There are a lot of brokers with mobile trading apps nowadays. But will it become the future of trading? What are the limitations?
Technology is getting more and more advanced each year. It has now evolved to support the high mobility of the modern world. This trend can also be seen in the trading community. Right now, there are a lot of brokers providing mobile trading apps to accommodate busy traders. In fact, there are new mobile trading apps introduced almost every month. The reason is that it has become a necessity to make sure traders can check the market everywhere they want.
The emergence of mobile trading has made it easier for traders to open and close positions anytime they want. This has led the industry to a new question, will mobile trading become the future? To answer that question, it's important to understand what are the benefits of mobile trading and its limitations as well.
The Art of Trading On the Go
The term mobile trading refers to the use of wireless technology that aims to support securities trading. This technology allows traders to access the trading platform from their smartphones. This has proven to be easier compared to the traditional trading methods that require traders to be confined to their computers. Not only checking the performance of the markets, mobile trading apps also allow traders to open and close positions anytime they need. This means they can also actively manage their portfolios even when they are away from monitors.
The idea of mobile trading is to allow busy individuals to become traders. Not only from the comfort of their own home but also from anywhere in the world, as long as an internet connection is present. Right now there are a lot of brokers that provide great mobile apps. One broker that comes to mind is ICMarkets. This broker offers mobile trading apps for MetaTrader and cTrader so their clients can choose which platform works best for them. Both are available on Android and iOS as well.
🌐 WebsiteIC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
Why Mobile Trading Might Be the Future
Lately, mobile trading has gained more and more popularity in the industry. This might be evidence that the future of mobile trading is brighter than ever. There are several reasons why this technology has become a favorite these days.
1. Flexibility
The main feature that mobile trading offers are flexibility. Nowadays, the majority of traders have smartphones or tablets of some sort. They mostly carried their devices in their pockets all the time. That means executing their positions anytime they need is highly possible. All they need to do is to find the best broker with mobile trading app and install it on their phone. Then, make sure that their device is connected to the internet before checking out what is going on in the market. It is super simple and gives a lot of flexibility as well. It is also possible for them to control their trading account while also working and navigating all their daily activities.
2. Great Features
Digital trading itself wasn't a new development in the industry. In fact, its existence has been around for years since traders decide to use desktop softwares to control their trading accounts using sophisticated algorithms. This has been considered an old-fashioned way today and might not be enough to accommodate modern trading. But, mobile trading apps offer more user-friendly features that are super easy to use and navigate through. The interface can also be customized and optimized in such a way that suits each person. That way, all traders can enjoy a better trading experience.
3. Notifications
The market is very busy so it is no wonder anything important can happen without any warning beforehand. This might lead the market in a different direction than what the traders expected. With desktop trading, traders must take the time to open their computers or laptop in order to check the positions. It can be a hassle when the situation doesn't allow them to do that. Luckily, most mobile trading apps are equipped with notifications to ensure traders would get the latest news about their positions or the instrument they trade. It can be a great way to make the next decision with a simple click.
4. Easier Execution
In the past, traders have to contact the broker over the phone if they want to execute a position. This can be a long and troublesome process, not to mention there is a risk that the market will change before the positions are even executed. Nowadays, most brokers with mobile trading ensure that their apps made the process easier. Usually, it will only take a few clicks here and there to get a transaction going and a deal processed without any hassle whatsoever. This is completely changing the way trading is being done and simplifying the process.
5. Efficient Analysis
Brokers with mobile trading features usually equipped their apps with the best feature to help traders analyze the market. Some of the most helpful trading app features are the historical charts and their analytical tools. These features can help traders look at previous data and predict the price's next direction. The best part is that the features are mostly designed to be user-friendly.
Mobile Trading Also Have Limitations
While mobile trading apps provide convenience for all their users, they also come with a set of risks. While trivial, they can be a deal-breaker for some traders.
1. Internet Problems
Similar to desktop trading, mobile trading also requires an internet connection to make sure traders can access their accounts. For traders who run their activities using home computers, this might not be a problem since most houses are connected to WiFi nowadays. But, the case might be different for those who trade outside their home. The solution is to connect their smartphone or tablet to WiFi that is available in most public areas. Unfortunately, not all of this WiFi can be reliable. It might be slow and not very accomodating to check price charts or to execute positions. If this is the case, a trader might lose their positions due to connectivity issues.
2. Small Screen
The chart is a huge part of trading and it's important that traders can get the best view of it. With mobile trading, the screen size can be quite inconvenient for users. This can limit the data that can be presented on screen and traders might miss certain details. They might find a hard time analyzing the market and it will affect their decision-making process. It is not a big issue for traders who use devices with bigger screens such as computers or laptops as they usually will get a better view out of it.
