The Advantages of Mobile Forex Trading

The Advantages of Mobile Forex Trading

When the very first iPhone was launched by the legendary Steve Jobs back in 2007, who could have known just how much it was going to transform our way of life? It literally put the internet in our hands, with no need to be tied to a PC or laptop if we want to go online. As smartphone popularity grew, more and more apps were developed, allowing even more uses for the device. Then, in 2010, the arrival of the iPad meant that the larger screen size made even more possible.

It’s hardly any surprise that a decade after the original smartphone breakthrough, more people were using mobile devices to access the internet than using static computers. In fact, around 52% of all website traffic comes from mobiles, as consistently reported. It’s also little surprise that virtually every sector has had to adapt the way it operates to accommodate this shift in consumer behavior.

The mobile trading revolution

A prime example of this is the world of mobile trading, and in particular foreign exchange trading, or forex for short. Before the internet, this was an activity mainly restricted to the big banks and other financial institutions who would trade in millions of dollars worth of currency virtually every day. But, like so many things, the internet has opened the activity up to almost anyone who likes the idea of speculating on the world currency markets.

That’s because today there are countless online currency trading platforms on which it’s simple to open an account and get to work. What’s more, many of them offer the option of mobile forex trading on the go, so you can be constantly connected to the markets, as long as there’s an internet connection you can use. Such a “democratization” of trading as both a profession and a hobby has meant increasing popularity with almost all demographics, as well as more user-friendly interfaces – and, of course, greater public interest in forex trading.

Always in touch

Just like all financial markets, for example the stock exchanges all around the world, forex offers a constantly shifting picture, with some prices rising while others fall. It’s not just a matter of convenience; to have the greatest potential of success it stands to reason that the better connected you are and the more constant flow of data that you’re receiving, the better informed you’ll be and the more opportunity you’ll have to be able to make the right move at the right time, free from the limitations of being near a computer. 

This means that the very first advantage of mobile forex trading is that you’re able to track market trends as and when they occur. You’re also then able to react to the information by choosing to buy, sell or even sit tight on your investment.

Better informed and prepared

Silver Iphone

In addition to the online news and price information that you can stream to your phone or tablet, the mobile forex trading revolution has meant that you’re also able to access a wide range of training tools.

These are especially useful for novices, as they can allow you to test strategies using one of the demo accounts that most online dealers make available, without actually having to invest any money. 

There are also multiple educational services and even information forums, which are a rich source of advice and knowledge that are freely available. Previously, this kind of help would cost a great deal of money to obtain; and it would have taken many years to gain the equivalent level of experience.

Mobile users also have access to a wide range of tools that help analyze the markets, which can cover anything from price movements to the volume of trading being carried out or from volatility predictions to so-called “moving averages.” The latter are examinations of the previous performance of a currency which can be used to try to predict where it’s headed in the future.

It all adds up to the general democratizing of the process of forex trading. Where it was previously only been an activity open to relatively few, now it’s available to almost everyone.

Special mobile bonuses

As in any sector where there are a wide number of operators, often with very few differences between them, competition is fierce to draw in new business. One strategy that a number of online forex trading platforms use is to offer bonuses for new customers. These can take a number of forms ranging from extra money to invest to cashback to reward customers. If you are considering forex trading online, it’s well worth spending a little time exploring the different options available and comparing what they’re offering in exchange for your custom.

Choosing the right device

By its very nature, forex trading involves reading a great deal of information, so smaller mobile screens can make fairly challenging to some to use all the analytical tools available, at least for some. That’s why many mobile forex traders favor tablets, simply for the extra control they offer. With the news that the next generation of iPad Pro is rumored to have a laptop-quality keyboard, it looks like the device might become an even better tool for mobile traders.

Summing up . . .

So there are very many reasons to choose mobile as your preferred method of mobile trading – but the most important of all is that you’ll be perfectly placed to take advantage of this fast-moving market whenever, and wherever, you want to.

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