How Mobile is the Forex Market?

By Yael Warman

Do you ever find yourself checking Facebook or e-mail from your phone while you are sitting in front of your computer? I do it all the time and according to research, I’m not alone. You see, mobile is not just about mobility nowadays, with 16% of mobile users navigating the web from home. Mobile is about convenience and constant access to activities we do every day, like checking e-mail, surfing the web, internet shopping and checking our social media channels. According to Ofcom Technology, more than twice as many people access the internet from their phones (33%) than they do from their desktops (14%).

As mobile technology advances, security features for mobile e-commerce improve, screens become larger and consumers more confident about using their smartphones for more advanced actions, the more mobile will become the preferred method to access the internet and the more desktops will take a back seat.  

Forex trading has traditionally lagged behind when it comes to implementation of new technology, when compared to other industries, but mobile trading is a feature that can dramatically change the landscape of the industry and the make the lives of traders easier. Being a trader requires constant connection to the market, but when you trade Forex, which market opens 24 hours a day, being constantly connected becomes a little bit of an issue. Mobility can provide an incredible advantage to FX traders by helping them untie themselves from their desks and still remain connected to the market and within reach of their portfolio from wherever they are, whenever they want. Traders can decide to go out to dinner or take their kids to the park without fear that the market may take an unexpected turn and they’ll be left to pick up the pieces or miss a good opportunity, because they can now access their mobile trading platforms for anything from checking SL/TP levels, charts and news, to opening or closing trades.

So if you are ready to take the jump and start trading on mobile, what are some features you should look out for in a mobile trading platform? Here are our top 5:

• One-wallet, one-login: Granted, mobile gives you freedom and flexibility, but you will most likely still want to trade on desktop and perhaps tablet. In fact, most traders today who have access to multiple platforms jump from one platform to the other throughout the day, and if you want to be one of those, then you need to be able to seamlessly toggle between platforms.
• UI/UX. Today’s mobile apps are all about user experience, but a lot of them miss the mark. You don’t want to be looking for the buy/sell section of the app when the news report hits the waves, after all, time is money and you don’t want to be wasting either by using a mobile app that is not easy to navigate.
• Latency. Of course this depends in part on your cell provider, but all other factors remaining equal, check the broker’s execution time for mobile before you sign up and start trading.
• Social trading is all the rage now. Granted, it is not a new tool, but in the past year, adoption has skyrocketed and you don’t want to be left behind. Ask your broker whether they offer access to a social trading community on mobile, if you can join their social community from the mobile platform and whether the same social functionalities are available on mobile as on desktop.
• Access to features. Do you have access to the same instruments on mobile as you do on desktop/web? Can you see the same charts and technical indicators? Can you open and close trades, set SL/TP levels, edit orders, etc?

Now that you are in the know, ask your broker about their mobile trading platform and free yourself from your desk!

About the Author:

Yael Warman is a creative writer with a strong background in marketing and advertising. Yael has been a writer for over 10 years and has worked for clients in various industries as well as her own companies and is currently the Content Manager at Leverate.