Best Finance App for Android and iPhone Users
As more people learn about the advantages of putting their money in shares, they gradually turn their attention to the stock markets. More people are coming to terms with the likelihood that their equities portfolio, despite the risks, will perform better over time than most other types of investments. Furthermore, stock market investing has also become easier today than it was in the past.
You only can start investing in the stock market with the help of financial apps called stock markets apps. However, as a beginner you are going to find several apps on your Android or iOS store. Hence, you will need some assistance finding the best stock market app.
What is a Demat Account?
Now before we look at stock markets apps, it would be in your best interest to understand what a demat account is. You could download any stock market app from the AppStore or the PlayStore, but to use it would require a demat account. Hence, that makes the demat account an essential investing tool. It is an essential instrument as it performs the task of holding your shares in the electronic format and safeguarding them. The shares that you buy using your trading app in the open market are credited to your demat account. Likewise, if you are invested in some shares, and you sell them they get debited from your demat account.
Opening a Demat Account
So now you know that you need to open a demat and trading account now if you want to invest in stocks. Then you can begin purchasing stocks of the leading using your stock market app on iPhone or Android phone. However, it is possible to open a demat account using your finance app or stock market app. But, hold on a second, did we not learn that we need a demat account to use the stock market app? Yes, you need a demat account to use the app, so the app designers have integrated a way to open a demat account through the app.
Both demat accounts and stock market apps are provided to you by a stockbroker. So, in order to get the best finance app, you need to pick the best broker. Therefore, before downloading any stock market app, you should thoroughly investigate the stockbroker providing them. Picking the best broker mandates research on your part. Once you get hold of the best stockbroker you can visit their website and open a demat account with the broker. Or you can proceed to download their app to get your demat account. After that, you complete the form filling and provide the necessary documents to get the account.
Choosing the Best Broker
Opening a demat account with a DP, or depository participant, should be your top priority. A stockbroker authorised to offer demat accounts and services is referred to as a depository participant. You also want to be able to quickly open a demat account from the convenience of your home through the website or the app. So ensure the broker lets you do that, so that you do not have to make a trip to their office.
You then research the charges levied by the DP. Because each DP has different policies, their cost differs. The account opening, maintenance, and brokerage fees should be your primary concerns. Additionally, you should look up the facilities and features provided by the broker, which includes the trading app. So now let us learn what factors you should consider, to get the best stock market app.
Choosing the Best Trading App
You may make orders, view your demat holdings, and keep track of the stocks of various firms using your stock market app. So a robust stock market app should provide you with the necessary tools and features to do everything mentioned in the previous statement. For instance your app should have a search, watchlist and set price alert feature. At the same time, your app ought to give you precise, real-time price updates. Moreover, navigation within the app should be seamless.
A newbie should always have access to elements that can aid in decision-making regarding investments in addition to the main features that were already stated. You can choose nice stocks if you have access to in-depth study reports on various stocks. So, getting access to research reports and stock ideas would be a beneficial service.
IIFL Securities satisfies the criteria listed above for the top broker and best finance app as it is the best bang for the buck. You can register for a free demat account with IIFL, a respected DP with a strong online and offline presence. You can access a wide range of features and services, including all the ones listed above, using the IIFL Markets App, which is the demat app for Android and iOS.