Many traders in Sri Lanka use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Paper Trading App in Sri Lanka for 2024, based on our assessments.
Revolut provides its clients access to shares of international and American companies, cryptocurrencies, and metals. For investors, Revolut offers a social trading program. Revolut's copy trading platform is trendy among investors because it has a forum for traders to communicate with each other in real-time. Also, various charts and indicators are available in the Revolut trading platform for technical analysis. Revolut is a company actively developing and plans to make all of its services available to foreign citizens. Fractional share trading offered by the broker allows beginners to learn trading without high financial risks.
Interactive Brokers is a reliable brokerage company that is popular with traders from all over the world. Interactive Brokers offers its clients an author's web terminal as a trading platform with a convenient and understandable interface - the "Client Portal." In addition, the company has an IBKR API available for developing custom software. Interactive Brokers also has investment programs. Currency pairs, metals, stocks, indices, and several other stock market instruments are available to clients as trading instruments. The company accepts clients from the USA. Interactive Brokers offer better conditions to professionals and are not focused on novice traders.
E-Trade specializes in e-trading and is primarily focused on working with the American stock market.
The TradeZero broker has its strengths and weaknesses, like any platform. However, TradeZero is a simple and reliable solution for entering the global stock market.
Wells Fargo is a US-regulated broker suitable for both novice investors and seasoned market participants.
1
Best Paper Apps in Sri Lanka - Revolut
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders in Sri Lanka:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders in Sri Lanka:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
2
Best Paper Apps in Sri Lanka - Interactive Brokers
Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA, 208159), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.
👍 Advantages of trading with Interactive Brokers for traders in Sri Lanka:
•wide range of training materials;
•access to 135 markets in 33 countries;
•a huge subset of trading instruments.
👎 Disadvantages of Interactive Brokers for traders in Sri Lanka:
•website interface is only partially translated into other languages;
•you have to pay for an inactive account;
•Support service does not work on Saturday and Sunday;
•long and complex registration procedure;
•no cent accounts for novice traders.
3
Best Paper Apps in Sri Lanka - ETrade
The Etrade broker is a subsidiary of Morgan Stanley, the financial conglomerate, which has been operating since 1982. Today, E*TRADE is the leading online platform for financial instruments trading on the world's major exchanges. It offers operations with stocks, options, futures, bonds, ETFs, as well as investments in mutual funds. The broker is a member of FINRA (CRD#: 29106/SEC#: 8-44112), SIPC, NFA (0401545), and the FDIC, and provides services according to its license with the SEC, the US Securities and Exchange Commission.
👍 Advantages of trading with ETrade for traders in Sri Lanka:
•Fully adaptable to e-commerce through its mobile applications.
•No commissions when working with stock options on American exchanges.
•Twenty-four/seven customer support via online chat.
👎 Disadvantages of ETrade for traders in Sri Lanka:
•The Forex market tools are not available for trading.
•Training is provided in English only,
•Leverage is limited and cannot exceed 50% of the trader's personal funds.
•You cannot open a demo account to test the broker's conditions.
•There is no support, the website is only in English.
4
Best Paper Apps in Sri Lanka - TradeZero
TradeZero is a Bahamian broker that provides its clients with access to the interbank market for stock trading. The platform allows you to trade limit orders for NYSE, Amex, and Nasdaq securities for free. Leverage, depending on the parameters of the order, ranges from 1:2 to 1:6. There are no templates for day trading. The broker has developed four trading platforms - ZeroPro, ZeroWeb, ZeroFree, and ZeroMobile, which make it possible to trade with maximum comfort, regardless of the level of the trader and his preferences. The platforms integrate technical analysis tools, news, and analytics.
👍 Advantages of trading with TradeZero for traders in Sri Lanka:
•The broker allows you to trade all stocks that are listed on the NYSE, Amex, and Nasdaq exchanges.
•In addition to shares, trading in ETFs and options is available on objectively favorable terms.
•Limit orders greater than $1 and containing up to 200 shares are not subject to commission.
•The broker has proprietary software for working from a desktop, in a browser, and on a mobile device.
•Transparent pricing policy, fixed deposit/withdrawal commissions.
•No commissions on the first deposit.
•The broker provides an extensive pool of educational materials for traders of different levels.
•Fast technical support in live chat, and there is a multi-channel call center and email.
👎 Disadvantages of TradeZero for traders in Sri Lanka:
•The minimum deposit is $500. It does not charge a commission, but this is a significant amount, which sometimes repels beginners.
•Use of the ZeroPro and ZeroWeb software with professional functions $59 per month.
•Technical support is not around the clock or on weekends.
