Today’s post is a guest post by Andrew Altmann, editor-in-chief of a site SlickBucks.com which aspires to help people on their road to better financial wealth. For that, SlickBucks features informative articles about investing and saving so everyone could achieve the type of wealth they desire.
Nowadays, our smartphones can do pretty much anything, from sending SMS and emails to tracking your heart rate and daily steps. Another nifty function that modern phone devices can now perform is managing and tracking your investment portfolio.
The archaic ways of having to call your broker on the phone and tracking stock movement on newspapers are long gone. Today, all you need to take command over your personal finances is in the palm of your hand. Read on further as we discuss investing via your smartphone.
Choose a Broker
There’s a handful of brokers out there, but not all operate the same way. Brokers will vary in terms of cost per trade, tradable assets, customer service, platforms, and tools. While it’s quite common for a broker to offer a mobile version of their trading platform, not all offer this feature. You can check their dedicated website before opening an account with them so as to avoid a broker that only offers web-based or desktop-based platforms.
If you’re pressed for time or absolutely have no idea which broker meets your demands, it makes practical sense to go with the more established brands, such as TD Ameritrade, Charles Schwab, and others. You’ll find tons of in-depth user reviews about these brands and can be sure that your money is secure.
On the other hand, it also pays to take a risk on some of the relatively nascent names, such as Forex.com and Robinhood. The latter is actually a mobile-only investing platform, so it’s geared for people who are thinking of managing their trades on the go.
Another great thing about Robinhood is that it doesn’t charge a broker’s commission on your trades. A caveat, however, is that Robinhood has limited assets that you can trade, which may not bode well for users who are thinking of trading currencies, index funds, etc.
Invest in a Good Smartphone
If your phone quickly drains its battery or has problems keeping its connection to WiFi or 4G, you’ll want to replace it with a more reliable model. An unreliable phone can affect your investment portfolio’s performance. It can cause orders to be delayed, data to be inaccessible during important times of the day, and so forth.
There’s no specific phone that you need to start investing on the go, but one with long battery life and a big enough screen to display price charts and real-time quotes is a must-have.
Set Up Your Phone
Once you’ve acquired the right phone and signed up with a broker, set up your smartphone to trade in a way that is most convenient and efficient for you. Have an app icon in the home screen so you can easily check your positions any time. Set up the platform with technical indicators and other chart data that can help you make more informed decisions. Choose a chart palette that’s easy on the eyes and separates individual sets of data without confusion. Set up alert notifications so you get summary updates of your current positions or any assets you are following. You are good to go!
Is it Safe?
Investing on your mobile phone is definitely more convenient than previous methods, but is it safe?
The answer depends on the broker you use and the preemptive measures you take to keep your account secure. A standard SSL and 256-bit encryption should be something you look for in your chosen broker.
If there’s a chance to do a two-step authentication, make sure to capitalize on that feature as well. Avoid opening your trading account while in public places and while connected to public WiFi.
Mobile investing is just one of the many advancements that modern civilization can enjoy today. The convenience and ease of access to financial market data are powerful, but only when used correctly.
There are still loopholes and imperfections in the technology that encapsulate this process. Follow the tips aforementioned to get started in mobile investing the right way.