Mobile trading is the future! or is it?
The world of Forex trading has undergone significant improvements and transformation, thanks to the advancements in mobile technology.
With the invention of powerful smartphones and feature-rich trading applications, individuals can now trade currencies and participate in the global foreign exchange market with just a few taps on their mobile devices.
In this article, we will talk about the advantages of Forex trading on mobile, discuss some popular and trusted mobile trading applications, and provide best practices to make the most of your mobile trading experience.
Now, if you look at the mobile trading app market, there 100’s of mobile trading applications out there. Some of these apps are great but some aren’t.
It is important to choose the right mobile trading application if you want to succeed in the forex market.
Before we discuss mobile trading applications, first we will talk about the advantages of trading with a mobile device.
Advantages and Disadvantages of Mobile Trading
There are several advantages to trading on a mobile device. These are:
You can trade on the go – this is in fact is one of the biggest advantages of trading on a mobile device.
Accessibility – If you have a mobile trading application installed on your phone you can access the forex market from anywhere in the world. You no longer need a laptop or a desktop device to trade the forex markets.
Convenience – The ability to execute your trades from mobile is unmatched. With a smartphone available to you at all times, you can seize trading opportunities as they arise. You can make quick trading decisions based on real-time data.
Cost – It is significantly cheaper to buy a good mobile phone compared to a laptop.
Also, some of these trading apps come with a full suite of technical analysis indicators and tools to analyze the market with just your phone.
Even though there are a lot of advantages to mobile trading, there are a few disadvantages to trading on mobile as well. these are
The screen is too small – Some traders prefer a bigger screen to trade but these days you can always plug your phone into an external display if you want a bigger screen. You can also buy a tablet with a big screen which can cost significantly less than a fully-fledged laptop.
Algorithmic Trading – It is harder to do algorithmic trading on a mobile device. The most used algorithmic trading platform, which is the MetaTrader 5 platform, doesn’t run on mobile. There is a Metatrader 5 mobile app, but the mobile app doesn’t support algorithmic trading.
Mobile Trading Applications
XM Mobile Trading App
XM mobile trading application is provided by the XM Broker. XM broker is one of the most trusted brokers in the forex market. With the XM mobile trading app you can trade forex, stocks, commodities, equity indices, precious metals, and energies.
If you are interested in trading with the XM mobile trading app, click here to sign up with XM and download the mobile trading application.
AvaTrade Mobile Trading App
AvaTrade also provides you with a great mobile trading application called AvaTrade Go.
This mobile application comes with a full suite of technical analysis tools to enable you to trade on the go. If you are interested in signing up with AvaTrade Click here.
eToro copy trading app
eToro is a social trading platform that enables users to engage in Forex trading and connect with other traders worldwide. The mobile app allows users to follow and copy the trades of successful traders.
The app supports both iOS and Android platforms. If you are interested in using the eToro mobile trading app click here.
Best practices for trading on mobile
- Choose a Reliable App – It is important that you choose a trading app from a trusted broker or platform provider. Ensure that the app is secure, and user-friendly, and offers essential features such as real-time data, order execution, and risk management tools. The apps we discussed in the previous section are all proven to be reliable.
- Maintain a Stable Internet Connection – A stable and reliable Internet connection is crucial for mobile trading. Avoid trading in areas with weak or unstable network coverage, as it may result in delayed or failed trade execution. If you really want to become a successful mobile trader, we recommend you invest in a fast and reliable internet connection.
- Secure Your Device – Protect your mobile device with a strong password or biometric authentication to prevent unauthorized access. Install security updates regularly and use a reliable mobile antivirus app to safeguard your device against malware. The last thing you want is for your trading account to be hacked.
- Practice Risk Management – Doesn’t matter if you are trading on mobile, desktop, or the web. It is important that you implement proper risk management strategies, such as setting stop-loss and take-profit orders, to control potential losses
- Use a device with a larger screen – It might be a good idea to invest in a phone with a larger screen or maybe even a tablet. With a larger screen, it is easier to analyse the market, because you can see more market data in view.
Conclusion
In this article, we discussed trading forex on mobile. As discussed, mobile trading is great because there are several advantages to mobile trading. We also talked about three different mobile trading applications that you can use to trade on the go.
