How to choose the right mobile trading platform?
Forex traders have been trading behind their laptops or desktop computers for many years. Nonetheless, similar to multitudes of other industries, the exuberant market of Forex trading has joined the mobile ranks. Nowadays, investors have the opportunity to conveniently trade making use of their mobile devices – tablets or smartphones.
At the outset, it was a bit gloomy, but Forex brokerages rapidly gained momentum. This comes as no surprise since we all love being pampered via our mobile devices, as well as love to always be on track.
What Is Forex Mobile Trading?
The answer is as simple as the question. This is basically trading the FX market utilising a tablet or a smartphone. Forex mobile trading is especially beneficial for those who are trying to fit it in and around their hectic schedules that include family, work, and social commitments.
Next to using your elegant mobile device for shopping, keeping a calendar, and browsing whatnot, you may already make use of it to trade Forex through one of the hundreds mobile Forex applications.
Of course, provided that you have a stable and secure internet connection. You no longer need to remain in front of a stationary device. Instead, you can play those bulls and bears while sitting in your car, enjoying a pool party, or on a train, heading to a chalet in the mountains.
Forex Trading Apps – the Mobile Gate to Heaps of Cash
Throngs of Forex brokerages exist. They provide you with some wonderful Forex trading apps that will aid you in keeping abreast of the financial markets.
Perhaps among the crème-de-la-crème of mobile trading apps is the MetaTrader4 Remote application. That is due to it being able to offer a complete functionality of the MetaTrader4 platform. This entails opening and managing positions, FX chart monitoring, defining limit and stop orders, and many more functions.
Indeed, it mirrors the desktop platform’s functionality in a perfect way. This makes it easy to use, understand, and navigate. The remote app also hooks you directly to a trading account on MT4. This means there’s no necessity to launch or sign up for a new account.
Additionally, there’s no need to create a trading account with a brokerage that provides an FX trading application if you just desire to receive the top-notch charting functionalities, news updates, and up-to-the-minute analysis through your mobile device. For that, there are many apps and some of them are gratuitous, and you don’t have to sign up with a given broker.
How to Select a Mobile Device for the Best Forex Application
With the gargantuan choice of smartphones lately, choosing the best device is quite daunting a task. Here are some things you should consider in advance of purchasing a phone for Forex mobile trading.
First of all, commence with the operating system (OS) of the device. It includes the software which supports the phone’s functions. In this regard, there are fundamentally three selections: Android, iOS, and Windows. Generally, the top-notch mobile FX apps are accessible for Android and iOS smart devices. The choice of mobile Forex applications for Windows, Fire OS (Amazon), Firefox OS, or Blackberry is quite limited, though.
The second vital factor for consideration is the screen size. The bare minimum we recommend is 5 inches because otherwise, navigating through charts will be horrific. The resolution is also a substantial factor and the optimum is 1920×1080 with 1080p.
Do consider battery life as another factor. Perhaps there’s nothing worse than your device turning off amid an important trade. The ideal battery life is around 6 hours when put into use. This will be enough for a day of significant usage without the need to pop home for recharging.
The tendency is – the larger the smartphone, the longer the battery life. Thus, this will provide you with two trading blessings – a big screen and many hours to trade.
Of course, battery life is not as important as the other factors because you can always bring an external battery with you.
Is Mobile Forex Trading Different
Those of you who think that mobile FX trading is quite different from sitting behind a desktop device will be surprised. Not only it is pretty much the same but it is also much easier to trade via mobile devices. Plus, it is way more convenient.
Here are the things you have to do to be able to trade wherever and whenever you might be:
- Arm yourself with a mobile device – it doesn’t need to be fanciest with all the latest perks. You are fine as long as it possesses a popular OS, a long battery life, and a fairly big screen.
- Stable connection to the Internet – this one is the absolute must should you want to benefit from a seamless FX trading experience.
