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How to Turn Your Smartphone into a Trading Powerhouse

--By On November 25, 2020


The global forex market is one of the world's largest financial entities, and one that sees an estimated $6.6 trillion traded every single day.


Interestingly, this sum has increased incrementally in line with technological advancement, as the rise of online and mobile trading platforms has made forex trading (and similar practices) increasingly accessible to investors from across the globe.


But how can you turn your smartphone into a viable trading powerhouse, and what are the best devices and applications available on the market?


Turn Smartphone In Trading Powerhouse


Getting Started with the Right Technology


Let's start with the basics; as you cannot hope to become a successful mobile trader without the right type of smartphone.


In short, you'll need a device with a bezel-less and capacious display, which is easy to navigate and clearly visible in almost all light conditions. This is ideal when accessing a host of visual charts and trading the forex market at any time during the 24-hour foreign exchange window, which places numerous demands on investors.


Ideally, you'll also access a device that provides extended battery life, with smartphones such as the One Plus Seven and the iPhone 11 Pro offering the best examples of this.


The battery pack on the latter is definitely superior to its predecessor, enabling you to trade for longer, uninterrupted sessions and ensure that your device doesn't lose power at the worst possible time.



Ensure That Your Device and Network is Secure


As smartphone technology has become increasingly advanced, so too hackers and cyberthieves have found new and innovative ways to enact their various machinations.


So, you'll need to take proactive steps to secure your device and safeguard your data as a mobile trader, particularly when upgrading to a new handset and trading in your older model.

Network Secure


The reason for this is simple; as your older smartphones will contain texts, emails, bank accounts and potentially other sensitive data that may be susceptible once the device is no longer in your possession (including GPS information). While a factory reset may remove pointers to files on the device, the data itself will remain available without further action.


So, once you've erased your data, you need to validate that this process was completed before requesting a third-party report to confirm precisely what has been carried out.


You can also take simple steps to safeguard your information when trading in real-time, by ensuring that your chosen site boasts 128-bit encryption and is fully licensed and regulated.



What are the Best Mobile Trading Apps


You'll also need to trade using a robust and reputable mobile app, with the MetaTrader 4 (MT4) offering a relevant case in point.


This app has set the standard for mobile trading since it was developed and launched in 2005, and it remains the trader's tool of choice despite the subsequent release of the upgraded MT5 in 2010.


Not only is it fully secure and licensed for use in the UK by the Financial Conduct Authority (FCA), but it also boasts customisable visual charts and a huge range of analytical tools that are accessible through a single interface.


You can also download the MT4 and use this in conjunction with most online trading platforms, creating a seamless and secure experience that will be the envy of most investors.


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