As distances get smaller and smaller with the advent of new technologies and all kind of technological advancements and development, it’s not easy for everyone to keep up with time and how fast it is moving. Keeping that in mind, here’s a quick guide to what Forex trading is and how can one participate in Forex trading with an Android phone. Primarily known as Foreign Exchange or FX and for the layman; currency trading. This global market is known to be the largest and completely liquid market in the world. Forex has a daily average trading volume that goes beyond $5trillion.
Trading Forex with an android phone
For a lot of people, it might seem like an odd way to trade forex with a mobile android phone. But it has actually become a trend in the current years. While thinking of the best kind of smartphone for forex trading with a mobile android phone, there are two very important specs to keep in mind. The first is battery life and the second is screen size. Now, you can choose a substantial android phone and there isn’t a lot needed but the aforementioned specs are required. The ideal screen size for trading forex with a mobile android phone is anything bigger than a 5.5-inch screen since it is too small to go through provider’s charts and trading.
Now that you’ve known what is required to trade forex on a mobile android phone, here is a list of the best phones to use for trading forex on mobile android phone:
- Google Pixel/ Google Pixel XL– The Google phones have 5.0” and 5.5” screens respectively and their battery lives are 8h 16m and 10h 34m respectively.
- Moto G6- The Moto G6 is perfect for those on a tight budget. It has a 5.7” screen and the battery life is 13-14 hours.
- Galaxy Note S9 Plus– Samsung provides some really good phones with big screen size. The Galaxy Note S9 Plus is one of the best devices for trading Forex with a mobile android phone. It has a 6.2” screen and the battery lasts up to 17 hours straight.
- OnePlus 6– Released in May 2018, this phone has a 6.28” screen and the battery lives up to 10 hours which can be improved but this phone works great for trading forex with a mobile android phone.
Now that you know which phone to go for, the next thing you need to do is installing a trading app on your device to trade forex with a mobile android phone. The best thing to do is install the app of your broker. Using your broker’s medium will be the easiest way for you. Your broker might tell you to install their own platform or might tell you to choose between MT4, MT5 and or cTrader. But, there are not many who use cTrader. If you’re thinking of TradeInceptor, which is known as the best app for forex trading with a mobile android phone, it was bought by the broker ThinkMarkets.
What to keep in mind while trading Forex on a mobile android phone?
There are two vital things you need to keep in mind while you trade forex on mobile android phone-
- Safety- With the current scene around cybersecurity and advancements, most of the apps available to trade forex on a mobile android phone come with proper security measures to keep your phone and software safe from any kind of unauthorised access. Make sure your app and phone both are completely secured with extra security software.
- Connectivity– This is as important as security. You need really exceptional network reception to a cellular or wireless network. Spotty connections might end up putting you into an expensive mistake. So trade only when you have perfect connectivity. Avoid public transport o subways while trading and don’t trade on an open-access Wifi or an unknown access point.
Now you’re all set. Once you’ve installed the app and have registered in your forex broker or are using your original account, you’ll be able to trade forex with a mobile android phone. Because you’ll be connected to the internet for a very long time, and you’re trading foreign currency, be extremely careful. Happy Trading!