When you consider that an estimated $6.6 trillion is traded every single day in the forex, this is clearly a lucrative and popular space for investors in the modern age.
This makes trading forex a viable career option and one that could prove to be rewarding for those who develop an understanding of the marketplace and a keen sense of determinism.
But what are the main benefits of trading forex, and how possible is it to trade successfully while using a smartphone?
What are the Benefits of Forex Trading?
There are several reasons why you may choose to trade forex in the digital age, not least the way in which online brokerages and trading platforms have made the market increasingly accessible to part-time traders.
One particularly prominent benefit is that the practice is relatively low cost, both from the perspective of online brokerages and commissions. In fact, there are no real commissions when trading forex, with most investors profiting from the spreads between international currencies.
Forex trading also allows for the application of various strategies, with scalping and day trading ideal for those with a short-term outlook and a healthy appetite for risk.
Conversely, position and swing trading enable investors to hold open positions for months and even years, offering far greater benefit to more risk-averse traders.
Can You Trade Forex from a Mobile Device?
Interestingly, mobile trading is now incredibly prevalent in the forex market, with 73% of orders executed through a smartphone as recently as 2016.
This percentage has increased incrementally in the five years since, particularly as mobile penetration rates continue to rise across the globe.
However, while it’s increasingly popular to trade forex using a smartphone, there are a couple of things to keep in mind. Firstly, Android handsets are typically considered to be superior to iOS, although the latter managed to close the gap through 2019 thanks to the launch of a dedicated trading app called TradingView.
This is thanks largely to the presence of Android handsets with larger displays, which are ideal when viewing charts and visual information in real-time.
Typically, we’d recommend only trading forex when using a smartphone with a 5.5-inch screen or larger, with this creating the ideal display on which to view charts and trends and optimise the efficiency of each individual trade.
The Last Word
When trading through your smartphone, you’ll also be able to access platforms that are home to a diverse range of markets and asset classes.
This means that you can look to diversify your portfolio seamlessly as a mobile trader, as you evolve to invest in stocks, indices, commodities and even cryptocurrency alongside your major currency holdings.
Interestingly, index trading can provide the ideal accompaniment for forex, enabling you to create a balanced and lucrative portfolio that can deliver increased profits over an extended period of time.
