Best mobile trading platform in the UAE
In today's highly dynamic world, mobile apps have gained a solid footing. With the help of mobile applications, we order goods, book tickets or hotels, study and so on. There are also useful apps to help organize business hours or online banking banking apps.
Online investing, which is gaining more and more popularity among the average population of the entire planet, has also become available in mobile applications.
Online brokerage companies have developed modern and convenient mobile trading applications, with the help of which a trader can perform all the necessary operations directly from a mobile phone.
How to choose the best mobile platform in the UAE? Let's consider in more detail below.
Mobile trading platform
What is online investing in a simple sense? This is a new investment model in which you need to physically visit banks, stock exchanges, offices of companies in which you invest, as well as arrange personal business meetings with your brokers. All these operations have been transferred to the Internet, and you actually do all the operations yourself through the online trading platform.
What is an online trading platform? An online trading platform is a special software developed by a brokerage company that allows you to make the necessary investment transactions online. In fact, the online trading platform is your broker.
Therefore, in any case, you should start investing by finding a suitable brokerage company that will provide you with access to such a platform.
To select a reliable broker, gather information on all the available brokerage firms that provide online services in the UAE. Read user reviews, take into account the company's image, pay attention to the broker's practical experience. The broker must have a license to conduct brokerage activities.
After selecting several suitable brokerage companies that suit you according to the above parameters, compare the mobile applications they offer for work to choose the best mobile platform in the UAE.
What are the criteria for comparing mobile platforms? Undoubtedly, each broker has its own approaches and methods of trading, each uses a certain set of instruments. Still, there are basic features that a good mobile platform should have.
First, a mobile trading application must have accessible technical specifications so that you can easily install it on your mobile device. As a rule, high-quality trading applications do not take up much space on mobile and are suitable for gadgets running on iOS or Android systems.
Secondly, check your deposit and withdrawal options - this is important. Give preference to those mobile platforms that cooperate with well-known payment systems - it's convenient and reliable. Each platform sets its own limits on account replenishment and withdrawal of funds, so here you should consider your own financial capabilities. Most platforms allow you to start with fairly small amounts, so for any budget, you can choose an affordable option.
It is recommended to choose an application that provides an opportunity to practice on a demo account. Having such an account is an excellent opportunity to test all the capabilities of the mobile platform in practice, as well as practice trading without the risk of losing money.
In addition to these important points, you should also pay attention to the availability of all the tools you need for market analysis and, in fact, for the trade itself. Below we will take a closer look at all of these points.
How to download and install a mobile trading application?
To download a mobile application for trading, use the link posted on the official website of your chosen brokerage company. Alternatively, you can download the trading app through the official playmarket installed on your device. To do this, simply enter the name of the broker in the application search bar. When downloading the application, you will see all the necessary technical characteristics of this application, such as the size of the application in megabytes, the available language settings, as well as compatibility with your device.
The characteristics must match the parameters of your device for the application to load and work correctly. After installing the application, you will see the branded shortcut of the mobile platform on the screen of your phone.
Activate this shortcut and, depending on whether you already have an account on this platform or not, select the "registration" or "authorization" option.
At the initial stage, you do not need to enter any additional personal data. The system may request additional data for verification when withdrawing funds - in this case, you just need to follow the system prompts in the form of pop-up windows and you will easily cope with this task.
On quality platforms, the registration process does not take more than five minutes.
Never download an application from unknown sources to avoid fraudulent actions by third parties.
Demo account and video lessons
Always give preference to those platforms that have a "demo account" function.
A demo account is a demo version of a real account, developed for the purpose of practical training in trading on the platform. The system credits a certain amount of fictitious money to the demo account so that you can work out test operations. Using this account, you can do all the same operations as with a real one, but these are fictitious transactions. You can use the funds from the demo account however you want, simulating real transactions to see how the exchange works. You cannot withdraw this money, but you are not required to return it if the test transaction fails. Practice and hone your skills by making test trades on a demo account, track and analyze your trading results. You can update the amount on the demo account as many times as you like, and there is no limit to the number of hours you can use it.
