When talking about mobile trading apps, the question of what mobile trading is pops up. Mobile trading can be referred to as investing in Forex or stock trading using one’s smartphone or tablet. While trading on the PC can be done online, when it comes to mobile trading, apps make it much easier and convenient. In light of this, we can define mobile trading apps as programs and platforms that are created to offer tools that enable the buying and selling of foreign currencies, as well as shares, using smartphones and tablets. MT4 platform is a mobile trading app provided by ForexTime online trading broker.
Mobile Apps Available to Traders
Advancement in technology has been the main motivator of the development of software applications that have tools to assist investors to practice mobile trading. Statistical forecasts predict that mobile trading apps are expected to hit $189 billion in revenue returns in the year 2020 only. Forex exchange uses the same tools as stock trading, which makes it possible to use mobile trading apps for multiple online trading purposes. There are roughly 2.8 million mobile apps available in the Google Play Store for Android devices. IOS device owners have not been left behind with about 2.2 million mobile trading apps available on the Apple App Store. There are mobile apps available for various types of investments such as:
- Foreign exchange trading
- Stock market
- Security and commodity futures
- Investment funds, including mutual funds
Mobile trading apps used for stock markets and Forex markets utilize Robo-advisers as the tool that guides traders. This is an algorithm that uses questions to determine the objectives and goals of the trader. The answers are then used to give the trader investment options that fit their age, goals, risk tolerance, investing duration, and other factors. Mobile trading apps are available anywhere. A good example is how a trader in South Africa interested in trading oil stocks in Nigeria can use them without having to travel at all.
Benefits of Mobile Trading Apps
- Diversification becomes possible as one can trade in different kinds of markets and investments using the same app.
- Budgeting becomes easier as one only loads to their mobile app wallet the amount of money they want to invest, making it possible to manage their trading capital finance better.
- Most of the apps have multiple languages allowing traders to trade far and wide across the globe.
- Mobile trading apps are developed with well-encrypted firewalls to protect the traders from fraud ensuring safety and security of financial information.
- They make it possible to set an investing schedule to fit your financial needs.
Forex trading is done by opening accounts with trading brokers. Many trading brokers recommend different platforms and advise on mobile apps best compatible with their systems.
MetaTrader 4 and 5
The meta trader platforms are some of the most superior mobile trading apps. They offer amazing features and are recommended by many brokers such as ForexTime. They are fast and secure and compatible with both Android as well as iOS devices.
There are other mobile trading apps but it is undeniable that all have great benefits to traders. When a trader decides to utilize mobile trading apps, they are likely to invest for long and earn amazing returns with very little effort.