Thanks to smartphone technology, it is possible for serious forex traders to conduct forex transactions directly from their mobile devices. Many may think that using a mobile device to trade is risky, impossible or difficult. However, that is far from the truth. Nowadays, if you own an Android or an iOS smartphone, you are able to trade forex. As long as you have access to an internet connection, your Android, iPhone or tablet usually has all the features necessary for you to make trades.
Some Advantages of Mobile Forex Trading
With the rising popularity of smartphones, mobile forex trading has increased rapidly. One of the reasons for the rapid increase is the convenience of mobile forex trading.
Instead of being restricted to the screen of a laptop or PC, you can conduct forex trades wherever you can take your smartphone. This means that you can trade while at the beach, at a restaurant, at the airport – from anywhere that you can access internet service.
For traders, this is great news since it frees you up to be able to take advantage of trades without being bound to the confines of your home or office.
Mobile Forex Trading is Safe
Although there are concerns about the safety of mobile forex trading, as well as the ease of use of smartphones to conduct trades, these concerns are usually unfounded.
The same safety precautions that you would take while trading from your PC or laptop, are the same precautions that you need to take to protect your personal information with mobile forex trading. It is important that you restrict access to your smartphone by using a password or passcode to prevent unwanted access to your trading accounts.
The best idea may be to adjust your smartphone settings to include a lock feature. Also, you should keep your passwords secure and not share them with anyone. Logging out after each trade is always a good idea, especially if you are trading over a public wifi. If you have a choice, it is best to use the wifi service that is linked directly to your own smartphone instead of using public wifi hotspots for mobile forex trading.
Another concern about mobile forex trading is the screen size. Some argue that mobile devices are too small to trade forex. However, as long as the phone screen measures 5.5 inches or more, it is possible to trade forex. At this size, charts can be easily read and the chances of making mistakes are slim.
Battery life is something that is important with mobile forex trading because you don’t want your battery to die in the middle of a trade. A battery life of 9 hours and 40 minutes or longer, is sufficient for mobile forex trading. Some of the best smartphones for forex trading are the Galaxy Note 8, the iPhone X, the Asus ZenFone 3 and the OnePlus 5.
If using a tablet, a 2 in 1 Windows or Mac tablet is best for forex trading because these include a mobile keyboard. As for trading platforms, it is best to use the platform provided by your broker for mobile forex trading.