Best mobile trading platform in Somalia
Humanity is constantly accelerating thanks to technology. Innovative technical developments enable more and more tasks to be completed in less and less time. Getting as much done as possible with fewer resources is actually the motto of the modern world.
If you want to succeed, you have to be constantly engaged, organised, focused and attentive. Of course, this is quite difficult, and it is not always possible for a person to track, plan and anticipate absolutely everything. This is where mobile applications come in handy - they are indispensable assistants of the modern successful person. Mobile applications are a great time saver, allowing you to make any purchase, order, plan or even an online meeting, without using your computer or laptop. Even if you are, for example, on the road and have no opportunity to visit a company's website or call a manager to, say, book a hotel, you can simply go to the mobile app developed by the company to book rooms and take the necessary action.
Companies, in an effort to gain customer trust and increase sales, are spending a lot of money on developing mobile apps. Therefore, you can now order almost any service or product through a mobile app.
Brokerages are no exception in this regard. Following the example of other sectors, investing first became available online, and then mobile online platforms emerged.
Modern trading apps are very advanced and their functionality is equal to that of their desktop versions, and sometimes even superior.
Rather competitive brokerage services market is overfilled with offers, therefore it is rather difficult for a beginning investor to make a choice.
How to choose a reliable and high-quality mobile application for online trading? What aspects should be taken into consideration?
The topic of today's review is choosing the best mobile platform in Somalia.
A platform for online trading
First of all, let's understand what an online trading platform is.
An online trading platform is software developed by a brokerage company to enable you to carry out all the necessary investment transactions online. This eliminates the need to visit a bank branch, the offices of the investing companies, the stock exchange and so on. There is also no need to meet a broker - you do all the operations yourself on the platform. Thus, the online trading platform takes on the role of a broker, effectively replacing the broker in its classic sense. The online platform is your broker.
So the first thing you need to do to choose a good and reliable trading platform is to choose a good and reliable brokerage company, which will actually provide you with this platform to work with.
How to choose a broker?
First of all, take care of the security of your transactions by choosing only licensed brokerage companies. Consider what services these companies provide - do they deal in the assets you need, what versions of the trading application can they offer, what analysis and trading tools can they provide you with? Also, be sure to check out the reviews of the brokers using the open traders' forums. Listen to expert opinions.
Once you have chosen a few suitable brokerages, it's time to compare what platforms they offer and choose the best one. Based on the experiences of investors using mobile trading apps, we have compiled a list of the main points, in our opinion, that a mobile platform can be called a quality platform, and these are:
- accessibility and ease of download. That is, you don't need a lot of space on your mobile device to install the application, or to install additional software, drivers, and so on;
- convenient settlement operations. Quality platforms work with known payment services, and also allow you to pay with bank payment cards, so you can easily top up your account;
- fast synchronisation with other versions of the programme. No need to have separate accounts on different devices;
- the completeness of displayed information. All of the quotes and updates on the price charts are up to date;
- additional functions such as a training section, a demo account, news section, indicators for technical analysis, multiplier functions and so on;
- round-the-clock technical support. The ability to choose the language of communication.
To choose the best mobile trading platform in Somalia, study carefully the market of brokerage services in Somalia, make a list of licensed brokerage companies. Leave from this list only those that have an ideal business reputation and good feedback from experienced traders.
And only then proceed to learn how the mobile trading platform works. Let's go through each item in more detail below.
Easy and simple to download and install
When we talk about the downloadability of the mobile trading platform, we mean that the application is well compatible for most mobile phone models, has a relatively small memory footprint, does not require downloading supporting software or drivers, and so on.
To download the mobile application, use the link from the official website of your chosen broker, or do it with the help of the official playmarket installed on your mobile device.
Following the link to download the application you will see the technical specifications of the downloaded programme - compatibility specifically with your phone, the required memory space for the correct download of the application, as well as the interface language settings.
Never download applications from unknown sources! Use only official sources - this simple precaution will help you avoid fraud by third parties.
A well-designed and intuitive interface
To keep the novice trader interested in investing right from the start, brokerage companies try to develop mobile trading app interfaces that are as user-friendly as possible.
Most mobile platforms offer you good graphics, a user-friendly layout of options on the work panel, well highlighted with bright colours and large shortcuts to basic commands such as "buy" and "sell", and a user-friendly menu. So you won't be confused after logging in to the platform, seeing all the features you need on the platform at a glance.
You can change the layout of the work screen, vertically or horizontally, for ease of use. You can also customize the colour palette of the displayed charts, indicators and the background of the work screen. You can easily set the type of chart you want to display, depending on how you are investing, by selecting a line or candlestick chart, bars or Haykin-Ashi chart.
Also, most mobile trading apps allow you to customise the sections displayed on the main work screen. You can view the news feed in the background or plug in a sidebar to chat with other investors, as well as any other section available on the platform.
When choosing a mobile platform, it's worth going to the 'settings' section and seeing how you can customise the platform as you wish.
