Published by Blain Reinkensmeyer. Tuesday, February 21st, Trading and accessing client information via mobile devices continues to rise, and brokers are betting big on the future. Today, nearly every online broker has resources devoted to mobile development, which is no surprise. The rapid development and growth of Instagram, Snapchat, and similar services have attracted hundreds of millions of users, and usage continues to skyrocket. More visitors access Facebook each day via their mobile devices than they do with a PC.
Despite the fact that most brokers have had mobile apps for many years, the door is still wide open for brokers to innovate. Instead, they are working to bring the full trading experience to mobile, including trade tools, advanced order types, detailed charting, complex options, cloud syncing, and much more. With 52 different variables being assessed for mobile trading alone, scoring high marks is no walk in the park.
We conducted all our tests on iOS devices, and focused primarily on the iPhone. Based on 52 different variables, here is a summary of the top five broker apps iPhone, Android for mobile trading. In fact, it rebuilt its mobile trading app for both iOS and Andorid devices from scratch, rolling outs its brand new experience earlier this year. Trade on over market centers in 24 countries. While Interactive Brokers is not designed for new or casual users, its mobile app IB TWS is thorough and built with the core features professional traders need to trade efficiently.
TD Ameritrade stands out for offering two separate apps, Mobile and Mobile Trader, and caters them to traditional investors and active traders, respectively.
Mobile Trader is the ultimate experience for traders, with an extensively deep offering. On the innovation front, investors in witnessed the launch of support for Amazon Echo.
Continuing innovation, Fidelity had the most unique new feature of with the launch of its personalized feed experience. Upon logging into the Fidelity app, clients are greeted by a personalized stream of portfolio and watch list analysis, market news and research, alongside updates on not only the US markets but the international markets as well. The feed backdrop is a beautiful scenery image that rotates each time the app loads.
While some functionality such as real-time streaming quotes, charting with multiple indicators, and synced watch lists are now pretty much industry standards, other functionality remains less common.
On the positive side, the vast majority of the industry supports the primary mobile platforms with iOS and Android. Every broker across the industry but two — Lightspeed and ChoiceTrade are the only two brokers that do not offer a mobile app at all — offers an iPhone and Android smartphone app. Our favorite tablet app in is Fidelity. The process of placing orders continues to become easier for clients, thanks to innovations with order entry functionality.
Placing regular stock trades and single leg option trades is now a breeze, regardless of the broker used, and complex options are making headway. Filling in an order ticket for a four legged spread trade can be tricky on a PC, let alone trying to trade one on a tablet or smartphone. Several brokers are taking innovative steps to make the process seamless, and we are very excited to see which route becomes the industry standard over the next few years.
All in all, the world of mobile trading continues to evolve and grow. While online brokers have come a long way from where they were even a year ago, there is still ample room for innovation. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. For options orders, an options regulatory fee per contract may apply.
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