Mobile trading simply refers to buying and selling financial instruments using a mobile device, whether it is a smartphone or a tablet.
Mobile trading was game-changing for many traders across the globe, as it enabled them to open new or manage existing trades from anywhere. Gone were the days when traders would have to be glued to their computer monitors at home or their office.
Today, mobile trading is extremely common, and a new trader is more likely to execute his trades using his mobile device rather than a desktop PC.
Brokers are aware of this, and in turn, many have developed their own mobile trading apps.
A mobile trading app is an application designed for mobile devices that allows users to trade in various financial markets. Financial institutions, such as brokers, either provide a mobile version of their own app or another commonly used trading platform, such as MetaTrader 4.
Mobile trading apps are used to:
Some apps allow you to access market data and news without having an account. However, to place live trades, you will need an account with a broker.
After creating a trading account with a broker, you can download their mobile app, which may be a common app like MetaTrader 4 or a proprietary app made by the broker.
After logging into your live account on the mobile app, you will be able to access a variety of features. Regardless of the app, they all share basic functionalities such as viewing market quotes, placing, and managing trades, and viewing charts. Some apps have advanced tools, such as live news and signals.
As soon as you have your broker´s mobile app installed, you are good to go! When trading on a mobile device, there are a few things to be mindful of:
There is no simple answer to which form of trading is superior, as it depends on each trader´s preferences and circumstances. A professional trader who spends the majority of his day trading will most likely choose a setup with a personal computer and several monitors and will only use a mobile device when absolutely essential. On the other hand, a part-time trader with another full-time job will be more likely to use a mobile device.
It can also come down to your type of trading. If you are scalping or using technical analysis, for example, you will most likely prefer to have large monitors available to help with your charting or to follow key events in real time.
So, while mobile trading is becoming popular, personal computers will continue to play a significant role as large screens make it easier to multitask and to use advanced tools, not to mention speed, as computers can handle complex requests and data processing faster than mobile devices.
The most obvious advantage of mobile trading is the ability to trade from anywhere using only a mobile phone and an internet connection. Traders may manage their positions and orders from any location, as well as keep up with real-time data and headlines. With better graphing capabilities and improved news feeds, mobile apps have become increasingly sophisticated over the years.
The rise of mobile trading has undeniably democratised access to trading, making it more convenient for many individuals. However, this convenience comes with significant limitations. Mobile trading apps, constrained by their smaller screen size and reduced processing power, pose challenges for users.
Unlike professional traders, who employ multiple screens for various functions—such as monitoring price feeds, staying updated with news, and charting—mobile traders are confined to a single screen. This limitation forces users to toggle between tabs, windows, or applications, impeding multitasking efficiency.
Moreover, technical issues are more prevalent on mobile devices compared to personal computers or stable home internet connections. Loss of data connection, device damage or battery depletion, and app malfunctions are frequent concerns. These issues, while also occurring on computers, tend to be more common and disruptive in mobile trading scenarios.
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This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.
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