In the forex market traders have long sought ways to effectively facilitate trading by maximizing the efficiency of foreign exchange activities and obtaining high access to optimize liquidity and increase opportunities through a variety of asset classes. A decade ago a forex trader dedicated entire days to these activities at a specific location that allowed their proximity to the market action and news.
Today, the panorama of trading opportunity has gradually changed by mobile trading technology. The forex market is now allowing the ever-increasing opportunity for individual traders, using mobile trading apps.
Trading forex on a mobile phone
Forex is a relatively new and unique trading opportunity across the globe, which was done by major banks, exporters and multinational corporations before the advent of the internet. Today, anyone with an internet connection can quickly open a forex trading account and get them started. The technology has resulted in a of mobile trading highly fueled by an expansion in forex trading around the world. As of 2018, the daily forex trading reached US$5.1 trillion, and retail FX trading has increased to an average of US$238 billion in 2018 which has reached US$3 trillion daily worldwide.
A research done by brokers and dealers in forex and equity reports that 45% of all trades are made through mobile application today, and the number is likely to increase with the growing tech-savvy generation eager to start trading.
An expanding forex market
Today, a trader can operate from a remote location in the mountains, or while enjoying a tropical beach vacation, during travel across the world – as long as an internet connection is available.
A mobile-savvy trader with the latest mobile trading technology can find great opportunities, trading while maximizing any potential advantages. There are a vast number of retail traders around the world; 3 million of those are in Asia and Europe, while the rest are in the U.S is creating a huge potential for mobile trading to continue growing in significance.
A forex trader on a mobile platform needs an account, low capital as low as US$50 and access to a Mobile device such as a smartphone, tablet or a laptop with secure, reliable internet connection.
Benefits of Mobile Trading
A mobile trading app offers excellent benefits, such as forex research tools, online trading news and real-time price feed that allows a trader to keep abreast of what is happening around the world in a specific forex market.
A trader can access the many training tools that come with a mobile trading app that include trade simulators that help a trader examine past forex trading environments through backtesting. The trading strategy is also available using real-time market action, and most apps allow an individual to open a demo account before embarking in the actual trading to kick start on their strategy.
Mobile trading provides plenty of education services and forex forums, online articles and even trading commentary from a specialist and fellow traders who offer excellent insight information and helpful strategies and new trends in forex trading.
Some aspects of mobile trading technology that a trader should carefully consider when choosing the best trading platform. Some mobile apps have a limited screen size, which results in a limited amount number of analytical running tools at a given time reducing its effectiveness in trading.
A mobile trading platform requires a reliable and robust internet connection, which, if unavailable the trader may miss on a great trading opportunity or even loss due to failure to complete order promptly.
Liquidity and Leverage
The forex market has a high liquidity level, but mobile trading technology has meant that it has become more liquid. This is important for traders entering the market at any time to find a counterpart for their forex trade within a price range that they may be seeking. Forex liquidity also allows tighter spreads that save traders plenty of money.
Mobile trading is easy to access and leverage unlike other asset classes where it’s limited to a 4:1 ratio. In forex trading, the ratio can go as high as 50:1 which mean a trader can trade the US, $50 per position for every US$ 1 in their accounts.
With Mobile trading app coupled with a strong and reliable internet connection, FX trader is able to access a variety of markets at any time from any location around the world. It makes sense to take advantage of what mobile trading technology is offering, which, makes trading more flexible, enjoyable and profitable. The best trading mobile apps provide real-time opinions, news, research, prices, analysis, and other forex trading information as well as links to third-party sites that offer market commentary which doesn’t constitute investment advice. Enjoy your forex trading with the best mobile trading apps.