In the age of online trading or digitalized stock market operations, trading platforms and trading apps are indispensable. Whether you use a trading terminal, mobile trading application, or web-based platforms, all are equally important depending on the type of trader or investor you are and the time you spend trading.
While you may think that trading platforms include all types of platforms offered for trading, in reality, it refers to the trading terminal, and the trading app refers to the mobile application for trading. So, how are these two different, and which one is better for whom, let’s find out!
What is a Trading Platform/Terminal?
A trading platform or terminal is the whole setup for traders where they can see all the charts, place trading orders, do research, live prices are always on the screen, and lightning-fast transactions take place. Trading terminals are software that you have to load onto your desktop or laptop, and there are different technical requirements for each of these software. You need to have the device accordingly to load and run the software.
Trading platforms/ terminals offer high-speed transactions, which take place within the blink of an eye. You can create multiple market watch lists and track different assets at the same time by exchanging the watch list screen. With the advent of online trading, trading terminals were developed for online trading.
What is a Trading App?
With the advancement in technology and demand from the traders to trade on the go, trading apps were developed. Trading apps refer to the mobile application that you can use for trading. These applications do not require you to have a desktop or laptop. You can download the applications on your smartphone and carry on with your trading.
Trading apps nowadays have almost all the features of a trading terminal like technical analysis tools, charts, alerts, and of course, different order options for trading. You can easily track the markets and the assets of your choice with the trading applications even when you are on the go. This is one of the important factors for trading application users as they do not have to sit before the computer screen to track or trade in the market.
Difference Between the Trading app and the Trading Platform
|Basis||Trading Apps||Trading Platform|
|Definition||These are mobile trading applications, which you can use on your smartphone.||These are trading software that needs to be installed on your desktop/ laptop.|
|Requirements||Most of the trading apps require an android or iOS smartphone. Every app has its specifications and requirements which you can check while downloading the same. You can use these trading apps on your phone which has internet connectivity.||You would need a desktop or a laptop for downloading and installing and using these trading terminals. It requires a steady and high-speed internet connection.|
|Speed||Trading apps are fast and help you place orders quickly.||Trading terminals can execute bulk orders in seconds.|
|Charges||Free||Most of the trading platforms are free except for a few for which you have to pay a certain amount yearly or monthly.|
|Downloading option||You can download most of the trading apps from Google Playstore and Apple Store.||You can download the trading terminal of the particular brokerage house from the website of the broker itself.|
|Suitability||Retail traders, investors||Active trader, intraday traders|
Trading platforms and trading apps are actually like two sides of the same coin. While they have some different features and facilities, they are also the same in the way they are used for the same purpose, that is investment/ trading. When you open a trading account, check with the broker which trading app and terminal it is providing, as a better trading app or trading platform can enhance your trading experience and profits, too.
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