In September last year Bombay Stock Exchange released an app for stock trading on mobile phones, hoping to capitalise on the country’s growing handset market by catering to tech-savvy investors and helping them to keep a tab on their portfolio while traveling.
Mobile trading as a concept emulates what one can do while trading online. One major advantage of mobile trading is one can trade even while the user is on the move.
Larger handsets and richer, customized applications will drive mobile trading, which enables the user to act on any information, even if it is most urgent, immediately and from anywhere.
To demystify mobile trading ‘The Mobile Indian’ spoke to Venkat Rangan, co founder and chief executive officer of Market Simplified. Here are excerpts from the discussion:
Q. Is mobile trading dependent on the handset and operating system (OS)?
A: It depends on the route one takes. When it comes to native applications, it definitely is dependent on the OS. Web based applications are to an extent independent of OS.
However, web based applications seldom match the user experience, capabilities and range of features that native applications allow at this point of time. Hence, one will find more and more institutions vouching for native applications to start with, to provide the best of experience and capabilities, thereby driving a far better investing and trading experience. To trade, all one has to do is open an account with the brokerage that offers mobile trading, and one is all set to trade using any mobile that has a GPRS connection.
Q. Can a mobile user trade using the mobile web or an app? Which one is better and why?
A: Yes, one can. However, mobile web in its current form will not match the usability of native applications, especially in trading, for which people rely a lot on live streaming of quotes, instant news updates, portfolio alerts, stock alerts, streaming charts etc, and native applications definitely have an upper hand.
The mobile application provides an easy to use navigation system compared to web browsers. Most surveys suggest that respondents would opt for client based applications over browser based applications because of their convenience and reliability.
Q. Is it safe to trade using mobiles?
A: Yes it is safe to trade using mobiles. A robust application will have features in place to safeguard even the remotest exceptions that may arise while trading.
Q. What all can users do while mobile trading?
A: Mobile trading applications not only allow one to keep track of market movements, they also provide the ability to trade. Now, using a mobile, one can remain connected to stock markets while traveling. Some applications allow brokerage houses to access market information even if they don’t have a trading account with that particular brokerage firm. Users can access account details, real-time quotes, market data and news. They can set alerts on stocks, get portfolio updates, stream charts, connect to social media and get technical analysis tools using smart phones and other mobile devices.
Q. What options, in terms of solutions provided by broking firms and banks, does a user have for mobile trading?
A: The mobile app provides an easy-to-use navigation system for our client’s customers to access a full range of timely data and vital account information, including trading analysis, streaming quotes, updated account balances, pending orders and current positions, portfolio updates, alerts, watchlists, real-time news updates, and any custom feature that a brokerage or bank wants to take to the mobile.
The other options available are enterprise mobility features, CRM, wealth management applications, dynamic real-time charts, and technical analysis and snapshot views of all the major global indices.