Important Features to Look for in an Index Trading App from an Online Trading Broker

When you want to be able to adapt to changing markets and adopt new positions quickly and accurately, a lot of it comes down to your choice of trading app. If you’re an index trader, you’ve come to the right place because we’re going to guide you through the top features to look for. Let’s dive into the details and learn everything you need to know. 
A User-Friendly Interface

First impressions count in many areas of life, and that’s certainly the case when you’re looking for an index trading app, such as Eurotrader. You want something that feels quick and easy to navigate, and you want it to provide instant access to key data during periods of volatility. Look for an app with a personalized dashboard and a flexible way of displaying various charts, and you’ll be off to the right start. 

Integrated news & market data

The right app should show you everything you need in one place, ensuring that you never have to click off somewhere else to get a key piece of data. The point is that the more focused you can be, the more likely you are to be able to make smart choices at the right times. 

Look for an app that shows things like volume data and price quotes alongside key pieces of breaking news that will change the way the markets behave. If you can personalize the newsfeed and home in on what matters to you most, even better. 

You also want an app that goes a step further than simply dumping data into the palm of your hand by finding one that has all of the technical indicators and advanced charting tools you will ever need. RSI, Bollinger Bands, sliding averages, limit orders, stop-loss orders, and more all need to be on there. 

Rapid order execution

Slippage is the shift in price between the expected price and the execution price, and it’s obvious that you want it to tend to zero. To do this, you need the services of your online trading broker to be fluidly integrated into the app, allowing you to quickly and easily execute new orders. Only then will you be able to react to the sudden changes of the indices you’re working with, all while ensuring that the market doesn’t leave you behind due to low-grade tech. 

Access to multiple asset classes

The chances are that you’re not going to limit yourself just to indices, and why should you? You want a trading app that allows you to take a look at everything from forex and commodities to ETFs and stocks, and once you have it, you will find that your understanding of the markets improves. 

Because all of the markets are linked and correlated to various degrees, being able to look at each of them will give you a greater understanding of the economy as a whole. And of course, if you start to trade in multiple asset classes, you will be able to take a smart approach to diversification that every institutional investor swears by. 

Risk management & educational tools 

We all know that we need to be careful and proactively manage our risk exposure when trading online, especially if we are taking up new positions for the first time. The key is to have an app that has things like stop-loss and take-profit functionality so that you can add a vital element of automation to your risk mitigation strategy. 

If you are trading CFDs where you’re using leverage, you will also want an app that comes with zero balance protection to make sure that you don’t end up losing more than you initially put in. A good way to get to grips with these types of orders is to use a demo account so that you can practice and fine-tune your strategies without having to risk real capital. The use of virtual funds allows you to think more deeply about what you’re doing and reduce your overall risk exposure when you come back to live trading.

The importance of perspective 

When reading up about these types of apps for the first time—or when you just want to make a change in your setup—it’s vital to maintain perspective. Every app has a responsibility to its users, but they are also businesses at the end of the day. This means that you will always see some degree of marketing and promotional material that nudges you to download and start using the app. 

Why are we mentioning this? Because it’s essential to remember that there is no such thing as a guaranteed return from any market, regardless of how slick or cutting-edge the app you’re using appears to be. 

Final thoughts on app selection 

Before you go, it’s important to go back to basics when looking at any trading app so that you can ensure it is clear, fair, and competitive. We’re talking about transparent fee structures and a helpful customer support function because these will be essential, regardless of your level of experience in the index trading world.

Reading online reviews that have been left by verified users is another way to approach things. If you find that they consistently cite slow replies and hidden fees as reasons they stopped using the app, this is a sign that all may not be as it seems. Walk away, resume your search, and find the technical tool that you deserve as a paying user.