Mobile Trading: The Latest Hype on the Forex Market

Mobile Trading: The Latest Hype on the Forex Market

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The days of slow, limited, and highly frustrating mobile trading are long gone. Today, a forex broker needs to have a solid mobile software if they want to be remembered. In fact, without a great mobile trading app, a broker will be overseen and ignored by most.

In the past few years, mobile trading has become so popular that it will soon surpass regular desktop trading in popularity. In 2017, the CFD and forex broker Plus500 reported that more than 40% of all transactions performed on their platform were done on mobile devices. And that number has only increased since.

A Brand New Market

Do you remember when a few years ago mobile trading apps were nothing more than very basic charting tools that also let you keep an eye on your open positions? And do you remember the days when you could see how an investment started losing money on your mobile trading app, but there was no way for you to close that position until you made it to a computer?

The good news is that those days are gone. Today, forex brokers spend a lot of resources on developing and optimizing their mobile software, and the market has never been this competitive.

With that being said, there are still limitations to most mobile forex platforms compared to the desktop and web trader versions, but it won’t take long before they offer the same exact features and products.

The Benefits of Mobile Trading

As a professional day trader, you need to have the possibility of always keeping an eye on your open positions. You never know when the market will turn and it’s crucial to be ready to sell whenever that happens. In addition, you also want to be able to open new positions at any given time if you find a trend or a currency pair with great potential.

A mobile trading app allows for you to do this whenever you need to and wherever you are without restriction. In the past, you could only trade while you were at your computer but now you can do it anytime.

Also, many new hobby traders actually only trade on mobile devices these days and never download or test the desktop platforms out. It’s obvious that the industry has gone through a shift and we are all for it.

Which are the Best Mobile Trading Apps

Generally speaking, there are two types of mobile forex apps. They offer the same functionality and features but have been developed slightly different.

Proprietary Software

The first type is platforms that have been developed by the brokers themselves. These are called proprietary platforms, and they tend to be unique to one broker.

Most of the innovation in the market space is first introduced by the brokers and their software, and it’s a sign that the brokers are driving the development forward.

To learn more about some of these mobile forex platforms, you can check out this list of regulated and safe CFD trading platforms.

MetaTrader 4

The second type of mobile forex trading platform is developed by third-party companies and used by multiple brokers. There are several versions of this type of platform but the most common one is the MetaTrader 4.

The MetaTrader 4 has been regarded as the leading forex platform for many years, and lately, the mobile version has become one of the top mobile platforms as well. The platform comes with state of the art charting tools, alarms and signals, guides, tutorials, and everything else you would expect from a top trading tool.

Anyone who is trading forex seriously will encounter the MT4 sooner or later so you might as well familiarize yourself with it now.

Final Words on Mobile Forex Trading

Mobile trading is definitely the latest hype in the forex industry, and it’s rapidly developing. Brokers are currently racing to develop the best tools, and for the past couple of years, we have seen some major improvements on the available software.

Today, you can pretty much handle all of your trading from a mobile device, and before we know it, mobile trading will have become the norm. The point is that it’s about time you try to trade forex on your phone if you haven’t already done so, even if you’re hesitant to change. In fact, mobile trading has the potential to open up a lot of doors for you.