Mobile trading in India by individual investors is at an all-time high. In fact, at the National Stock Exchange (NSE) the average daily turnover attributed to mobile trading in shares jumped to a record of 10.15% of the total turnover, which equals around Rs. 3,700 crores a day in March 2019 compared to 3.6% two years ago and a mere 1.1% five years ago.
The launch of mobile trading
In August 2010, the Securities & Exchange Board of India (SEBI) allowed brokers to launch mobile trading and since then there has been no looking back. Due to the widespread use of smartphones, the growing popularity of internet services and the use of efficient trading apps, the mobile trading industry shows no signs of slowing down. Majority of individual or first-time investors heavily rely on trading applications on their smartphones to make investment decisions and given the high demand the market has been flooded with such applications. One such application is the Edelweiss Mobile Trader app which is a customer favourite with the highest ranking in the app store has been recently revamped.
App in focus: Edelweiss Mobile Trader
At the very basic level, the Edelweiss Mobile Trader application is a trading application designed to help investors track and trade across the NSE and the Bombay Stock Exchange (BSE) in equities, derivatives, currency derivatives, mutual funds, NCDs and bonds. Users can use the application to track the position of their investments and instantly take action about their funds as per market movements as they deem fit.
While the application had been a customer-favourite, over the course of the past six months, the technical team had been working to add in more information and tools to make it the ultimate comprehensive markets application in the Indian app store. Let’s find out how the new features of the application fare in doing so.
“Screeners”: pick the right stock.
Perhaps for investors one of the most important features of the new version of the application that stands out is the ability to get “screeners”. Anyone who has tried extracting information about the stock market online can agree that often the quantity of information out there is intimidating and it can be easy to miss out on a good opportunity to invest. This is when the unique stock screeners feature of the new Edelweiss Mobile Trader app comes in. These screeners use filters to help you select stock options that will enable short-term and immediate growth, hence, helping you weed out stocks that do not fit into your trading strategy.
This means you will only focus on information about stocks which are relevant to your portfolio and you can define the metrics using trading instruments that fit a particular profile or set of criteria. Other mobile trading applications such as TradePlus, Motilal Oswal amongst others, do offer real-time tracking of your stocks and news updates on stocks, but investors often struggle with wedding out useful information from the same. Often investors use screening websites separately to help them weed out the vast information available on the internet, however, having this feature in-built in the app simplifies the process for investors.
Live news, What-if analysis, DIYs and other features
Additionally, while almost all trading applications have a live news section which provides investors with up-to-date market news, the Edelweiss Mobile Trader’s live news section stands out due to its ability to select only relevant headlines and present them to you faster than any other service. As an investor, identifying market-moving news faster than others helps you have a competitive edge over the others. Other very useful features of the application is the What-If Analysis and the Do It Yourself feature. Most first-time or individual traders are often intimidated by the idea of using analysis tools as they find these complicated and overwhelming to understand.
However, in the Edelweiss Mobile Trader app these features have been designed in a very user-friendly manner and are very easy to understand. They enable investors to simulate the outcome of changes in prices due to changes in market conditions such as interest rates. Being able to simulate such results and engage their impact on your portfolio instantly empowers investors to take decisions as per the movements of the market quickly and efficiently.
Latest updates to the app
Another very important feature update worth noting is that in the new version of the application, investors can not only trade, track but also view recommendations about investing in mutual funds at the instant click of a button. Other competing mobile trading applications such as 5Paisa, Kite Mobile App- Zerodha do not have features such as those provided by the Edelweiss Mobile Trader.
The new version of the application offers the unique ability to trade and invest in mutual funds in one go and you can also view the details of all upcoming, ongoing, about to be listed and recently listed New Fund Offers (NFOs). With UPI support from applications such as BHIM, Paytm, Phone Pe, Google Pay, MobiKwik and 128 banks, the application also enables you to transfer funds and trade immediately. With the growth of the mobile trading industry, there has been an overflooding of trading applications in the market. However, with a range of new features as highlighted above, the Edelweiss Mobile Trader app, which was already a customer-favourite has lived up to expectations to help empower investors and be a completely comprehensive mobile trading application. Featured Image Credits: Unsplash