Guide to mobile trading

Even those with a 2G connection can use the platform

Mobile trading still contributes less than one per cent of total average daily turnover on the exchanges. But the medium is becoming popular by the day. The average daily turnover on the National Stock Exchange, for instance, has risen to Rs 156 crore from Rs 64 crore in 2013. According to estimates, 80 per cent of the mobile volumes are directed through Android phones.

Getting started

Executing trades through a mobile is simple. First, you have to download the trading app provided by your broker. Many brokers now offer this facility. The steps might differ from broker to broker but basically it will work like this:

After downloading the app from Google Play, you click on the app icon and will be directed to a welcome screen. Next, you will see a login screen, which will prompt you to enter your user ID and password. Upon entering these, you will get an access code on the mobile number and email ID provided by you. This access code is meant for added security and will change each time you log in. Alternatively, you might have to enter your date of birth or Permanent Account Number (PAN) card number for a second level of validation.

After entering the access code, you will get a Securities Trading Using Wireless Technologies disclaimer screen. On clicking on the 'accept' button, you will get to the app home page.

You then click on the 'quote' icon. Now, you can add scrips by clicking on the 'trade to order' button and fill in the quantity and price details. Click on the 'place order' button. An order confirmation window will appear and the order will be sent to the exchange once you click on the 'confirm' button. (Click here for graphics)

Those who don't have an account but want to view live quotes can register as a guest. A guest user who wants to view live quotes needs to register and, hence, needs to fill up his details.

Facilities

Mobile trading allows you to track not only scrip movement but also settlement-related information, portfolio view, status of the order, amount available for margin trading, etc. Many brokers offer research support as well. You can also chat with or call a customer service executive if you face a problem.

Limitations

The screen size can be a bit of a limitation. For example, you might at best be able to see 10 stock quotes at a time instead of, say, 50 on a desktop screen. So, more clicks might be required to access the same amount of information. "It may not be a good tool for traders who do large volumes, as it becomes difficult to track a large number of positions on the mobile screen," said Prasanth Prabhakaran, president - retail broking, IIFL. Connectivity is still an issue in many parts of India but the good news is that you don't need a 3G connection to execute trades.