•Service priority is given to premium accounts.
5
Best Paper Apps in Sri Lanka - Wells Fargo
Founded in 1852, the Wells Fargo broker is a subsidiary of Wells Fargo & Company, which is currently one of the "big four" US banks and serves more than 70 million customers. The company offers a diversified portfolio of banking, investment, and mortgage products, as well as insurance and financial planning services. Wells Fargo is regulated by FINRA (CRD#: 11025/SEC#: 801-57434,8-28721) and the NFA (0320678). Its clients have access to SIPC coverage, securities trading, and investment in managed portfolios.
👍 Advantages of trading with Wells Fargo for traders in Sri Lanka:
•Banking products, bank cards, trading, investment, and savings accounts are managed through a single application.
•A vast array of assets: stocks, options, ETFs, fixed income instruments, and mutual funds.
•Deposits start at $1.
•Control of activities by FINRA and NFA.
•Availability of segregated accounts and SIPC insurance coverage.
•No fees are charged for the online trading of stocks and ETFs.
•Humongous opportunities for Wells Fargo's clients, such as active trading and passive investing are allowed.
👎 Disadvantages of Wells Fargo for traders in Sri Lanka:
•In comparison with market competitors, Wells Fargo has pretty hefty fees for trading options.
•The absence of online chat on the official website.
•Investment accounts are not protected by the Federal Deposit Insurance Corporation (FDIC).
Best Paper Trading App in Sri Lanka 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
Revolut - Education for Investors
Investment Education Online
Revolut doesn't offer training programs on the basics of stock trading. But the company's site has a blog section, which contains articles and videos with investment tips from Revolut experts and a description of the nuances of stock trading.
The information presented in the Blog section can be useful not only for beginners but also for professional investors.
Interactive Brokers - Education for Investors
Investment Education Online
Information
Interactive Brokers provides clients with useful information to help novice traders to get Forex training and to help novices and professionals to improve their skills.
We highly recommend you use the IBKR trial version to test your knowledge in practice without financial risk.
ETrade - Education for Investors
Investment Education Online
The broker offers a library on the site to introduce the basics of stock trading to novice traders. It provides reviews, analytics, news, expert opinions, and useful tips to improve your trading efficiency.
The broker doesn’t have a demo account, but the knowledge gained academically can only be applied in practice using real assets.
TradeZero - Education for Investors
Investment Education Online
The broker’s website has a section with training materials, videos, and a detailed manual that can be downloaded in pdf format. There is also a FAQs section with basic information. Thus, the broker provides its clients with all the necessary information so that they can successfully invest in securities.
Some sources write that TradeZero provides a demo account, but it does not.
Wells Fargo - Education for Investors
Investment Education Online
The Financial Education section on Well Fargo provides training materials on investing and financial planning. For the convenience of users, all information is divided into 7 blocks. Traders’ training is in the Investing section.
Wells Fargo focuses on educational articles on financial planning and therefore provides superficial investment training.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Sri Lanka choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Paper Trading App in Sri Lanka 2024.
| Revolut | Interactive Brokers | ETrade | TradeZero | Wells Fargo | |
|---|---|---|---|---|---|
|
Overall score |
9.5 |
9.1 |
8.3 |
5 |
7.3 |
|
Execution of orders |
9.2 |
8.8 |
8 |
4.79 |
7.09 |
|
Investment instruments |
9.8 |
9.4 |
8.6 |
5.21 |
7.51 |
|
Withdrawal speed |
9.6 |
9.2 |
8.4 |
4.85 |
7.15 |
|
Customer Support work |
9.4 |
9 |
8.2 |
5.15 |
7.45 |
|
Variety of instruments |
9.1 |
8.7 |
7.9 |
4.63 |
6.93 |
|
Trading platform |
9.9 |
9.5 |
8.7 |
5.37 |
7.67 |
|
|
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|
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FAQ
If a broker has several platforms, does it mean it offers several apps?
No. If a broker has several trading platforms, there is either an option to switch between them in the app, or only one trading platform is available (usually the proprietary one).
Are there updates for the apps of brokers?
Yes. Mobile apps of brokers are regularly updated and it is very important to update them in the view of proper operation of services.
Can a platform function less effectively in the app than in the web version?
The platforms of reliable brokers with good apps work as smoothly as the web version. Therefore, there are almost no instances when the app runs poorly and the web version runs well. That may happen only in case of technical failures, which also happen rarely if the app is good.
How are the apps protected against unauthorized access?
As a rule, in addition to the username and password, other security measures apply, for example two-factor authentication. In this case, you will need to enter a unique code to access your account.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.