In today’s digital age, managing one’s finances becomes even more important, and mobile financial apps can provide the quickest solution. Since both Android and iOS have thousands of apps available for users, it is a relatively tricky process to select the most suited ones for one’s goals. However, it is not only personal finances where mobile apps come to great aid, financial trading apps are as critical for traders and investors to get valuable news quickly and make informed decisions from the palm of their hand.
The Rise of Financial Apps
As smartphones become more powerful and the number of apps in the market, the number, and diversity of financial apps are only going to grow. The evolution of financial apps and their growing role in personal finance management increased their adoption, and many people are using their mobile phones for financial activities more than ever before. Having a financial app on a mobile device is also very comfortable for managing and controlling finances on the go. Both Android and iOS users have a hundred apps at their disposal. Financial apps come in many shapes and forms depending on the task they were developed to handle. There are financial apps about stock and investor news, and there are mobile apps for stock trading that help traders and investors manage their stock portfolios on the go.
Key Features to Look for in Financial Apps
So, what to look for when selecting a financial app on the mobile store? There are several answers to this question depending on the task the user is trying to solve. However, here are the most basic features almost all financial apps should provide:
Security features and data protection
The first thing to consider if you are going to open an account with any app is security and privacy. Financial apps must approach this aspect cautiously, and users should only install apps that provide high levels of security like 2FA authorization if they are dealing with personal financial data of the user. It is critical not to expose sensitive data to third parties without extensively noticing the user.
Investment tracking and advice
Investment tracking ensures that the user can always control and monitor their portfolio or make a watch list for their preferred assets and industries. Tracking your investments is important to monitor their performance, and advice would be useful for novice investors and traders to ensure they make highly accurate decisions.
Performance and analysis tools
These tools are essential in financial apps for users who want to understand the financial health of their investments or personal finances. Making data-driven decisions is also important to ensure decision-making is objective and aimed at achieving long-term financial goals.
Budgeting and expense tracking
Budgeting is the cornerstone of financial planning, and it should be part of personal financial apps. Users should look for apps that offer detailed categorization of expenses and real-time tracking to give them a clear view of where the money is going.
Debt management and reduction tools
Mobile trading apps offer “debt” management by showing the available and free margin information, while personal financial apps should offer tools to effectively manage and reduce debts. Tracking debts in real-time, calculating payoff dates, and strategizing on reducing debt quickly will become handy.
Savings and automated saving options
Setting and reaching savings goals is easier with apps that allow you to set specific targets and automotive savings. For trading and investment apps, a similar function is to always control the risks by setting stop-loss and take-profit orders. These features can help ensure users are regularly setting aside money or protecting against risks with ease.
Top Financial Apps for Android and iOS Users
We have gathered some of the best mobile financial apps from diverse sectors of personal budgeting, investing, and financial trading. These apps should provide value for users in need of assistance in financial planning and management, as well as trading.
YNAB (You Need a Budget)
YNAB is a proactive budgeting app that emphasizes giving every dollar a job. It was designed to help users live within their means, get out of debt, and save more money. The app offers a detailed budgeting system with a subscription model, providing access to various budgeting tools and real-time tracking capabilities for managing finances effectively.
Pricing: Subscription required after a free trial.
TradingView
TradingView is a charting platform that also offers manual and automatic trading capabilities. It has a modern design and through its diverse liquidity providers, it is possible to track and analyze almost any asset’s price in all financial markets. With its extensive technical indicator database, traders and investors can track and analyze assets while also getting information about important financial news and indicators. The TradingView app is natively available on both Android and iOS.
Pricing: Subscription is recommended to get more than 2 indicators and advanced functionality.
MetaTrader 5
MT5 app recently got redesigned and is natively available for both Android and iOS, making it one of the most popular financial trading platforms. Through its multitude of built-in technical indicators and chart analysis tools, MT5 can be used to both analyze and trade financial markets.
Pricing: Free
Empower Personal Dashboard
Empower combines investment tracking with budgeting and offers a comprehensive set of tools for overviewing the financial health of a budget. It is especially useful for tracking one’s investments and everyday spending.
Pricing: Free for basic features; additional investment advisory services available.
Choosing the Right App for Your Financial Needs
Selecting the mobile financial app depends on the user’s needs. For personal finance and planning budgeting apps would be more suited, while for financial trading and market analysis trading platform apps are suitable. Some advanced mobile trading apps offer news and other social functionality, which are essential for comprehensive analysis of the market on the go. Whether you are aiming to save money, manage debt, or invest, there is an app tailored to your needs. After considering what aspects of your finances or financial trading you need the most will make the app selection process much easier.