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Stock market apps are the new rage in the finance industry with new stockbrokers launching apps every other day and offering the online Demat account opening free to first-time users.
However, the question arises, how to select the right stock market app from the long list of apps that are currently available right now.
In this article, we’ll see the five important factors you should consider when selecting the best app based on your requirements.
Page Contents
How to Select a Stock Market App as a Beginner?
A stock market app is a mobile application that is provided by a stockbroker in which you can open a Demat or trading account. In this app, you can access stocks, mutual funds, currencies, etc., and place and track orders in all of them in one place.
As a beginner, selecting the right stock market app is the very first thing you need to be focused on. Here is the list of factors that you should consider while selecting a stock market app:
1. Simple Interface
The app should have a simple interface so that you can easily see all the investment options on a single screen and go from one to another with a single click. You should be able to place all the orders while understanding the technical terms and charts in a simple manner.
2. Account Charges
After downloading a stock market app, you get a chance for an online Demat account opening free by the stockbroker. But once you open an account, you have to pay various charges like brokerage charges, transaction charges, etc., which need to be noticed first before you open an account. Thus, do your research and select an app that does not dig into your pockets later.
3. Portfolio Construction and Analysis
A stock market app should have an in-built tool wherein you are able to create your customized portfolio. You should be able to analyze the portfolio on a real-time basis and make the required changes as and when needed.
4. Real-time Market Updates
You need to have an updated view of the market which should be provided by the stock market app by sending notifications. Having information on a real-time basis can help you leverage opportunities and take appropriate actions at the right time.
5. Security
Last but not least, security is one of the things that you need to be sure of when choosing a stock market app because once you open an account you have to give various permissions and personal details to start trading in the market. So, ensure that the stock market app you choose has enough security measures in place.
Conclusion
Choosing the right stock market app as a beginner requires various factors to be considered such as a simple interface, affordable charges, portfolio construction tools, regular market updates, and a high level of security.
If you are looking for the best stock market app, then you can download the Dhan app on your smartphone and make your investment journey a fun ride.
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Disclaimer: The information provided in this article is for general guidance and informational purposes only. It does not constitute financial or investment advice. Readers are advised to conduct their own research and consult with financial experts before making any investment decisions. The author and www.taxguru.in do not endorse or recommend any specific stock market app or platform. Users should exercise caution and discretion when selecting and using such apps, taking into consideration their individual financial goals and circumstances.
