In the world of forex trading, every second matters. The markets move quickly, with fluctuations by the hour and it’s crucial that traders are ready for the big changes to come in.
One way that the industry has managed to keep track of the shifting numbers is through the use of mobile devices. When smartphones and tablets became commonplace and the internet became accessible with just a few taps on a device, this rapidly developed to be the most comprehensible way of traders getting access to their brokers and the latest data from their trading platforms.
So, what does this smart tech mean for forex? Here is a look at its journey and what its advantages are.
Advancements in tech
The introduction of the internet created an explosion in creativity. Steve Jobs may be credited with the smartphone as many of us know it today, but the first mobile device that could access the internet on the go came in 1992. The Simon Personal Communicator by IBM appeared over 15 years before Apple’s iPhone was first unveiled.
But it was the iPhone that led the smartphone revolution in 2007. From there, mobile tech became everyday. Android devices soon followed. Apps were suddenly being created for both types of smart device and opening up a whole new way to access forex trading.
The key advantages
Now, it’s predicted that there will be almost 62 million smartphone users in the UK by 2024. A significant number of these are sure to be forex traders. With help from mobile trading, it’s possible to see what is happening in real time. Here is a look at the three key advantages of mobile forex trading.
- Access data on the move
This is a huge plus point. Before mobile tech, forex trading meant having to sit with a laptop and not being able move quickly when the numbers changed as it was necessary to stay put. With mobile devices, it became possible to easily access the information and make the move immediately, without having to stay close to a desktop computer or a laptop.
For key events that can have a huge impact on the markets, being able to check this data at a glance wherever you are makes it easier for forex traders to do their job efficiently. A prime example is on election night, when the value of different currencies can be affected by who wins. Big clients can lose out on these big events, but traders with access to mobile devices can quickly address anything that comes up.
- Gain insights
As well as being able to access live data, therefore being able to keep informed, there are apps available on smart devices to help forex traders analyse the markets at a granular level. This type of tech adds to the skills bank and can be beneficial when trading in real time. This is because tracking trends and charting progress allows traders to be more deliberate in their approach when necessary.
- Educational opportunities
Mobile trading also offers the chance to learn more about the markets. Apps offer advisory services and some feature forums that are designed for forex traders to converse and discover more about the world they’re operating in. Where once this was an expensive service, it’s now within the reach of those who are interested, thanks to mobile.
The markets are ever-changing and there is a host of reasons for the numbers to alter. By staying online and choosing mobile, it’s possible for forex traders to keep up with this fast-paced industry.