With smartphone penetration rates in the UK peaking at 72% in 2020, it’s little wonder that the world’s financial markets have become increasingly accessible to traders across the globe.
This is borne out by participation rates in the forex market, where we now see daily trading volumes of around $6.6 trillion every single day.
But what are the advantages of mobile forex trading, and what specifications should you look for in a smartphone? Let’s find out.
What are the Benefits of Mobile Trading?
There are multiple benefits to mobile forex trading, not least the fact that you’re always never more than a click or two away from the marketplace.
This enables you to keep track of key market trends and your open positions in real-time, allowing you to capitalise on price shifts and leverage volatility to your advantage.
This also enables you to target different international trading sessions in the 24-7 forex marketplace, which may optimise profitability depending on your chosen currency pairings.
It’s also fair to say that mobile traders are better prepared and trained, with on-the-go platforms home to an increasingly diverse range of technical indicators and analytical tools.
What to Look for in a Smartphone
So, what are the key specification elements to look for when choosing a smartphone for trading? Here’s our top picks:
- iOS vs. Android? You Decide: Years ago, Android devices held a distinct edge in the forex trading market, and despite the efforts of iOS phones to play catch-up and ultimately take centre stage, the launch of a dedicated Android app for TradingView created a competitive and level playing field once again. This means that the choice between iOS and Android will ultimately be a personal one, which can be further informed by the factors listed below.
- Screen and Display Size: Ultimately, you’ll need an ample display size to comfortably trade the markets and visualise customised charts, particularly when using dedicated apps. As a minimum, you should consider smartphones with a minimum display size of 5.5-inches, with most contemporary devices boasting larger screens that are more than fit-for-purpose.
- Battery Life: For scalpers and day traders who want to execute a large number of orders on a daily basis, there’s a pressing need to conduct thorough research and constantly manage your open positions. So, you’ll need a handset with a superior battery life, with certain Android phones considered to be the best in this respect. So, although average smartphone battery lives have increased markedly since 2013, you’ll need to check the specifications of individual devices before making an informed decision.
Ultimately, ease-of-use is another key consideration, as you’ll want to be able to seamlessly download a compatible mobile trading app on your device or access your account through a web browser.
Remember, it’s crucial that you can access the markets and your account details quickly and in real-time, in order to capitalise on key market trends and manage your positions effectively.