When choosing a binary options brokerage platform, one of the very important things you would want to check is whether it has an active mobile trading platform and how good it is. Even if you are mainly planning to trade on desktop only or trading on the go is not part of your agenda, having some opportunity will be useful when commuting to work or traveling. It is always nice to have an option to earn some extra money even then, so make sure your broker has one.
With that in mind, is there anything specific a trader should look for in a forex trading app? The short answer is yes, and here are some of the things you need to consider.
The most vital thing, as well as the biggest challenge in the mobile app, is the availability of a continuous flow of updated rates in real-time. Some delays for a few minutes or sometimes even hours occur often in some apps. This is mostly due to a weak internet connection or technical difficulties. What a trader needs to be assured of is that the rates are taken from the feed which is later converted using a web socket. This way, the rates will be the same as those on the webserver.
No internet problems.
If for any reason you move from WIFI to a mobile network, your mobile trading app has to be able to recover all the operations and data that were conducted during this move. At that point, a user should not be disconnected and should be able to continue using the app and not lose any data.
If it just so happens that you just opened a trading position, you need to be sure that you can continue from the last action you executed with the previous connection. This requires a great degree of technical backup and expertise. Any mobile trading application should also have an offline mode available at all times. It’s not the best, but it gives you more access, depending on the circumstances they might be in. When offline, you should still be able to access basic features of the app, such as your trading history.
Quick processing time
It’s pretty obvious that the fastest possible processing time should be a top priority for mobile trading. Once you have placed a trade, a brokerage platform should be able to quickly process it within a short period of time. The whole point of the deal might be lost if there is any delay, most especially if the trade has a short expiration time frame. Speed is the most important thing in online trading, so that is definitely a thing you would want to have in a mobile trading application.
No matter how reliable or fast the mobile trading application is if it’s heavy and difficult to use, there is no way your trading will be successful. Having to execute trades on a mobile device makes the design much more crucial than anywhere else. The way it looks and feels needs to be carefully considered and cannot be compromised just as its performance attributes.
If the mobile trading application is overloaded with information, it will be too complicated for the user. It’s vital to be able to differentiate between information that is important, less important, and not important at all. Make sure you can do so at fist glance at the mobile app.
For sure, one of the biggest concerns of investors when trading on mobile is security. How safe and secure is it to trade using your Smartphone after all? There is no need to worry about that! People are often worried about safety and security on mobile devices. However, this is just a matter of stereotype. Nowadays, mobile trading is just as safe and secure as any other form of it. On mobile just as on a desktop, the level of security is high. So your only challenge should be choosing a reliable brokerage platform. If desktop trading is secure with it, the Forex trading app is as well.