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. There are new mobile trading apps introduced almost every month. The reason is that it has become necessary to ensure traders can check the market everywhere they want.
For instance, it has several advantages such as:
- Flexibility: Allows traders to check their positions anytime, anywhere
- Great features: User-friendly features, easy to navigate
- Notifications: Traders won't lose the opportunity
- Easier executions: Only a few clicks to execute
- Efficient analysis: Provide historical charts and their analytical tools
That being said, mobile trading also has its limitations:
- Internet problems: High dependency on internet connections.
- Small screen: Evidently, the smartphone has a smaller screen compared to the laptop
- Limited access: Not all instruments are available on the mobile trading apps
- Small memory: Platforms can be too heavy for some smartphone types
Mobile trading allows busy individuals to become traders from the comfort of their homes and 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 clients can choose the best platform. Both are available on Android and iOS as well.
IC 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.
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, ensure their device is connected to the internet before checking out what is happening 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. Its existence has been around for years since traders use desktop software to control their trading accounts using sophisticated algorithms. This has been considered old-fashioned today and might not be enough to accommodate modern trading.
But, mobile trading apps offer more user-friendly features that are easy to use and navigate. 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.
The market is very busy, so it is no wonder anything important can happen without 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 to check their 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 had to contact the broker over the phone 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 make 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 done and simplifying the process.
5. Efficient Analysis
Brokers with mobile trading features usually equip 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
Like desktop trading, mobile trading also requires an internet connection to ensure 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 differ for those who trade outside their home. The solution is to connect their smartphone or tablet to WiFi, which is available in most public areas. Unfortunately, not all of this WiFi can be reliable. Checking price charts or executing positions might be slow and not accommodating. 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 presented on screen and traders might miss certain details. They might have difficulty analyzing the market, affecting 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 get a better view.
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. Computer or website trading would be a better solution for this type of trader. 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 its features. This might not be a huge issue with a high-end computer since the processor will help it load quickly. The feature is normally simplified for mobile trading to ensure the device can process it. That being said, it can be a problem for budget mobile devices as they might be unable to keep up with the features. This can lead to technical issues and can cause disruptions or while placing an order.
Platform providers present mobile trading apps 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.