Mobile Trading of Foreign Currency
It is no secret that the mobile industry is changing the world as we know it. This is already obvious when it comes to the world of technology but there are many industries that are completely low tech and are now seeing the effects of mobile technology. Some examples include the billing, sports, gaming, travel, and even the translation industry. One more market that is now beginning to see the effects of mobile is foreign exchange. What was once a completely real life hand to hand transaction is now taking place online and Forex brokers reviews are now starting to talk about mobile trading and how it is changing the market.
Many Forex brokers are now trying to separate themselves by offering full-fledged mobile trading for their traders. The advantages of this platform are obvious. The trader can now open and close positions and does not need to be confined in their home or office but can trade on the go. This also provides traders with a more flexible schedule since they won’t be required to stay near a computer in order to trade Forex.
Mobile trading platforms come in all shapes and sizes but can be categorized into two basic groups: web-based mobile platforms and native mobile applications (aka apps). Both web-based and native mobile applications have advantages and disadvantages, and traders should choose their mobile trading platform based on their own preferences and trading styles.
The following are some key advantages of the two types of mobile trading platforms:
Web-Based Forex Trading Platform
- Trade from any web-enabled device irrelevant of location
- Personal settings and information backed up virtually
- Software is always up to date with no need for manual updates
- Slower performance and response time
- Cloud backups may cause security issues
- Fewer customization options and updates pushed to you from the server
Native Mobile Trading Platform
- Higher performance
- Information stored locally for extra security
- Highly customizable
- No flexibility with the application installed on one device
- Updates must be done manually
- More prone to bugs
It may be impossible to say which type of mobile trading platform is better and it depends on the preference of each individual trader. One thing that Forex brokers reviews are saying with full certainty, is that the world of foreign exchange trading is not what is was three years ago and is also not what it will in three years from now, thanks to modern mobile technology.
Hillel Fuld is the Content Manager of DailyForex.com. DailyForex is a leading site in the foreign exchange industry and provides traders with up to date Forex news, analysis, articles, and tips. In addition, DailyForex offers professional reviews of the web’s leading Forex brokers, which enables traders to make a more educated decision when choosing a Forex broker.