In addition to a demo account, high-quality mobile platforms also provide access to video lessons, which was previously possible only from the desktop version. Here you will see all the necessary video tutorials to help you get started with online investing. Typically, this section contains basic information about the basics of online trading, as well as more advanced lessons on using various indicators for analysis and trading.
We recommend that you go through all the lessons and consolidate your knowledge on a demo account.
Having a demo account and the availability of video lessons is a very big advantage when choosing a mobile investment platform.
Operations with account replenishment and withdrawal of funds
Only by funding a live account will you be able to start real trading, so it is important to check how this works on the mobile platform you choose. As noted above, high-quality platforms offer you to replenish your account using well-known and affordable payment systems, or use a bank payment card.
To deposit money into your account, click the "deposit" button - as a rule, it is placed in the upper right corner. The section "Balance replenishment" will open, where you will see a list of available payment services.
The minimum deposit amount, like the minimum withdrawal amount, is usually a few dollars.Low transaction limits make online investing affordable for anyone looking to trade, while convenient and simple deposit and withdrawal methods make mobile platforms attractive to traders.
When choosing a platform, you should know which financial markets it provides access to. Modern mobile platforms allow you to trade the same assets as their full, desktop version.
Give preference to those applications that provide access to a wide range of different assets.
Good mobile trading apps allow you to work with the following financial instruments:
- Currencies. Trade Forex, learn to trade major, minor and exotic currency pairs with effective spreads.
- Shares of large companies. Trade CFDs on shares of leading companies and industry giants without actually owning them.
- Trade in commodity stocks. Trade in hard or soft commodities such as gold, silver, oil and grain.
- ETF trading. Diversify your trading with CFDs on Exchange Traded Funds, where multiple assets are grouped into a single basket.
- Indices. Choose from a list of CFDs that are widely traded on indices representing a specific market sector or national economy.
- Cryptocurrency trading.
- Digital options. Trading these options allows you to speculate not only on the direction of the price, but also on the extent of its movement.
- Binary options. A trading instrument that offers a guaranteed profit for the correct forecast of the direction of the asset price in a selected period of time.
Choose a mobile platform for trading that allows you to choose any of the above assets to trade.
Analysis and trading tools
Mobile trading applications now completely repeat the work of the computer version of the platform, therefore, in addition to the main functions, there are also tools for analysis and trading that you use in the full version.
Get the most out of your fundamental and technical analysis with news service and economic calendars. You can view news by asset / company and general news feeds. The settings allow you to display news updates right on the screen of your trading floor so that you don't miss important events in the stock market. With real-time updates and links to reliable and trusted sources of information, the platform is highly informative and allows you to analyze the impact of specific events, both national and international, on asset price movements.
In addition to news that promotes fundamental analysis, on modern mobile platforms you will also find the most commonly used technical indicators and widgets used in technical analysis.
Protect your trades with stop loss and take profit.
Stop Loss is an order to the broker to close the current position if the loss reaches the specified value. In other words, if the market goes against us, we can be sure that losses will not lead to a complete loss of the deposit.
Take Profit is a reverse pending order, when triggered, the position is closed with the current profit level. Automatic profit-taking is especially important for news and scalping strategies, where the desired momentum can last for several minutes or even seconds. It is impossible to close an order manually in such a short time.
You will also find a multiplier function on the platform that you can use to activate leverage and increase your trade amount. It's important to remember that leverage also increases the risk of a transaction, so don't enable this feature unless you know very well how it works.
Choose a mobile platform that can offer you these features, as it helps to secure your transactions and make trading quality and comfortable.
Other characteristics of the best mobile platform
In addition to all of the above, a high-quality mobile platform has flexible settings, with the help of which you can easily customize the color scheme of the application, the type of displayed charts, window placement, vertical or horizontal display of the working screen, push notifications, and so on.
In addition, if you suddenly have any difficulties using the application, or have questions, you should be able to contact customer support. Support should be available 24/7. It is very good if there is an opportunity to choose the language of communication.
By following these characteristics, you will easily choose the best mobile platform in the UAE. Open a demo account today and test the mobile platform yourself!