Best mobile trading platform in Nigeria
Mobile apps are very popular in today's world. They are actively used by online shops, service providers, hotels, online schools, restaurants and so on. With the help of mobile phone apps, companies can significantly increase their customer flow, and customers can get quick and convenient access to services, goods or information.
Mobile apps are also popular in trading. Brokerage companies have followed market demand and developed mobile versions of their trading platforms. Before, the functionality of these applications was limited and used more for information purposes, but now the mobile version of the trading platform is in fact an exact copy of the full, desktop version.
Rather high competition on the brokerage market drives brokerage companies to constantly improve the quality of the services provided in order to meet trader's needs.
Therefore, we now have quite a wide range of mobile applications for online trading platforms.
How to choose the best mobile trading platform from among them?
Based on feedback from experienced traders and stock trading experts, we have identified a few key features that a quality and reliable mobile trading platform should have.
Below we will discuss how to choose the best mobile trading platform in Nigeria.
Choosing a broker and downloading a mobile trading app
An online trading platform is software developed by a brokerage company to enable you to carry out investment trading operations online, without physically visiting a stock exchange, company office or bank branch.
Absolutely all transactions can be made online, from anywhere convenient for you and at any time convenient for you. The mobile application of the online trading platform allows you to make all transactions not just online, but from your mobile phone. Typically, mobile applications are installed in parallel with the full, desktop version of the program, in order to literally always have at hand all the necessary information about the state of the market, as well as the ability to open or close transactions. But, at the same time, the mobile version of the trading platform can be installed standalone, as the only and main version, whether or not a trader has the full version of the program.
First, choose a brokerage company. Pay attention to the existence of a license to conduct brokerage activities - choose only licensed brokers. Read the information about the broker - what experience they have in this area, what are the peculiarities of cooperation, commission costs for services and so on.
When you have selected a few brokers you like most, it is time to compare their online mobile platforms and choose the best one and download it to your mobile device for further use.
The first thing you should do to get acquainted with the mobile platform is actually download the application. Important: To download and install the software on your gadget, use only those links that you find on the official website of the brokerage company. Never download the software from unknown sources, as otherwise you might suffer from fraudulent actions of third parties.
Apart from the broker's website, you can also download the trading application by accessing the official playmarket on your mobile device. To do this, enter the broker's name into the search box and look for the app you need. Here you will also see information about the technical specifications of the mobile platform, such as the amount of space on your mobile phone, as well as the available language versions, compatibility with your mobile device and so on.
Keep in mind all the necessary parameters for downloading the application to your phone correctly. Click the "install" button and wait for the app to fully download. Once again, use only official links to download the app. Choose only a licensed broker for cooperation.
Creating an account
After downloading the app to your mobile, create your account. The system will ask for a username, a valid email and a complex password. Confirm your registration by clicking on the appropriate link, which will be sent to the email provided. Creating an account is a very simple process on most platforms, so you should be able to do it easily.
The system will ask for additional verification at the withdrawal stage, in order to keep your funds safe and secure. This is usually a scan of your identity documents, or other verification documents provided by the programme.
Quality mobile platforms are designed primarily for ease of use with complete security, so they provide prompts in the form of pop-ups and push messages. Following these prompts will make it easy for you to pass verification.
In case you already had an account that you registered using your computer, laptop or tablet before, all you need to do in the mobile app is to log in with your username and password. All your details will be synchronised immediately and you will have full access to all your transactions and operations.
At this stage, look out for the ease of registration, the existence of a fee for creating an account and the quick synchronisation of your data with your previously created profile.
Demo account and training section
Almost all reputable brokerage companies allow a beginner to practice on the platform for free, using a demo account. This means that when you create an account you will automatically be given two accounts, a real account and a demo account. While with the real account everything is clear, the demo account is a trial, a training account. You will see on the account a certain amount of money, automatically credited by the system, which is a fictional virtual money for your training. Feel free to use this amount to try out the platform, to see if you understand how to operate correctly and if your methods work.
You do not have to worry about failed trades on your demo account - you do not have to repay the demo money, and you can easily roll it over if you want to continue training.
The value of a demo account cannot really be overestimated. You will not risk any real money, you will hone your skills and learn how the platform works.