3. Limited Access
Unfortunately, some mobile trading apps limit trading instruments' availability on their platform. It can be an issue for traders who wish to reach a broader range of markets. For this type of trader, using computer or website trading would be a better solution. But, since that would limit their mobility, they must choose which one they want to sacrifice.
4. Small Memory
A trading platform can be very complex because of all the features it has. With a high-end computer, this might not be a huge issue, since the processor will help it load quickly. For mobile trading, the feature is normally simplified to ensure the device can process it. That being said, it can be a problem for budget mobile devices as they might not be able to keep up with the features. This can lead to technical issues and can cause disruptions ors while placing an order.
The Future of Mobile Trading
The popularity of mobile trading is highly integrated with the rise of smartphones and other mobile devices. After all, these devices play a big part in accomodating human mobility in the modern world. This technology change the way trading is being done and made exchange deals easier than it ever was. The simplicity it offers has made the growth of mobile apps undeniable and unstoppable. These days, a lot of brokers with mobile trading apps are attempting artificial intelligence integration. They also add various new features in order to maximize their potential. While it may take some time until the apps are perfected, the future of mobile trading seems bright. As long as mobile devices are still around, there is a chance that trading may well be entirely mobile in the future.
Mobile trading apps are presented by platform providers in most brokers. Among the most well-known, MetaTrader is still a prominent name even in the mobile app sphere. Explore the reasons why in this article.
10 Comments
Mcdonald
Jan 3 2023
As expected, mobile trading has a smaller screen and limited trading tools. I also feel that trading on PC has more trading tools and allows you to zoom in and out on charts for more detail. The screen is larger and we can see more details. On the other hand, in mobile apps, especially MetaTrader (not sure about other platforms). You can access trading tools and charts, but you'll have to click more often to access them. I think that it is not suitable for a high-speed trading system, or mobile trading at all.
Johnson
Jan 3 2023
MC Donald: I agree for high-speed trading systems that require quick order opening, a PC is still the best choice. For example, in a mobile app, you will have to draw a line, which is more difficult and requires a larger screen for this. And details needed to make a good decision in trading. So, it won't suitable. There are also quite a few traders who don't have a PC in case they have an iPad or tab instead of trading on a mobile device.
Charlie
Jan 3 2023
Johnson: Guys, what about the trading platform that some brokers offer. I mean they also have a mobile app and it looks very simple compared to their advertisement. But I really don't know if there are traders who trade using the app or just trade on the regular trading platform.
Johnson
Jan 3 2023
Galagher
Jan 3 2023
Pedro
Feb 5 2023
Anyway, the screen of the phone will of course be smaller than that of the PC. It needs some effort on trading with mobile phones. I admit that the screen is smaller, and you can barely see the graphics. If I zoom in, the time frame is clipped and creates an imperfect histogram scene. Whereas, if I zoom out, the candlestick chart can become a line chart because it can be very small. I know that trading always requires the evolving way of trading. And mobile trading is product of that evolved. I mean you can trade when you can and you don't need to open your computer or laptop again.
But due to some disadvantages, mobile trading becomes not interesting at all. I mean, is there a way to optimize to use mobile trading?
Kansha
Feb 5 2023
Pedro:
In my opinion there are two option you can use in order to maximize the trading platform in mobile phone if you are not familiar.
Harry
Feb 5 2023
As I know, metatrader also has a mobile app. That means we can access metatrader anytime and anywhere to watch and do some trading. The question is if I am comparing the broker's mobile trading platform and the metatrader mobile platform, which one is better to trade over the phone since the mobile trading platform from brokers also offer some good feature too.
And as you know, for some new traders, mobile phones are used for trading. And for some workers also use mobile trading platforms because they can access trading anywhere.
Julian Alvarez
Feb 5 2023
Harry: I think all we know for sure is that the PC metatrader has a very good trading platform. I mean MT4 in particular is a great trading tool. The interface, functionality and delivery the market for traders is amazing. No other trading platform can compare to metatrader especially trading platform that can be used by anyone from beginner into expert.
But, about the mobile app, I think I don't care about MT4 mobile trading platform because its functionality is limited, while the broker's mobile trading app also has this problem but is covered by the personal area of the trading platform. So, you can trade and manage your account in one app include opening account, deposit, withdraw, and choosing leverage.
So for me the broker-made mobile app is the best
Sally
Feb 5 2023
Julian Alvarez: I also has the same opinion with you. The broker`s trading platform although has very limited trading tools, actually the limited trading tools are the tools that usually used in trading. So, I dont need to worried about tools such as Moving Average for example is not in broker trading platform.
Meanwhile, it is better to use metatrader Windows or MAC Version because with more large screen, you can use many trading tools and also can see the market perfectly. So, it is better for expert trader to avoid analyse in mobile phone. But to watch the market, they can do it in mobile trading