Mobile phone share trading has exploded in the past few years and is only likely to become more prevalent in the future.
And while it remains difficult to perform proper research work on your phone – unless you have a magnifying glass – you can execute and monitor trades as easily on your phone as you can on your desktop computer.
There are plenty of options for forex and CFD traders, but the local broking market is yet to deliver a mobile “killer app” for those of us that just want to trade shares.
iPhones and Blackberrys
When financial services comparison website Cannex reported on Australian stockbrokers last year, the two brokers that RECEIVED five star ratings both offered the webIRESS platform – Amscot Discount Stockbroking and First Prudential Markets.
The webIRESS platform has remained popular with active traders and the platform is available for iPhones and BlackBerry devices.
In particular, the webIRESS platform has been the platform of choice for busy, but still trading, business executives using BlackBerrys.
Access to the webIRESS platform will usually cost you unless you make a certain amount of trades each month. The amount will vary broker from broker.
Brokers all right
Commsec was the first broker to release an iPhone app. The iPhone app allows traders access to MOST features, such as watch prices, setting up watch lists and viewing charts. More recently, it’s received some poor reviews from users after a recent update.
Westpac has recently launched a new web-based mobile trading platform and this uses the same set-up and style as Commsec.
Bell Direct WAS one of the first brokers to move into the mobile market. In addition to mobile accessibility, it also allows traders to SMS orders.
Surprisingly, while Macquarie Edge and E*Trade have led the market in many areas, we are still waiting for them to deliver truly first-class mobile-trading applications.