Best Trading App for Beginners
The dazzling world of stock market attracts many people towards itself. This can be a great way to make money, but it is equally risky. If you are a beginner investor, choosing the right trading app is the key to success in your journey.
Ground reality of early apps
At the beginning of my research, I found that many trading apps claim as “beginner friendly.” But in reality, some of them had complex interfaces, while some of the analysis tools they provided were too advanced for me. Instead of getting disappointed, I decided to move forward keeping my priorities in mind.
Nowadays, online trading apps have brought the stock market right to your pocket. But among so many options, the question arises that which app is best suited for you?
do not worry! This article has been written especially for people new to the stock market. In this, we will introduce you to the merits and demerits of various trading apps, so that you can make the best choice for yourself.
A look at some of the best trading apps
“Now, let’s look at some of the popular trading apps available in India…” and try to understand their features:
- Zerodha
It is India’s largest online broker and is known for its simple user interface and low brokerage charges. Zerodha also provides extensive educational material, which is quite helpful for beginners. However, Zerodha does not offer margin trading, which may be a disadvantage for some investors.
- Upstox
Upstox is another popular trading app known for its advanced charting tools and analytical features. It is suitable for both beginners and experienced investors. Upstox also offers margin trading, but it requires certain eligibility criteria to be met.
- Angel Broking
It is an experienced broker which organizes various educational programs and webinars for beginners. The user interface of Angel Broking may be a bit complex, but it also facilitates margin trading.
- Groww
Groww is a user-friendly app that is especially suitable for beginners. It provides educational material in simple language as well as a variety of investment options, including mutual funds and SIPs. However, Groww is still a developing platform and does not offer some features such as advanced charting tools or margin trading.
- Paytm Money
Paytm Money is a branch of a popular mobile wallet company Paytm. This app is quite suitable for beginners, as it is quite easy to open an account and invest in it. Additionally, Paytm Money charges low brokerage fees and zero account opening fees. However, it is also a new platform and does not yet offer advanced trading tools.
- 5paisa
5paisa’s user interface can be a bit clunky, so it may take some time for beginners to get used to it. However, it supports a variety of order types, which may be beneficial for experienced investors.
Comparison Chart of Trading Apps
| Feature | Zerodha | Upstox | Angel Broking | 5paisa | Groww |
|---|---|---|---|---|---|
| User Interface | Simple & Intuitive | Advanced Charting Tools | Slightly Complex | Slightly Cluttered | Simple & Intuitive |
| Educational Material | Comprehensive | Limited | Various Programs & Webinars | Limited | Limited (External Source Links) |
| Demo or Paper Trading | Yes | Yes | Yes | Yes | Yes |
| Brokerage Fees | Low | Low | Moderate | Low | Low |
| Other Features | - | Margin Trading (Eligibility Criteria Apply) | Margin Trading | Diverse Investment Options | - |
Which app is right for you?By now, you have understood the features of some of the popular trading apps available in India. So, which app is right for you?” Keep the following points in mind:
- Your experience level: If you are absolutely new, prefer an app with a simple user interface and extensive educational content (e.g. Zerodha or Upstox).
- Your trading goals: If you only want to make long-term investments, choose an app with low brokerage charges and a variety of investment options (e.g. 5paisa).
- Your Budget: It is wise to start with minimal investment in the beginning. Therefore, choose apps with low brokerage charges.
some important advice
Apart from choosing a trading app, there are some important tips to keep in mind to be successful in the stock market:
- Do your research: Before investing in any company, research the company thoroughly. Understand its financial position, future prospects and its position in the market.
- Invest for the long term: The stock market is not a way to get rich quick. Make a long-term investment strategy and do not be afraid of market fluctuations.
- Manage risk: Divide your investments across different assets (diversify) so that the poor performance of one company does not affect your entire portfolio.
- Keep everything away from emotions: Do not involve emotions in the stock market. Take logical decisions and stick to your investment strategy.
The world of the stock market can be exciting and profitable, but it is also full of risks. As a beginning investor, choosing the right trading app and adopting the right strategy is the key to success.
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