Aside from the demo account, there are also video tutorials available on the platforms to give you the opportunity to learn. By combining your studies with a demo account, you can develop your own trading strategy.
Choose mobile trading applications that offer the possibility of using a demo account, as well as a training section.
Deposits and withdrawals
When choosing a mobile trading app, pay attention to which deposit and withdrawal methods are available on the platform. Quality mobile apps offer several options for depositing funds, usually via credit card or online payment systems.
Give preference to a platform that cooperates with reputable payment systems, so that you can withdraw your money without difficulty afterwards. Also pay attention to the transparency of deposit and withdrawal fees.
Features of a mobile trading app
As mentioned above, modern mobile trading apps are as functional as their full computer versions.
You will have full access to all analysis and trading tools.
When choosing a mobile trading application, do not settle for limited functionality. Choose only the applications that fully support you with all the necessary tools for high-quality work.
What features should you look for first? Consider below.
Tools for fundamental analysis
In order to forecast the market situation in the long-term outlook traders resort to fundamental analysis. Fundamental analysis is based on real statistical data from different periods, financial statements and also takes into account all current and future market movements, so fundamental analysis pays special attention to studying economic news. The platform designers took this into account and made it possible to read the news directly while working. For this purpose the platforms were equipped with an easily customizable newsfeed that can be displayed on the desktop. With this function you will not miss important events that can influence the price of the asset.
Also those traders who use fundamental analysis in their work use the economic calendar, a feature now also available in mobile applications.
Technical analysis tools
Traders use technical analysis methods to forecast prices for medium- and short-term investments.
Technical analysis is based on the use of mathematical calculations and special technical indicators developed for this purpose. All qualitative and reliable online platforms have a built-in option "indicators", which allows applying a particular indicator for analysis. You only need to select the "Indicators" tab in the panel, choose the appropriate one from the available list and activate it. The indicator graphic image is applied to the asset chart, which gives you a clear picture of the market situation.
These days mobile trading applications come with a full range of the most popular indicators to help you analyse.
Examine the mobile platform for indicators, this is an important consideration when choosing a platform.
Online trading allows you to use leverage when trading. This feature allows you to increase the amount of money you invest by several times. The built-in multiplier option activates leverage with a single click, simply select the size of the multiplier. You should always remember, however, that by increasing the size of your funds you also increase the risk of the trade, so familiarise yourself well with how it works before you use it.
Stop orders is a very good tool in online trading that allows the trader to secure his trades a bit. It consists of setting transaction limits. When you reach a limit you set on the price of the asset, your trade will be automatically closed.
The most popular stop orders are stop loss and take profit.
A stop loss is an instruction for the broker to automatically sell the stock when the quotes fall to a certain level. A kind of loss limiter. A stop-loss protects the investor from losing too much. It is considered very dangerous to trade in the market without using a stop loss.
If the stop-loss limits the amount of losses, then the take-profit limits the amount of profit. The investor determines the price at which the broker will automatically sell the stock after it rises.
Stop orders are useful when an investor does not have time to sit in front of a terminal and monitor price movements. They also help to limit losses in case of force majeure - power outage or stock market malfunction.
The ability to set stop orders is a quality of a good mobile platform, so take this into account when choosing one.
How to choose the best mobile trading platform in Nigeria?
To summarise the above, let's identify what we should look out for when choosing the best mobile platform in Nigeria. These are the following points:
- Easy and quick installation of the app on your mobile device, available specifications compatible with your device;
- Easy registration process;
- Convenient settlement transactions (deposit and withdrawal);
- Demo account and video tutorials for learning;
- Handy tools for market analysis and trading;
- Ability to use leverage.
Of course, among other things, you should familiarize yourself with the financial instruments, which the mobile platform provides access to. As already mentioned, modern trading applications allow you to trade the same assets as the full versions of the platform.
In addition, the mobile platform should provide you with consultancy support in the form of feedback. On a good trading platform, technical support is available 24/7 and you can choose the language of communication.
Hopefully, our tips will help you choose the best mobile trading platform in Nigeria. If you are ready to test and learn a mobile app - open a demo account today and start exploring investing now!