Start Trading Via Your Smartphone

Nowadays, a smartphone is one of the most crucial necessities that we use for everything. Not everyone even has a computer or a laptop! For many people trading is possible only in front of the big screen, however, it’s a myth. Most of our traders use apps for trading. How can you benefit from trading via smartphone? Read this article to find out!

How can it be useful?

For the average Forex trader, buying or selling is all about timing. In these volatile times, spotting the right entry/exit moments can be critical. This can be a problem for those who work with terminals at their workplace or for those who travel a lot. The solution comes easily: your mobile phone. With the advent of smartphone platforms, trading is now in your hands. There are plenty of opportunities to use the power of these platforms.

How does it work?

If a trader wants to trade via mobile, they just need a smartphone with Internet access and a trading account with a broker. Once you download the broker's trading app, you're all set. You may need to submit an online request to activate your mobile trading platform, after which you can log in using your existing client ID and password.

What is the best mobile trading platform? The answer to this question depends on what trading features you are looking for.

With FBS, firstly you need to register on the website fbs.com or in FBS Mobile Personal Area app, create a trading profile and choose the suitable platform. FBS provides MetaTrader 4 and 5 and FBS Trader app. For mobile MetaTrader, you need first to register on the website or in FBS Mobile Personal Area app. In case of FBS Trader, you can register right there and after that, you’re ready to trade.

In MetaTrader app, you can view quotes of currency pairs and other instruments, analyze charts, open, monitor, and close trades. It’s suitable for professional traders who already understand how to work with the platform and how to act there.

In FBS Trader, you can do all of the above, which already provides functionality for analysis, but you can also deposit and withdraw money, communicate with support and check the economic calendar. It’s suitable for beginners, as it has a simple interface and everything you need in one place.

Here, you can see the interface of FBS Traders app. You can see the list of assets. If you click on the preferable instrument, you can immediately see “Buy” and “Sell” bottoms. Everything is really intuitive and understandable.

Applications such as FBS Trader and FBS Mobile Personal Area allow you to seamlessly transfer funds from your bank account to your trading account and vice versa through your smartphone.

Pros and Cons of migrating to mobile

Those who use computer terminals to trade do so because of the advanced features such as sophisticated charting tools. Most mobile trading applications have fewer tools.

However, mobile trading platforms are also evolving and introducing new technologies that can provide users with more feature-rich access. As mobile devices improve, it will be possible to provide more advanced tools, even on smartphones.

For example, look at the picture of MT5 mobile app. Here, we added two indicators: Moving Averages of three different periods and a Stochastic oscillator. You are able to add as many indicators as you wish, so your usual technical analysis can be done easy in the app.

The smaller screen size of the device can also be inconvenient. Moreover, although mobile platforms offer charting tools, it may not be possible to open multiple charts on the screen at the same time.

In addition, some users may have concerns about security. However, such fears may be unfounded. These platforms use the same security protocols as web portals, including online stores.

Most applications use a two-step authentication process: the user first logs in with their existing user ID and password, and then enters a unique PIN or one-time password. However, users shouldn’t keep security codes on their devices to prevent it from stealing.

The downside of this ease of access is that some traders may be tempted to trade too often. This can lead to frequent losses and paying too much on spreads. The trader shouldn’t trade too much just because they now have immediate access to the market. Remember to follow your strategy and make an analysis before every trade!

Should you migrate to mobile?

We’ve listed the arguments, but, of course, It’s up to you what to choose, because a lot depends on your trading style. However, it’s useful to have quick access to the market, in order to make the right actions in the right time.

Conclusion

Today Forex trading is available to everyone in almost every part of the world. Even countries with the least advanced technology have access to the Forex trading market and the market is only growing. Trading is not the only thing that has been revolutionized by mobile phones, smartphones have changed the way people live and function. Most things can be done with smartphones, and these devices are getting better and better over time. So as trading process! practice more and you will find trading via your smartphone really convenient. Look for the best mobile trading platform that fits your trading style.

Author: FBS Analyst Team

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