Why Forex Mobile Trading May Be Right For You
Surprisingly, mobile trading is fairly new. Not 100% sure why this is the case, because mobile forex really does make sense, and this is something that we are going to talk about quite heavily on this page.
What is mobile trading?
With mobile trading, you will be able to make your trades from your mobile device. This could be on your tablet computer or on your phone. This is fantastic because it means that you are not going to need to tie yourself to a computer in order to make your forex trades. If you have a phone with you and an internet connection, you are going to be able to make those trades within seconds.
The vast majority of brokers will have some sort of forex trading mobile app that you can download directly to your phone. This is often the best way to make your trades, because the app will have been developed especially for mobile devices.
Some of the newer sites may not have quite the budget to come up with a dedicated mobile app at the moment, which means that you will need to make trades through their website instead.
It is worth pointing out that not every forex broker is going to offer mobile trading options, this is because making mobile trades does present several different problems.
The issue with mobile trading
The biggest problem with mobile trading is the fact that there is a lot of information which needs to be shared. Sure, just looking at currency pairings is a great start, but looking at currency pairings is, more often than not, never going to provide you with all the information that you need to make an informed trade.
The problem is that there is very little real estate on a mobile screen. This means very little information can be shared. Some of the best forex mobile brokers will have hidden the information away elsewhere on the app and you can click through to it, although you are still going to face the same problem. This means that you have to read through a ton of information on a tiny screen.
In our opinion, mobile forex trading is only really going to be for those who have kept up to date with whatever currency pairing they are looking to trade in. This means that they do not need a ton of information to make an informed trade, because they already know what they want to do.
In addition to this; you will find that many mobile platforms will limit the currency pairings that can be traded with their platform. This is probably to help cut down on the amount of information that is going to be on the screen at once.
What should you look for in a decent Forex mobile site?
There are several things that you will need to consider when looking for a forex mobile site.
Obviously, you are going to want to ensure that the forex broker is licensed. If they are not licensed, then it does not matter what they are bring to the table, there is no reason to gamble with them. You are running the risk of losing your money (beyond what you may be losing when you trade)
You will also want to make sure that their mobile trading platform is easy to use. The vast majority of mobile trading platforms we have encountered are just abysmal to use. They are tough to navigate etc. Thankfully, most of the top Forex mobile site options out there will allow you to ‘demo’ their software. You probably won’t even need to make a deposit into your account to take advantage of this. Make sure that you always use a demo. This way you can find out which site is going to be a good fit for you.
You shouldn’t really do this, but the majority of people who use Forex mobile deposit options will look at the bonuses that a site offers. After all, this is because people do love a bit of extra cash in their pocket. However, we tend to recommend that you look at what else the site brings to the table first. The bonus should just be a ‘sweetener’.