For many years, forex traders were forced to sit in front of their desktop computers. However, much like many other industries, the forex trading market has offered the convenience of trading on mobile devices, such as smartphones and tablets. Mobile trading will ease your trading activity in around of full schedule, either with work, family or social commitments, whose taking up a large part of your time. Instead of using your mobile device for shopping, keeping a calendar, or chatting with your friends, you can now use it to trade Forex through a mobile Forex app.
Below you will find some forex brokers that have developed their mobile trading platforms for clients.
|Broker||Regulation||Max Leverage||Min Deposit||General Rating|
FSP (New Zealand), FSP157304
How to Successfully Trade in a Mobile App
Within the last couple of years, the availability of trading apps on mobile devices has become increasingly popular. Top it off with stable and fast connectivity to the internet and you are good to go.
Risk is no stranger to forex traders, so is its mitigation. How safe is this trading method? Does the benefit outweigh the risk?
Transitioning from PC to mobile trading is pretty much like leaving your old home for a new one. It is basically the same place but you need to get used to it anyway. It might be difficult at first but you will eventually feel its benefit. There are two advantages of trading on a mobile device that allows you to increase your profit.
- It allows you to make use of the time used to basically doing nothing like standing in line or waiting for your car to be repaired.
- Your device may notify you of a certain event on the market so you may react accordingly even when you are not on your desk at that moment.
Sounds great and all, but there is some risk that you need to consider before approaching this method. Things like the device's screen capacity and other specs will affect your performance. Let us go in-depth about these things to think about:
Size Does Matter
In essence, the whole thing about trading on a mobile device is to give us greater accessibility and ease. Can you clearly see a chart through a small screen? Several texts on social media or chat groups, probably. But analyzing price charts requires a widescreen display so you do not miss any small detail in the price movement. Thus, it is best to use a smartphone with at least a 5.2-inch screen.
Big Number on Milliamp-Hour
Having your device running out of juice is an inconvenient situation, to say the least, and it will more likely to happen when your device is operating on a demanding task like trading. Needless to say, make sure your device can be used for an extensive amount of time before it needs recharging.
Rating is Not Everything
Ask your friend who works in an IT department, they will know that some apps are better than the others and it is your task to choose an app carefully. Do not rely on their download number and rating alone; see who is behind it. If you are in this field for a good period of time, you will know how to choose a good forex broker.
Make Use of the Demo Account
Ready for some nostalgic moments during your first few days on the demo account? Time to dust it up and log in to it again. But instead of seeing for yourself how trading works, in this case, you are trying to see how you would trade on a mobile platform. You do not have to lose real money just to get yourself used to this new method.
Beware of Overtrading
Just because of its ease of accessibility, does not mean you can trade however you want. In other words, always stick to the plan, your preferred method of trading, the tried and true strategy.
Typo, But Worse
Normally, we could just shrug off a typo as an honest mistake, or even laugh it away sometimes. Be careful though, pressing the wrong key while trading on a mobile device might cost you a good sum of cash. If you are still prone to typos, try to avoid the one-click trading feature on your mobile device.
Is Chart Positioning Important?
Since our eyes are positioned side by side, you should trade on landscape mode to optimize your device screen. Doing so on a portrait mode will lessen your ability to track the market's movement or waste your device's capability to show more than just a small chart view.
For many of us, time is money. Any uninvested amount of time is a wasted opportunity to make money. We can avoid it with mobile trading, so it is possible to explore a new trading opportunity while waiting for your lunch in a hectic restaurant.
To do it in a safe manner, choose your app wisely. Some forex brokers may release two different apps. We need to remind you that you are about to trade on a different device. So, always test the water before you jump right in.