Can We Do Trading on Mobile?
COVID-19 has accelerated the spread of online trading around the world. As traditional sources of income become inaccessible, consumers are seeking alternative ways to make money. Fortunately, the global financial markets are now a tap away. Through a single app, residents of Nigeria can manage a multifaceted portfolio of assets easily.
The fundamental principles of trading are nothing complex. You buy and sell financial instruments in the real markets through platforms or apps. The range of assets includes currency pairs, stocks, and derivatives.
Skilled FX traders are their own bosses, and they can achieve a 10% return on capital monthly. Today, entry to the market is extremely affordable, and software is available free of charge. It works with Windows and Mac computers, as well as iOS and Android phones.
To succeed, you need strong analytical skills, emotional control, and foresight. It is not necessary to have a degree in finance to trade in Forex. Education is available online, and it does not cost anything. Free demo accounts allow unlimited practice in a trading simulator. They are offered by regulated and responsible brokers.
Global brokers provide ample guidance on the best practices and strategies in Forex trading. You can learn about the most popular and profitable systems from articles, video tutorials, podcasts, etc. This knowledge is freely available. However, few traders can apply it properly.
Example: Forex Pairs
All currencies are valued against one another, and they are traded in pairs. For example, the price for EUR/USD shows how many US dollars you need to pay for a single Euro. The exchange rate is changing all the time. It is affected by economic and political factors.
To foresee changes, traders may use technical or fundamental analysis. In the first case, you look at price charts to identify patterns that tell you about possible future directions. Fundamental traders analyze factors like GDP, interest rates, oil prices, etc. They need constant access to financial news. The needs of both groups are met by the powerful mobile trading app from Forextime.
What a Mobile App Can Do
All mobile platforms fall into two categories. First, there are generic options like MetaTrader 4 or MetaTrader 5. These are offered by many brokers, as they are convenient and versatile.
Secondly, there are proprietary solutions developed by particular companies, such as the FXTM Trader. This piece of software has impressive capabilities:
- 250+ trading instruments,
- streaming quotes,
- one-click trading,
- advanced charting tools,
- live news,
- account management via a dashboard,
- deposits and withdrawals.
As you can see, traders can perform all of their operations from a single app. Positions may be opened, closed, and modified in seconds. No extra downloads are necessary. Moreover, thanks to cross-platform functionality, the same position may be managed using different devices.
This means you may open it via your laptop computer, edit from a tablet and close it with a smartphone, or in any other order. It is possible because all three versions connect to the same servers. For example, MetaTrader 4 and 5 are both available as desktop software, mobile apps, and web-based systems that work through browsers without downloads.
Range of Instruments
Trading brokers give access to a wide range of instruments, so their clients can assemble diversified portfolios. Today, the most common choices for mobile traders are:
- currency pairs (Major, Minor, and Exotic);
- stocks of the largest corporations like Facebook;
- precious metals like gold and silver;
- CFDs on commodities;
- CFDs on stocks;
- CFDs on cryptocurrencies;
- CFDs on market indices.
Contracts for difference are virtual derivatives that can be linked to different underlying assets. Their value changes along with the price for these assets. The goal of a trader is to predict trends and buy or sell at the right time. The broker pays the difference between entry and exit — hence the name.
The range of instruments available to you depends on the broker and your type of account. Basically, you may access all the necessary functions via your app. From initial market analysis to the execution of trades and withdrawal of funds, each function is just a tap away. This makes trading apps increasingly popular in many countries.
Rise of Mobile Trading
Since 2020, when COVID-19 upended conventional employment systems, such opportunities have been vital. Consumers can become self-employed if they possess the right skill set. Mobile apps make trading more accessible than ever.
Unsurprisingly, Nigerians have now embraced these technologies. The country comes second on the continent in terms of trading volumes. Now, the local Forex segment is growing rapidly, and apps accelerate its development.
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