Mobile FX Trading

One of the primary reasons for the growth of fx markets is technology that allows the ordinary person to open up an fx account and begin trading.

Over the last 5-10 years analysts have stated that is has been technological advancements like these (along with technological features such as stop-loss and automated currency exchanges) that have attracted more high volume traded and given added liquidity to the forex markets, which is now worth $3 trillion; 40 times the size of the equities market.

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Mobile FX Trading

In the last 5 years, and particularly the last two, mobile forex trading turnover has increases rapidly.  It’s estimated that mobile forex trading accounts for around 30% of annual forex turnover, which in itself is worth $3.97 trillion per day.

In order to start trading in forex on your mobile, you’ll not only need to have an account with an fx platform that provides a mobile/smart phone app, but you’ll also need to have a phone with even java or 3g/3.5g enabled.  The majority of smart phones nowadays, including the iPhone 4 and Google Android use Java-based technology so this shouldn’t be an issue.

Most fx platforms nowadays have developed mobile and iPhone apps for their users to use.  Given the high growth market of mobile forex trading, most brokers and forex trading companies would be crazy not to offer it.  Go to your existing broker’s website and select the mobile forex trading links to check whether or not your platform offers mobile technology for you.

The advantages of having forex on your mobile are obvious.  To begin with, it gives you greater access to your account and the currency markets when you’re on the move.  You can check your trading positions in between meetings and stay alerted with up to date news and fundamentals that could severely affect your positions and earnings.  Since the key to forex speculative trading is to stay ahead of the market and be able to predict trends and analyse data, having greater access to your forex account on your mobile can only be a good thing.  If the US Dollar’s currency exchange rate suddenly drops than you can close your trade earlier on your mobile rather than having to wait to get home to your computer.  Scalping trading is also obviously a lot easier to do with your mobile since you can perform hundreds of trades during the day without being at your computer.

The second advantage, more indirectly, is that more trading and accounts on mobiles means more liquidity and buyers/sellers in the market place.  Having more activity means that the market will move about more (allowing you to make greater profits on pips movements through leverage).

The only downside to mobile forex trading as far as I can tell is that not only will it encourage users to more uneducated trades (due to having less information or technical data on mobile to make a trade with and more “rushed” trades) but also if you lose your phone the security impact can be huge.  The last thing that you want is someone else having access to hundreds of thousands of dollars in your forex account and being able to view your positions.

Overall, I think that mobile fx trading is a very good thing both for the markets and the end-user, however it is not completely remiss of any downsides.

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