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A Quick Guide on How To Trade Using Apps in the UK

Published: 2nd January 2020 14:48


Never before have the options for mobile trading been as plentiful as they are today. In fact, every single online broker and nearly all investment firms that operate in the UK have their own apps. These apps can be used to trade and invest in similar ways as you would use a regular desktop platform.


Better yet, the competition in the mobile trading industry is fierce and the apps are continuously being updated and optimized.


With that said, not everyone is comfortable trading with apps and many still don’t understand how it works. Therefore, we researched the market and put together a quick 3-step introduction that we suggest you read before you get started.


1. Find a Reliable and Licensed Broker


Naturally, the first step is to find a broker that you can trust. There is a multitude of online brokers operating in the UK right now and many of them are both really good and very safe. However, there is also a large number of untrustworthy brokers that you have to avoid at all cost.


The only way to ensure that a broker is safe to use is to check what licenses they’ve been issued. For UK traders, it’s important to find an online broker that is regulated and licensed by the Financial Conduct Authority (FCA). The FCA is considered one of the strictest regulatory bodies in the world and they are responsible for regulating financial service in the UK.


Instead of doing all this research yourself, we suggest you check out this list of trading apps in the UK since every app recommended there is operated by a regulated broker.


In addition to ensuring that the broker you pick is safe to use, the app has to have support for all the assets and markets you want to trade on as well as feature the tools and graphs you rely on in your trading. Most of this information is listed on a broker’s website but it’s also recommended that you run your own tests, which brings us to the next section of this guide.


2. Test the App Using a Demo Account


Whenever you feel like you found a great broker with a trading app that you think would suit you, it’s time to conduct some tests.


All the top broker’s in the world offer demo accounts which are replicas of regular trading accounts, but instead of using your own money you can trade using virtual money, thus eliminating the risk of losing anything.


These demo accounts are great when looking for trading apps since they allow you to test the app and all it’s features before you register and deposit your own funds. Most of the demo accounts are also unlimited meaning they can be used for further practice and strategy development even after you’ve opened your regular trading account.


The goal of this process is to double-check that the app works seamlessly and that it features all the tools and assets you’re expecting to use. This is also a good time to look closer into the fees that the broker charges for using its services.


3. Educate Yourself and Master the Necessary Skills


Learning how to trade is not easy and it requires a lot of time and dedication. Moreover, learning how to trade on a mobile app can be even a bit more complex due to the limitations that an app presents compared to a desktop platform.


Because of this, it’s extremely important that you educate yourself and learn all the basic skills of trading before you deposit any money and start trading. Furthermore, education should be ongoing and it’s not something you will ever “complete”. Even the top day traders in the UK are still learning new skills and strategies, and so should you.


Luckily, every regulated UK trading app comes with a range of educational material for all traders, regardless of experience and skill.


Final Words


Whether you’re looking to only trade on using a trading app, or if you want to compliment your desktop trading with an app that you can bring with you everywhere, you must follow the steps above.


Obviously, the most important part of this guide is to find a safe and regulated broker. Otherwise, you run the risk of being ripped off. Although, all the other tips that we’ve presented are crucial for your success and should not be taken lightly.


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