Is It Possible to Trade Efficiently Only on Mobile?
Smartphones have changed the landscape not only for trading, but numerous other activities such as banking, gaming and entertainment.
The App Store is the largest mobile app store with Google Play Store coming in second, with this there are a number of mobile trading platforms available that you can choose from.
As with any platform, these mobile trading platforms have their advantages and disadvantages and they should be taken into consideration when choosing one to trade on.
We are focusing on iOS trading platforms, however, these things also apply to Android Apps.
Before we go into the pros and cons, let’s take a look at some of the features available on iOS trading platforms.
Many trading platforms come with the option of having a news feed. This is a great feature to have because it allows you to stay up to date with the current trends and developments in the trading world. This information will help you make sound trading decisions.
High quality charts that are easily understood are essential for a positive trading experience. You want to make sure that whichever iOS trading platform you are using has clear and easily understood charts available for you to read and grasp the information you need. Without a doubt, iPad users have a distinct advantage here as they have more space to work with as opposed to iPhone users.
Along with Charts and News, Live Quotes are another essential for any efficient trading platform. You absolutely need a list of currency pairs that are up to date in the case of forex trading and in most cases you’ll be able to place an order instantly. With the growth of the mobile market, one touch orders are becoming more commonplace as developers are working to meet the growing demand.
As with each app or software, iOS trading platforms come with a set of pros and cons.
- Portability and flexibility – you are able to trade on the go without having to be stuck behind a computer
- Notifications – most apps come with the ability to notify you of any important changes so you don’t have to constantly have the app open.
- Comfort – because of portability and notifications, mobile trading allows you to trade comfortably trade from wherever you are and keep up to date on your account.
- Deficient Technical Analysis – while there are numerous pros to mobile trading, the main drawback is inefficient technical analysis. While charts are available, the full tools and features which you can access from a desktop version are not offered in a mobile version.
All that being said, mobile trading platforms are a great tool to have as a trader, especially if you are constantly on the go and do not have time to be stuck behind a computer. However, it should not be the only platform used because it lacks the essential tools to fully manage your account and trade efficiently.