Since the inception of the internet, the fintech industry has seen substantial growth. Programmers and institutions are developing various software to help automate trading. The new era introduces trading on the go with the help of mobile trading apps that offer nearly the same benefits as a computer trading program.
Brokers and companies present their mobile applications rich with features in a bid to attract more traders. The competition leads to the availability of some of the best mobile apps to date.
Advantage of Trading Apps
Forex trading apps present the following advantages to traders:
• Allows traders to open and close trades while on the go
• Using the charting features within the apps it is possible to make market analysis
• Traders do not have to be present on their trading desk 24/7
• Some mobile apps have a builtin economic calendar that shows all the critical incoming economic events
• Traders have live trading data at the tip of their fingers
• The easy to use interactive platform makes trading even more comfortable
Mobile trading apps are being developed for both Android and iOS. Currently, any smartphone can support this mobile software allowing traders to trade at their own comfort. As time passes, more features are added to provide a better experience. For day traders, mobile executions can be extremely important; therefore, they choose brokers with the best forex trading app. Even though the concept of remote trading is new, there has been a ton of R&D to deliver the best product by brokerages.
Currently, mobile trading apps support both live and demo accounts. Traders can test their skills on a virtual portfolio before proceeding on a live one to see if mobile trading works for them.
Standard Features of a Mobile Trading App
No doubt, new features are being introduced within mobile apps frequently. Access to the latest technology is always perfect; however, there are some standard characteristics that you should look at within mobile apps as a trader.
• Platform. The mobile trading app should work on the device you are using, whether iOS or Android.
• Orders. The app should support various orders such as buy, sell, buy stop, sell limit, etc.
• Performance. A smooth function would ensure that you do not have to deal with performance issues. The application should open and close flawlessly without any hiccups.
• Charting. Good trading apps come with many built-in indicators and tools that traders can use to study the markets while on the go.
• Management. Traders should be able to log in and out of one account to another without any troubles.
Any other features can be a bonus for any mobile trading application. While there is a lot of research to bring the mobile apps on par with the desktop counter, some limitations are still there due to the smaller screen size and the limited hardware. In the future, these restrictions will certainly be narrowed as more development takes place.
What do you need to start trading on a mobile application?
Mobile trading apps only require a smartphone and a good internet connection. The hardware of your mobile should be sufficient enough to let the application run smoothly.
Can mobile trading apps help you learn how to trade?
Mobile trading apps that come with blogs and forums can be helpful for traders. Some can also provide market analysis from expert traders, which beginners and amateurs can use to build their experience.
Should you trade using a mobile app?
Trading using a mobile app can be risky and should only be carried out after practicing it on a demo account. After feeling comfortable, traders can log in with the live portfolios.