- The most top-notch Forex application – the majority of the best apps is absolutely free. We will introduce you to a few. Don’t rush to disregard some of the paid ones as most of them come with very helpful features.
- Download a mobile Forex app or make use of the browser – to start using an FX trading app, you have to download it first. Browse the App Store or Google Play to check out what’s available. Don’t forget that some platforms may be utilised through your browser, without any downloading.
- Fill in your account information – the bulk of the best mobile trading platforms permit users to access their accounts via a mobile device. Hence, you should not need to incept a new account if you are only transitioning to a smart device.
On the condition that you have completed all these five steps, you should be ready to start piling cash via your smartphone.
You are already aware that mobile trading is nothing different from the desktop one. However, should you need more convincing, let’s browse some other benefits of mobile trading.
Perks of Mobile Forex Trading
It’s not surprising for us that some of you might be still reticent about deriving advantage of the latest mobile FX applications. To disperse those clouds, here’s a list of perks that can help you decide.
- Entire Freedom – Thanks to the top-notch mobile trading applications, you possess the full freedom to trade currencies wherever and whenever.
- Extra Bonuses & Perks – The bulk of Forex apps comes with some very “sexy” extra advantages.
- Convenience & Flexibility – For millions of individuals, trading the FX market is like a second job. Mobile trading presents them with the convenience and flexibility they require to combine both occupations.
- Easy & Free – If something is gratis, it’s always worth trying it. Besides some time, there’s nothing you can lose if it does not live up to what you expected. It’s simple and it’s free – try it out.
- Expert Recommendations – The grand majority of Forex traders and investors advise people to derive great advantage of the perks of mobile trading. Indeed, many of them consider it the future of FX trading.
- Increased Liquidity – mobile applications have tremendously boosted liquidity by permitting investors to transact while they are on the go.
To wrap this review up, we are going to acquaint you with some of the current and best apps for mobile Forex trading.
The Best Forex Apps to Master Your Mobile Trading
There exists a plethora of apps for mobile FX trading. If you are a tenderfoot to the galaxy of Forex trading, the choice might seem confusing. Here are some details in regards to the most popular apps that are currently accessible.
- MetaTrader 4 – Despite its functionally is a little toned down, the relatively new app is perhaps the most popular nowadays. MT4 equips traders with over 30 advantageous indicators, advanced charting, trading history, and much more.
- FXCM Trading Station Mobile – the platform’s desktop version is teeming with excellent features and its mobile version is not lagging behind. Live exchange rates, advanced charts, as well as a real-time access to margin, balance, and equity make the application a wonderful choice for an array of fundamental and even more advanced orders.
- Bloomberg Mobile – This app keeps you atop of all the latest updates, headlines, news, and events that occur in the financial world.
- Trade.com – The mobile version permits you to make transactions, view charts, and check trading history. It provides news alerts as well. It is a free application that’s available not only for Android and iOS but also for Windows phone users.
- Currency Guide by FX – This tool is great for investors who have a keen interest in analysing the market whenever and wherever they might be. The app arrives at your financial hands with an entire assortment of tools that showcase real-time exchanges and rates of over 160 currencies. There is a free version, as well as a full-feature version that costs $1.49. IOS, Android, and Blackberry devices all work with it.
- TradeInterceptor Forex Trading – This mobile application provides a full package of quotes, charts, and trade alerts. It functions ideally on mobile phones that possess a large screen and a high-speed 4G connection. Fully compatible with Android, Apple, Blackberry, and Windows devices.
- OANDA fxTrade – OANDA’s mobile application permits investors to check account balances, analyse quotes and charts, and complete trading orders at any point in time and at any location. It is free, but one necessitates a live fxTrade account to use it.
By no means, this list is exhaustive, but it is an excellent introduction to the exhilarating sea of mobile Forex trading. Play with the apps courageously, as most of them are free, to arrive at the ones that will suit your need perfectly.
Have fun trading on the go!