Phones are anything but phones anymore. If you have a smartphone you probably already realized that it’s more like carrying a powerful mini-computer in your pocket wherever you go. Aside from doing processor-intensive tasks like the rendering of 3D projects, your smartphone has most of the capabilities of a desktop or laptop computer, so it makes sense that a forex trading app would be ideal for mobile and more importantly for the trader on the go.
The mobile trading experience
While the desktop version of a trading platform may be more comprehensive in terms of charting and features – the mobile iterations are quite impressive as well. The only obvious downside, of course, is the fact that most of the world still has limited cellular internet plans for their phones since cellular data are still quite expensive.
However, the good news is that forex trading apps aren’t exactly that data hungry and you won’t be consuming your entire quota for the month by just checking how your trades are faring.
In truth, the benefits do outweigh the drawbacks since a proper forex trading app allows you to access your account at a moment’s notice no matter where you are and the since the forex market is quite volatile and ever-fluctuating – it’s incredibly convenient to be able to keep tabs on the exchange rates at any given time and make adjustments on the fly.
The incredible accessibility and convenience provided by the mobile apps is why the percentage of traders adopting mobile trading keeps increasing year over year. Not only Android and iOS devices have dedicated mobile trading apps but you can also access your account via your mobile through a browser-based platform if your broker supports it. Obviously, the web trading platform will lack some of the additional features available in the app but it’s still a viable mobile trading alternative.
Besides, not all mobile trading apps are created equal either but regardless of the forex broker, at the very least you should be able to use the trading app to:
Trading signals and automated trading
Aside from your broker’s trading app, you will also be able to find third-party apps providing forex signals or entry opportunities for specific instruments. While you will need to do your research and trial-run a few different ones before finding the best forex signal app for you, it may be worth it to invest the time – especially if you’ve just started learning about the markets.
Forex signals are real-time alerts that can be send on your phone to inform you of upcoming trading opportunities on a variety of trading assets including forex, stocks and commodities. The service provides you with the exact price to enter the market, when to close the position and where to place your stop loss and take profit orders. However, if you prefer a more hands-off approach to trading, you can look for copy-trading apps and services which allow you to copy the trades of more experienced traders in your own account and benefit from their knowledge of the markets.
It’s important to keep in mind though that forex signal apps aren’t completely reliable regardless of the success rate they advertise. But as long as the service is somewhat reputable, you should at least be able to use the signals as a basis for your own trading strategy. After all, even professional traders sometimes utilize forex signals to see if there are any entry opportunities on markets they don’t have the time to monitor themselves.
Your finger on the pulse
Some forex trading apps are especially handy because they even include an economic calendar with the most important market upcoming events and financial announcements and brokers may also use the app to push notifications to clients about the latest market updates. Getting an update on your phone when an unanticipated high-impact event comes up is an amazing advantage to have as a trader. Especially since you will also have the capability to modify or close any open positions within the same app - without the need to rush home to your desktop PC.
With more and more people using their phones to conduct most of their activities, it’s clear that brokers need to focus more on mobile trading and continue to develop robust and reliable trading apps that focus on the needs of the clients.
There are still ways to go as far as optimizing the user experience but at least the most important features are usually there and all traders would benefit from installing their broker’s trading app on their phones if there is one available.
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HIGH RISK WARNING:
Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.
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