You may be tired of hearing ‘there’s an app for that’, but in the case of investing, there really is an app for that. In fact, it looks like the majority of us Brits prefer using an app to buy shares.
So what is it about investing using a mobile app that has us hooked? Let’s take a look.
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Would you buy shares with an app?
Data from brokerchooser.com showed that 53% of Brits opt to invest using their mobile phone. This is compared to 44% who prefer using a desktop.
The world of investing has changed dramatically in recent years. The rise of digitalisation has meant that new online share trading platforms have gained a foothold in the market. And the introduction of mobile apps has made it that much easier to buy shares using just your phone.
Generally speaking, it’s new and inexperienced investors that use mobile platforms to buy shares. Pros prove to be a bit sceptical of new technology. But there are advantages to reaching for your phone instead of your laptop.
What are the benefits of using a mobile to invest?
Apps have opened up investing to a whole new generation. So what is it that attracts us to buying shares using a mobile?
- No more missed opportunities: gone are the days where you would be out and about and worried about your closing position. There’s no more itching to get back to your laptop to make sure you don’t miss out on an important trade. Nowadays, you can just take your phone along with you and easily trade on your way to work, during your lunch break or while doing your supermarket shop.
- Simplified features: for a newbie investor, a desktop trading platform can seem a bit daunting. Many apps have simplified features as a result of the mobile devices themselves. But this can actually be an advantage for beginners. The simplicity makes it easier to learn the ropes before moving on to the desktop counterpart.
- Latest technology: the mobile apps you can use to buy shares are at the cutting edge of technology. Trading platforms have committed a lot of time and resources to make their mobile apps stand out. So expect to find trading support and analytics all in one package.
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Are there any drawbacks?
It’s important to understand that any investment carries risk. Past performance is no guarantee of future returns, even if you use a shiny new mobile app to buy shares.
There are still some benefits to using a desktop to buy shares rather than your mobile. Obviously, you gain access to the full-blown trading platform and all the features that come with it. And while setting up an investment account on an app may be super simple, it doesn’t mean you shouldn’t still do your research first.
Whatever mobile trading platform you decide to go for, you should compare fees and charges before you buy shares. It’s also a good idea to look at the market research and tools the platform has available. Finally, it’s worth checking whether the app has a good desktop counterpart to use if you want to do a deeper dive into your research before trading.
