August 20, 2021, | AtoZ Markets-Forex trading is an act of buying or sell currencies against one another. Previously the best facilities in this financial sector were limited to the big institutions and banks. Nowadays, however, with the developments in the fintech industry, retail traders have access to institutional grade liquidity, spreads, and execution.
One of the major developments was the production of mobile trading apps that allows traders to trade on the go. Our article will discuss all the important benefits of forex trading apps and discuss the essential features that come within.
Nowadays, mobile apps are developed by third-party software development companies and brokers. Companies make sure to include as many features as possible and make the application user-friendly. There is constant research and development in this department that contributes to the betterment of the mobile forex trading app.
Important Features of Mobile Apps
Trading apps are loaded with functions. There are a few points that must be in your desired application to make trading smooth as possible
Charting and News
There should be a charting platform that traders can use to plot their supply/demand zones, support and resistance lines, etc., and insert indicators of their choice. An economic calendar is also a must feature as it allows traders to pinpoint the events that cause instability in the markets.
A trading app should provide traders with a range of available orders, including market and pending. Buy or sell stop and limit orders with the option to set designated stop loss and take profit function can be beneficial
The app must be coded to work both on iOS and Android smartphones. It is essential that it works without any hiccups and provides all the vital functions at the fingertips. Traders should not feel any difficulty when using the application.
Other important features may include the ability to manage and see your copy-trading portfolios—access to multiple accounts and the trading community. Trading history can also be accessed through most trading applications. There is the option to filter positions based on symbols, time, and profit.
Advantages of Mobile Trading
Mobile trading has many advantages for traders. We have listed some of them as follows:
- Mobility. One of the important benefits of mobile trading apps is the mobility they offer traders. Through them, traders can monitor their trades whenever they require.
- Off-screen time. Traders do not have to sit in front of their screen 24/7. This can make them less lethargic and therefore increase their trading performance.
- Effortless. Using mobile apps, traders can place their orders quickly and easily. These applications are made with a simple interface that can be understood by both beginners and professionals alike.
- It is possible to set up desired notifications. For, e.g., a price action trader can turn on alerts for when the price reaches designated to support and resistance. By doing so, they do not have to monitor the charts 24/7.
Disadvantages of Mobile Trading
There are a few drawbacks to mobile trading as well that traders should know:
- Constantly looking at charts and trades via cell phone can have a negative psychological impact.
- It is only possible to use mobile trading when you have a solid internet connection. While driving through the countryside or hilly areas, you may not be able to use forex applications.
One of the shortcomings of mobile trading applications is the lack of features available compared to desktop platforms. For example, trading algorithms are specifically made to run on PCs. ‘Therefore, they cannot be employed using a mobile app.
In conclusion, this them is a very important issue that you should always consider.