While the rate of mobile Internet penetration may have stagnated somewhat as the smartphone market has become saturated in recent times, it remained relatively steady at 72% at the end of 2020.
Given the rising prominence and sophistication of modern smartphone devices, it should come as no surprise that mobile trading (particularly in the forex realm) has also become increasingly popular over the course of the last decade. Simultaneously search results for proper and ideal Forex trading strategies are increasing rapidly.
But how has this particular market evolved during this time, and what are the key considerations when selecting a handset for mobile forex trading?
The History of Mobile Trading and its Functionality
Prior to the digital age, forex trading was simply unavailable to regular and non-institutional investors.
The age of computerisation changed the landscape considerably, however, primarily by removing physical middlemen and transforming brokers into online resources that are accessible to part-time and even novice traders.
While this may have made the marketplace more accessible to rogue traders and forex scams, it has also broken down the historical barriers to entry that once surrounded the space. This has undoubtedly impacted daily trading volumes, which now total in excess of $6.6 trillion across the globe.
The advent of mobile trading has increased the reach of the forex market further, while maintaining similar functionality to online trading.
More specifically, mobile apps like the MetaTrader 4 have made forex trading increasingly convenient, while boasting compatibility with a huge number of accredited online brokers.
What to Look for in a Smartphone as a Forex Trader
One of your first considerations as a forex trader should be the operating system (OS) that supports your chosen handset.
There are various options on the market, with Android and iOS (Apple) accounting for a market share that’s in excess of 90%. Windows and Blackberry also serve as viable OS software providers, although aren’t as common or capacious as their more popular rivals.
Overall, we’d recommend the Android OS for the purpose of forex trading, and there are a couple of reasons for this. To begin with, this allows traders access to a far more diverse range of devices, while the software is also capable of supporting even the most complex computing operations associated with forex apps.
The screen size and display technology is also important, particularly from the perspective of viewing charts and information clearly.
We’d recommend using a device with a minimum screen size of 5.5 inches, although this shouldn’t be difficult and many of the modern-day flagship smartphones have displays that measure more than six inches.
The screen resolution is also an important spec to keep in mind, as a bright and sharp display makes it easier to view and process visual data in real-time.
The optimal resolution should contain 1080p as standard, although 720 pixels is the minimum requirement for those of you with smaller budgets. Don’t overlook the battery performance either, as you should try to focus on handsets that allow at least 10 hours of continued use to avoid losing power at the worst possible time.