Changing the Way People Trade – Mobile Forex Trading
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 joined the mobile brigade, and now offer traders the convenience of trading on mobile devices such as smartphones and tablets. What was on offer started out pretty dismally but it seems that Forex brokers and other industry related businesses are now picking up their act. No surprise there really though, because we all love to use our mobile devices for keeping our daily lives on track.
What is mobile trading?
This is a pretty simple question to answer, as basically it is trading the Forex market using a smartphone or tablet. Being able to fit Forex trading in around an already full schedule, with work, family and social commitments taking up a large part of your time, is made much easier with the recent advancements in smartphone and tablet technology. As well as using your mobile device for shopping, planning, keeping a calendar, and finding out everything you need to know, you can now use it to trade Forex via one of the many mobile Forex apps. Provided, of course, you have a secure and stable internet connection. No longer are you tied to your PC or laptop. Instead you can trade while sat on the bus, waiting in line for a coffee, while out cycling, or sat beside the pool enjoying a vacation.
There are a number of Forex brokers offering some brilliant Forex trading apps, and there are also a wide variety of apps that will help you keep abreast of the markets as well. Possibly one of the best Forex apps, and also one of the most popular, is the MetaTrader 4 Remote app. It is one of the best mobile trading platforms as it offers full functionality of the MT4 platform including managing and opening positions, setting stop and limit orders, Forex chart monitoring and much more. In fact it perfectly mirrors the functionality of the desktop platform, making it easy to use, navigate and understand. It also links directly to an MT4 trading account, which means there is no worry about having to register or open a new account.
You don’t have to open up a trading account with a broker that offers a Forex trading app, if all you want to do is receive the best charting functionality, up to the minute analysis and news updates via your mobile phone. There are a number of apps, some of them free, that deliver all the latest Forex information direct to a mobile device, without signing up to a particular broker.
Choosing a smartphone for the best Forex app
There are two things to consider if you’re planning on buying a smartphone for Forex trading, and with so much choice it can sometimes be confusing. First place to start is by looking at the operating system used by the phone. A smartphone’s operating system (OS) contains the software that supports the functions of the phone. It is what allows the user to make phone calls, send texts, and install various apps. There are basically three choices: Android, iOS (iPhone), and Windows. The best mobile Forex apps are generally available for Android and iOS smartphones. There isn’t much choice of mobile Forex apps for Windows phones, Blackberry, Fire OS (Amazon), or Firefox OS.
Another important factor to take into consideration is the size of the screen. 5 inches is probably the smallest, otherwise charts will be a nightmare to navigate. Resolution is also important, with the optimum being 1920×1080 (1080p). If you haven’t got the budget to run to a new phone then there is nothing wrong with sticking with what you’ve already got. It’s certainly worth a try if funds are limited, and you may be able to buy yourself a new phone with some of your Forex profits.
Battery life is another important consideration, as there is possibly nothing worse than your phone dying in the middle of a trade. An ideal battery length is about 6 hours, when in use. This is long enough to allow for a day of heavy usage without having to worry about popping home for a recharge. The bigger smartphones tend to have a longer battery life, so you’ll be blessed with the best of both worlds. A large screen and hours to keep trading. We should point out that battery life isn’t the be all and end all, as you always have the option of carrying another battery.
Is mobile Forex trading any different?
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You may be thinking that mobile trading is completely different to sitting at home in front of a PC. But you couldn’t be further from the truth. Not only is it just the same but Forex trading on mobile devices is actually much simpler, and certainly far more convenient. If you fancy grabbing the latest Forex trading app to enable your trading endeavors to be undertaken whenever and wherever you may be there are a few things you need to get straight first.
- Get yourself a mobile device – It doesn’t have to be the latest with all the bells and whistles, as long as it has a popular operating system, fairly large screen, and long battery life.
- Reliable internet connection – This is an absolute must have if you want to enjoy an uninterrupted Forex trading experience.
- The best Forex app – Many of the best mobile Forex apps are absolutely free, and we’ll certainly be introducing you to a few of them. And don’t cross of the best Forex apps that come with a price tag, as many of them have some very interesting features.
- Download a Forex trading app or use a browser – In order to use a Forex trading app you first have to download it. Take a look in the Apple or Google Play store to see what’s available. Alternatively you may find the best mobile trading platform can be used via your browser, without the need for any download. Although the process is very simple, and only takes a few minutes.
- Enter your account details – All the best mobile trading platforms allow you to access your account using a mobile device. There should be no need to register for a new account if you’re planning to trade using a smartphone or tablet.
Provided you’ve followed the previous few steps you should be up and ready to trade on the go using your mobile device.
Now you know it’s really not that different or difficult to trade Forex using a mobile device it’s very likely you’re going to consider the option for at least part of your trading day. But if you still need convincing, let’s look at some of the benefits you can expect to enjoy.
The benefits of mobile Forex trading
We’re really not at all surprised some of you reading this are still a little reticent about changing or taking advantage of the latest mobile Forex apps. After all, if it ain’t broke why worry about fixing it? Let’s give you some of the benefits of mobile trading, and then we’ll leave it up to you to decide.
- Absolute freedom – With the best mobile trading platforms installed on a mobile device you have the freedom to trade Forex whenever and wherever in the world you may be.
- Flexibility – For many people, trading on the Forex market is a second job, which means the flexibility that mobile trading offers is a big advantage.
- Expert recommendations – The advice of many expert Forex traders is to take advantage of mobile Forex trading. In fact, many consider it to be the future of Forex trading.
- Added bonuses – Many of the best Forex apps available for download offer some very attractive additional bonuses.
- Free and easy – If something is free it’s always worth giving it a go, especially as it won’t cost anything if it doesn’t live up to your expectations. Sign up and try it out. After all nothing ventured, nothing gained.
Let’s finish up by introducing some of the most popular mobile trading apps currently available.
Introducing the best mobile Forex trading apps
There are certainly plenty of Forex trading apps to choose from, which can make it rather confusing, especially if you’re a newcomer to the world of Forex trading. So let’s give you a few details concerning some of the most popular Forex apps currently available.
- Metatrader 4 – Functionality is a little slimmed down but this relatively new app is possibly the most popular. It offers more than 30 useful indicators, trading history, advanced charting and much more.
- Bloomberg Mobile – A great app for keeping on top of all the latest news, headlines and opinions in the financial world.
- FXCM Trading Station Mobile – The desktop version of this platform has heaps of great features and the mobile version lives up to the reputation of its older brother. Charts, live exchange rates, real time access to account balance, equity, and margin make this app great for a range of basic and more advanced orders.
These are just a few examples picked from the hundreds that are currently available. More are made available on a regular basis, and we will do our best to bring you all the latest.