The world of trading has undergone a dramatic transformation over recent years, with continuing interest in digital assets like cryptocurrencies and NFTs taking it into the mainstream in a way that has never been seen before. In 2023, you don’t need to be an expert to make a deposit or execute your first trade, and thanks to technological advances across the board it’s become easier than ever for just about anyone to try their hand at working the markets for long-term gain.
With this trading platform and others, as well as a host of new smartphone apps, it’s now possible to make trades from anywhere, anytime, no matter who you are and what your background happens to be. Suffice it to say that technological advances are almost invariably behind the developments we’ve seen over recent years, taking all manner of investments global and revolutionising the way the process works overall.
Here are five ways the latest innovations in technology have spiked dramatic growth in the industry over the past decade, and will no doubt continue to do so as time goes on.
Mobile apps and online trading platforms
Starting with the obvious, it’s clear to see that the advent of smartphones and a growing choice of mobile apps have played an integral role in the growth and accessibility of the investment world.
Placing trading opportunities right at our fingertips and allowing us to make deposits at just a few taps of our touchscreens, they’ve removed the barriers your average Joe on the street would have previously come up against when considering trying their hand at the practice, and beyond that, have ensured the idea has made its way into our psyches in a way that never would have happened previously.
Those who would have once remained oblivious and been unlikely to even consider investing are now having their interest piqued thanks to increased accessibility and online visibility of popular platforms, so it’s unsurprising that the number of those now dipping their toe into the investment world is on the rise.
Signalling and automation
In order to be successful, investing traditionally required constant, 24/7 monitoring of the markets and ongoing cash flow management to the point that many traders found themselves barely getting a moment’s rest. But today’s latest and greatest software options do the hard work on their behalf, analysing market fluctuations by the second and using signalling to suggest potential opportunities to users.
This type of automation has paved the way for a more hands-off approach to trading and has allowed investors to make better use of their time, as well as making it easier for inexperienced users to make informed decisions and wiser moves with lesser risk – which, in turn, has boosted confidence amongst amateurs who are keen to dip their toes in the water to go ahead and take the full plunge.
Financial planning software
Similarly, advances in financial planning software have made the process smoother, with the likes of Quickbooks and comparable competitors making it simpler to record cash flow and keep track of investments.
Apps and programmes like this have made it possible to create better informed investment strategies and minimise risk and have taken the guesswork out of the process in a way that has meant investors feel safer and better informed when it comes to managing their money.
Improvements in communication
Communication is the key to success in just about every industry and, over the years, it has improved dramatically. The development of the digital world has made it easier than ever before for would-be investors, as well as seasoned pros, to access information and learn more about the markets they are working with, with professionals now churning out value-laden content across social media platforms like Instagram and TikTok and reaching even younger generations.
Seeking out the services of professional financial advisors and reading around subjects of interest and importance has also become simpler and more accessible and has led to diversification in terms of both the types of people entering the investment world and their portfolios, too.
Enhanced security
Once upon a time, the idea of making large financial transactions online had us breaking out in a cold sweat, with all manner of threats associated with such processes. Today, they are still present, but the latest technological advances have seen a dramatic increase in the level of security able to be offered to investors via trading platforms and brokers.
The use of blockchain – the technology that underpins cryptocurrencies like Bitcoin, Ethereum and other alt coins – has allowed for the decentralisation of digital wallets and thus, the protection of user identity and personal information, significantly reducing the instances of hacking and security breaches.
Final thoughts
Whichever way you look at it, it’s clear to see that the investment world has changed beyond all recognition as we’ve continued to move further into the digital world, and it’s all down to the latest tech innovations. As the development of the Metaverse continues to gather pace, there could be some even more exciting developments around the corner, too – but only time will tell what’s to come.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.