Quality apps also allow you to set up different alerts, offer a wide choice of available interface languages, customise the price chart displayed (with or without price, with or without displaying the balance amount, showing the amount of purchase on the chart or not and so on) and also have a keyboard shortcut for more comfortable and quicker use.
Choose an app that offers flexible settings, full access to all transactions and is easy to use. Reliable brokerage companies offer exceptionally good quality apps.
A wide range of financial instruments
Pay attention to the "assets" tab on the mobile platform. In the mobile version, you should have full access to all the asset types that this broker works with and that are available in the desktop version of the platform. This means that if you are working with certain assets on the desktop version of the platform, it is then important that you are able to access these transactions through the mobile trading app.
Give preference to mobile platforms that offer a good selection of financial instruments. Most good apps offer you access to all the assets that are popular today, viz:
- The Forex market. The most highly volatile market, it allows you to earn good profits in the short term;
- Binary Options. Trading options is the most popular among traders, as it allows earning up to 90% of invested capital in a short time frame;
- Stock market. It allows you to invest in shares of large companies by speculating in CFDs;
- Commodities market. Invest in gold or oil;
- ETF funds.
When choosing online investment software, give preference to platforms whose mobile versions give you full access to all the assets on offer.
The right tools for analysis and trading
In addition to the basic features, trading platforms offer additional analysis and trading tools that help traders to more accurately predict the behaviour of the price of an asset and to automate certain processes.
Depending on the trading strategy and analysis methods you choose, check the application for additional features you personally need.
Technical analysis tools
Technical analysis is a set of techniques that enable a trader to make predictions about future price movements. Depending on the timeframe on which the market trends are analyzed and what methods of technical analysis you will use, the need for certain indicators for technical analysis will depend. Technical analysis indicators are various mathematical functions of various parameters (price, trading volume, etc.), which show the trader the most likely path for further price movement. Thanks to modern developments and improvements in online trading platforms, the use of indicators is very easy for modern traders. To attach one or another of them to the chart of any financial instrument, it is enough to press a couple of buttons on the trading software control panel. The system will automatically calculate all parameters and display a convenient and understandable indicator chart.
The trader just needs to know how to interpret the data on the chart in order to highlight reliable trading signals to buy or sell a financial instrument.
A high-quality trading platform contains almost all possible technical analysis indicators, and you can choose the one you need and see the current trends even using a mobile application.
Fundamental Analysis Tools
Technical indicators are called technical indicators because they only use statistical indicators of trading (markets) and do not take into account the fundamentals of traded instruments, such as the profits and revenues of companies whose securities are traded on the stock market.
If you are using fundamental analysis, the economic calendar and news section are especially useful.
Whereas earlier mobile apps only contained basic functionality, you can now use the mobile trading app to follow stock market news from your mobile phone. This is very convenient, because your mobile phone is always with you, and you do not need to follow the news sites yourself. In the platform's news feed, you will find all the main and significant events in the world of the economy that directly or indirectly affect the value of assets.
Read company-specific news or set up a shared news feed and notifications. Thus, you will always keep your finger on the pulse of world events.
Actual information is a trader's trump card. Being aware of various economic and political events will help you analyze their impact on the investment market and make correct predictions for the future.
Traders make extensive use of the tools offered by the platform to assist in trading. Stop orders, stop loss and take profit are very popular with traders, with which you can set the upper and lower transaction limits.
When these limits are reached, the deal will be closed automatically.
The ability to place stop orders is a sign of a good platform. With this feature, you can protect your trades from sharp fluctuations in asset prices.
Another handy feature is the multiplier. With the multiplier, you can activate leverage in two clicks, just select the multiplier. You should only use leverage if you have enough trading experience, because leverage increases not only the amount of your investment, but also the amount of possible losses.
Investment video tutorials
Among other things, the platforms provide access to educational materials in the form of video tutorials. You will find these lessons in the Training section. Topics range from the basics of investing and basic operations to the use of complex trading tools and indicators.
In addition to the training section, there is also a demo account, which is a special training account to which the system automatically credits a certain amount of fictitious money. Since the account is completely identical to the real one, you can easily practice various operations. Watch the lessons, practice trades with a demo account and follow the results. This way you will gain initial experience, but also avoid losses.
Simple explanations of complex terminology, vivid examples on the charts and the ability to try out what you hear on a demo account without the risk of losing money are all clear advantages in favor of choosing a platform that provides such opportunities.
Other benefits of a mobile app for online trading
In addition to all of the above, it should be noted that the mobile online platform also offers benefits such as 24/7 customer support with a feedback form, a demo account for training operations, reasonable initial deposit and low withdrawal limits, multiple deposit and withdrawal options, instant transaction execution, real - temporary updates, fast syncing of all your apps (desktop, tablet and mobile versions sync automatically and instantly), strong data protection with 2-step authentication.
Experience all the benefits of mobile commerce in Somalia. Download the best mobile trading platform in Somalia. And try it now!