Choosing the Best Trading Application in Nigeria: All You Need to Know

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Digital technologies are spreading rapidly, and the finance sector is no exception. Technological advances allowed financial companies to expand the range of their services, making them accessible to a greater number of clients. Financial technologies (FinTech) have become one of the fastest-growing industries in the digital sphere. They differ from traditional services of this type because they ensure a higher level of security and convenience.

According to data from the Business Research Company, by 2023, the global Fintech market will reach a value of nearly $ 158,014.3 million. Statistics show that 60% of credit unions and 49% of banks in the U.S. believe that fintech partnership is important.

Fintech apps and the provision of financial services

Fintech apps are basically mobile applications that allow clients to access financial services online. They are especially popular nowadays when speedy and efficient service delivery is at the forefront. This is indicated by the number of app downloads in different world regions.

So, the leader in terms of downloads is Latin America. The countries of the Asia-Pacific region, the Middle East and Africa are slightly behind. Over the past year, twice as many applications have been installed in these regions as in the previous year. The number of fintech app downloads is also growing in North America. Starting from 2017, it has been increasing every year by an average of 25%.

In Europe, this trend slightly differs: if between 2017 and 2018, the number of downloads increased by 34%, in 2019, it rose only 8%.

Although last year the fintech industry was running hot. The number of downloads hit record highs as most of the world’s population was either on lockdown or self-isolating. People worked from their homes, so the popularity of various kinds of applications, including fintech ones, skyrocketed. And such interest is quite understandable: everyone is trying to adapt and solve daily tasks in the new environment. Data shows that in the U.S., trading apps such as Gatsby and Robinhood are the most popular.

Compared to 2019, the number of fintech sessions in 2020 skyrocketed by 85%, and in 2021 it grew by 49%. Moreover, the number of sessions grew steadily throughout the year. In 2020, the most prolific months in terms of fintech sessions were October (+ 22%) and November (+ 24%). In July, the number of sessions increased by 15%.

User interest in such applications is only growing. This can be explained by a large audience and a particular “environment of interest”, a community, which allows you to tap into the knowledge and experiences of other people.

What are trading apps?

Mobile trading apps provide access to online trading and the financial market. They greatly simplify the trading process – traders can place orders with one tap on their device. There are thousands of such applications on the market today. You can download them on your mobile device and stay connected to the markets, monitor prices and their changes and place your trades on the go quickly and effortlessly.

Many brokerage companies have already switched to these types of applications, while others, for example, AMarkets online broker, have decided to develop their own trading app. Some companies customize and adapt their desktop platforms for different devices.

The trading app has everything you need: a set of necessary features and tools for effective and seamless trading. However, it cannot be used independently. A large chunk of the app’s functions can be used only through a financial intermediary, i.e., through a broker. You can often download the application from the broker’s website.

How to find the best trading app?

When looking for the best trading app, you need to consider a number of important criteria. First of all, your search should be based on the level of your trading experience. If you’re a novice trader, you probably don’t need a complex app. An experienced trader, on the other hand, may lack the functionality with a simple application. Also, there are other factors to consider when choosing a trading app.

If you are not very familiar with these kinds of applications, they may all look the same to you. But there are significant differences among them. First of all, they differ in price. Also, when weighing the pros and cons, take into account your trading style. Not every trading app may be suitable for you.

Don’t forget to check if the application is compatible with your mobile device. This is especially important for those who trade using different devices –  a desk-based computer, a laptop, or a tablet. So what are the most important factors when choosing an application?

OS compatibility

Since users download mobile trading apps to make their trading process more convenient and efficient, it is especially vital to check for O.S. compatibility and make sure that the O.S. on your phone is compatible with the app. Naturally, most trading applications are built for the two most popular operating systems: iOS and Android. As for other operating systems, you will find only a few apps running on those, and most of them lag behind in terms of functionality and other features. So, it’s better to choose a device that runs either on iOS or on Android.

Selection of trading assets

Today, you can trade not only in the foreign exchange market but also in stock and commodity markets. The trading app provides access to these markets. So, if you want to trade different asset classes, it is worth choosing an application that offers such functionality.

It also makes sense to assess the selection of assets in a specific category. If you prefer currency instruments, then the app should provide you with the opportunity to trade not only major currency pairs but also minor or exotic ones. When it comes to trading stocks, you should have plenty to choose from as well. A wide variety of assets allows you to diversify risks, which is essential in trading.

Interface

The interface is not only about how the app looks and its design but also about its convenience. Of course, an experienced trader will be able to figure out even a complex interface. Still, it’s much more convenient when the app has a practical, intuitive and user-friendly interface. Before you make your final choice, make sure to check out the app’s interface and its functionality. With an intuitive interface, you’ll be able to enjoy the work and focus only on your trading tasks.

Summing up

Trading applications are a new stage in the evolution of trading. Yes, the idea is not new, as trading apps such as MT4 and MT5 have been on the market for a long time. But recent technological advancements have made it possible to create more flexible trading solutions. Besides, if the broker decides to create its own trading app, it will take into account its clients’ requests and wishes, which will make the app even more efficient.

Trading apps allow you to work on the go from anywhere in the world. They are free, easy to download and customize. They usually have an intuitive interface, so you’ll get the hang of it pretty fast.




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