Since technology continues to evolve at a faster-than-expected pace, the world of online trading faces some important changes and we, as traders, must be fully aware of them and try to take them into account in our trading activity.
The use of mobile platforms continues on an upward path, now that smartphones can give a smooth trading experience. Because of that, in this article, we want to talk about some of the aspects you need to consider in order to choose the best forex trading app.
What do you need to consider?
There are several aspects which we believe make the proper mobile trading app suitable for any type of online trader. We begin by saying that a proprietary platform could be better in some situations than the classic MetaTrader 4 or MetaTrader 5.
Online brokers that invest money in research and development for traders are the ones who generally come out with trading software that is well-optimized in order to provide all that you for your day-to-day trading activity.
Secondly, the mobile app should have a large number of features and allow you to have access to all, or almost all the functionalities of your trading account. Some brokers had already started to allow account opening and verification, deposits and withdrawals directly through the mobile trading platform.
Alt text: mobile platform features
By having these options available, you will manage to perform certain tasks easily, saving a good amount of time.
Security and regulation
Since we mentioned that a mobile platform should be able to perform all these tasks, the concern that appears is related to security. A strong encryption algorithm is required and don’t forget to not use public wi-fi points when using your trading account, so valuable information won’t be public.
If we talk about regulation, GCC countries need to consider, starting with the year 2018, stricter data collection procedures, in cases where brokers allow Europeans to open trading accounts.
The General Data Protection Regulation law, also known as GDPR, came into effect this year and online brokers outside of Europe should also take this into consideration. How the mobile platform enhances your trading experience is important, but make sure that your broker and its trading app complies with all the regulatory requirements.
To conclude, don’t forget that the mobile app is just a tool and does not guarantee success in trading. Carefully consider the aspects described above and the mobile platform will work for you and not against you.