Mobile forex trading is gradually becoming the next ‘big thing’ in the forex industry. It has made trading easy and accessible from the comfort of a smartphone. With the variety of smart devices available today, its now easier to place trades anytime, anyplace. You no longer have to sit while tied to your PC in order to execute forex trading. All you need is a good smartphone with a strong internet connection and there you are. Whether you are traveling, relaxing on the beach or waiting for a cup of coffee, you can now use a smartphone to know the current market condition, trade and even modify your trades.
However, not all phones offer the same features necessary for forex trading. Some of them are not designed for the task while others are not compatible with forex apps.
So, how do you choose the right smartphone for mobile forex trading?
1. Consider the operating system
All smartphones are designed with different operating systems. The system functions as the heart of controlling everything that happens in the phone. It’s the operating system that allows the installation of specific apps, sending messages, taking pictures, making calls, playing music and so on. There are three main categories of the OS namely:
There are also other operating systems such as blackberry and more. When it comes to an operating system compatible with mobile forex trading, the Android system stands out. The reason is that an Android is designed with a variety of choices to choose from. In addition, its easy to trade using the system since it supports even the most complex computing operations in the forex apps. An iOS system can also support trading but to a limited extent. Therefore when choosing a good smartphone for forex trading, it's always good to go for an Android smartphone, cause it is very compatible with the most popular android forex trading app metatrader 4 / metatrader 5.
2. Size of the screen
The screen size will determine how easy you will be able to navigate the mobile trading apps. You need a screen size enough to see when placing trades. A small screen makes it difficult to navigate the complex charts and mistakes are obvious. Even the slightest mistake in forex trading will cost you a lot. The recommended size of the screen should be 5.5 inches and above.
Another key factor to consider is the resolution of the smartphone. If forex trading is your career, then chances are you will spend most the time staring at the screen. While the size of the screen is important, its resolution will determine how clear you can see the trading content. Mobile forex trading requires a bright and sharp screen that makes it easy to clearly see the contents. This means a good resolution capable of remaining clear even when sitting under the sun.
The best resolution should contain 1080p while the minimum one being 720 pixels. The higher the number of pixels, the vibrant and perfect display will be. Ensure you only buy a smartphone bright enough to see in the open. It should also be sharp enough to make the images and texts clearer while navigating online. The type of screen also determines the clarity of a smartphone. The liquid crystal display screen is a bit higher in terms of clarity and accuracy. There are even other categories of LCD screens that are packed with superior color precision and better angles.
4. Battery life
Battery life determines the amount of time you will stay active while trading. Nothing can be irritating like a dying battery while trading. A good smartphone should have a battery life going more than 10 hours when in active use. It should also be powerful enough to support heavy online surfing. You will have less to worry knowing your phone is capable of supporting you throughout the day when trading. The time factor should take into consideration of web browsing that is known to consume a lot of battery energy. However, don’t confuse the size of the battery with its life. Some Android smartphones have larger batteries but low life.
5. Internal storage
A good smartphone should contain enough memory capacity to accommodate mobile forex trading apps. A low storage capacity means it won’t be able to sustain those apps. The minimum internal storage should be 64GB and above.
6. Processor speed
Imagine trying to browse the web but the phone keeps dragging now and then. This might delay you in placing the right trades and therefore deny you the opportunity to maximize profits. Always ensure you buy a smartphone with a higher processor speed to make trading easier.
Now you have the right tips to consider when choosing a smartphone for forex trading.