Choosing the Best Stock Trading Apps
Choosing the best stock trading apps in the UK can be somewhat confusing. There are several different services available, including popular ones like ZuluTrade and eToro. This article discusses some of the top apps on the market and makes recommendations for those looking to use an app to trade stocks on their mobile device.
What is eToro?
eToro was founded in 2007 and is a social trading network that encourages users to discover new opportunities, follow others’ actions and discuss investment strategies with other people who have money invested. Whilst this might sound risky, it also means that you can see what kind of investments others are making, which can lead you to use your cash without doing any research yourself. It tends not to create financially successful investors but does allow beginners to learn more about investing at their own pace. The services offered by eToro make it easy for users to copy each other’s investments, making it simpler to learn new skills.
What is ZuluTrade?
ZuluTrade was established in 2006 and offered a similar service to eToro. The idea behind the company is that traders can copy each other’s investments with their cash which provides the same benefit as mentioned above. The social element of ZuluTrade makes this different from some other trading apps, which provide simple feeds of data rather than connecting users through forums where they can chat about financial issues or ask for more information on specific companies or markets if needed.
Which one should I choose?
Both services at eToro and ZuluTrade offer easy ways to trade stocks online without too many complications attached. You need to make sure you understand what each service provides and offers before parting with your cash.
For beginners, especially those who like the idea of copying other investors’ actions, eToro and ZuluTrade could both prove to be excellent investments in terms of learning more about trading without having to research everything yourself. Both services are available as apps are a definite advantage over other trading methods, and the costs involved should not be too heavy on your pocket.
Pros and Cons of Each App
eToro
eToro is very popular with cryptocurrency traders because every user starts automatically investing in Bitcoin. It creates promising opportunities to learn more about other market types while maintaining a steady income stream from your day-to-day activities. However, you should do some research on the legality of trading with cryptocurrencies before you start to trade with them.
ZuluTrade
On the other hand, ZuluTrade does not impact the number of different market types you are exposed to, but this means it takes less time to get up and run. The fact that members are encouraged to ask questions and share information is a positive point for ZuluTrade as it means you’re not alone in the process of learning about online trading.
What Are the Risks Involved with Using Stock Trading Apps?
Getting into trading using an app may seem like an excellent way to learn the ropes without taking too much risk, but it’s essential to be aware that there are still risks involved with this kind of work. If you don’t have any experience in stock trading, then taking advantage of services that use apps can be attractive. Still, you need to make sure you understand what each service offers before signing up to know precisely what your money is being spent on.
Be careful not to get caught out by scammers who take your cash and run, so research properly before parting with your wealth. Don’t think because something has an app attached to it that it must be accessible – many companies wave their prices around wildly when they’re marketing them to get people interested in parting with their cash.
In Conclusion
Overall, it does depend on what you want from a stock trading app but keep in mind that you could manage without either of these two services. Check out other apps to find out more before committing your cash!
