give you the opportunity to trade at any time - with just a few clicks.
CFDs are complex instruments and, because of the leverage they provide, there is a high risk of losing money quickly. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Many financial institutions, banks and brokers now offer their own trading apps, with which customers can be guaranteed access while on the move. But with these apps there are of course big differences in quality and, above all, in the range of functions.
We have therefore looked at the most common and popular equity apps and put them to the test. So you can as a user quickly and easily an overview of the best trading apps 2020 do. In addition, we use our test winner to explain how easy it is to deal with a trading app.
No time? Our test winner
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The best trading apps at a glance
Advantages of a trading app and what to look out for
If you don't want to miss any opportunities to trade, it is definitely worthwhile to download a trading app. This is just ideal for those who are very often on the road and still want to complete their trades. Because when it comes to forex trading, CFD trading or trading in stocks, it depends right time to make a profit.
Since you always have the app with you, this is a big advantage over the computer. Additionally, most stocks have apps too the same functions as the web applicationsSo you can not only close trades, but also that Trading account manage. These include, for example payouts and Informing about course developments, Notifications about important events directly on your mobile phone and much more.
Order types in trading
When trading Forex or other assets, you can do different Order types choose. Which of these are offered depends on the broker, but should Market Order, Limit Order, Stop Loss Order and Take Profit Order are offered and also be available in the trading app.
- Market Order
A market order is used to trade at the current market price - this order is accordingly executed immediately.
- Limit Order
An upper or lower limit is set for the limit order. Depending on which course you have set and which limits you have set, the order is then executed when the upper limit is fallen below or the lower limit is exceeded.
- Stop Loss Order
These orders are mainly to be found in Forex trading or CFD trading, as they are very volatile. With the stop loss order you can limit losses - you set a stop at a loss that you can bear. When this limit is reached, the order will be closed to avoid a higher loss.
- Take Profit Order
With this order the profit is secured. So you put a stop on a profit you want to make. When this point is reached, the order will be executed.
How do you recognize a good trading app?
Whether for beginners or already experienced traders - a trading app is a must certain requirements fulfill so that one can act successfully. While brokers often provide tools on their websites for trading, for example Charts and Course developments, some mobile apps do not offer enough information or functions - especially for beginners.
In addition, some financial service providers charge high costs for a trading app, but this does not have to be the case. Because a good trading app doesn't have to be expensive. However, you should pay attention to the following before deciding on a trading app:
- Push notifications
- Real-time rates
- Large selection
- Ease of use
- demo account
Which is the best trading app?
Of course, you are spoiled for choice among the multitude of apps. There are many good trading apps that are suitable for both beginners and experienced traders.
In our test, however, the trading app from eToro convince in all points. The clear app is easy to use, clear and offers a large product portfolio. This is how users stand shares, CFDs, ETFs, Options and crypto currencies (Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ada, Ethereum Classic, Stellar, Ripple, EOS, NEO and currency pairs) are available. Trading in foreign currencies, indices and raw materials is also possible.
With eToro you can do live trading with 200 USD start. There is also one Deposit protection of 20.000 per investor.
The app also offers a News Feeds on and your own Trading Academy, where you can deepen your knowledge through webinars, e-courses and videos.
It is also good to know that there is one German-speaking telephone support from Mon-Fri between 10.00 a.m. and 15.00 p.m.
eToro - Open an account with eToro
Before you can use the mobile trading app from eToro, you must first log in and verify on the provider's website. How this works is explained here:
What are the fees for a trading app?
As a rule, trading apps have similar fees as the web applications of the respective broker. In comparison, these are still cheaper than the fees and commissions of a bank advisor or an expensive depository.
In all of our tested trading apps, the deposit is free. Other, prone fees are also very low.
An example: We buy a share in Value of 1000 EUR. We keep this stock for a month and sell them afterwards. The course does not change within the 30 days. Thus, the fees per trading app would be as follows:
Is it Safe to Trade Using a Trading App?
The trading apps we tested enjoy the highest security standards. These are regulated by various financial supervisory authorities. Great importance is also attached to data protection and security during registration and verification. What convinces us is also the high deposit protection of eToro of 20.000 EUR. The other trading apps also usually offer a high level of deposit protection.
Trading app for iPhone and Android
Although one is now a Android or iOS Smartphone owns: Could in our test eToro emerge as the clear test winner. The trading app is available on both operating systems and can be easily downloaded from the Google Play Store or the AppStore.
The app convinces with the simple Service, user friendly Surface and the size selection an Assets. In addition, you can use eToro as well as a web application.
With eToro you can with shares, CFD, Forex or with crypto currencies trade - with no hidden fees or costs. Also fall at eToro none Commissions or Custody fees on. eToro is ideal for beginners as well as experienced investors and investors.
Most brokers now offer a trading app for mobile trading. These are especially interesting for all those who are always on the move for work or for other reasons. The advantage of a trading app is that you can any time can access his custody account and his portfolio - and that of all over. Especially when trading in securities or CFDs, it sometimes only takes a few minutes to complete a good trade - so when you are on the go, you always have the option of making a trade with your smartphone. For larger events you will also use the Push notification informed.
But a trading app is not always enough, as many do not have enough information or current price developments ready for analysis. In order to always be up to date, we recommend using the corresponding finance portal on the computer. Nevertheless, a trading app is a very good companion. Above all, it is important to find out about costs and fees in advance and also whether the assets you want to trade with are available.
In our test we were able to determine a clear test winner, namely eToro. The trading app is recommended for both beginners and experienced traders. In addition to low costs and fees, there is a user-friendly interface, intuitive operation, explanatory videos and documents, and German support. The offer is also impressive. Furthermore, there is also a demo account with which you can first familiarize yourself with the platform and the mobile trading app.
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What do you need a trading app for?
Trading apps are an excellent addition to online brokers that can otherwise be reached from the computer. With a trading app you always have your deposit and your portfolio with you. You can trade from anywhere, anytime.
Which trading apps are there?
Almost every online broker now offers a trading app. It is particularly important to pay attention to the costs, selection, user-friendliness and functions. The best trading apps are from eToro, Plus500, Skilling, Comdirect and Consorsbank.
Where can I download trading apps?
Most trading apps are designed for iOS and Android. These can then be downloaded very easily, depending on the smartphone, from the Google Play Store or the AppStore.
How can you buy assets using the trading app?
As soon as you have logged in and registered with the desired broker, you download the trading app onto your smartphone. After successfully paying into the customer account, you can start live trading - depending on what you choose - whether stocks, CFDs, forex, cryptocurrency or other assets.