How To Trade Effectively On Your Smartphone
These days there’s very little that you cannot do on your smartphone. You can check your email, order food, pay the utilities, make money and even find the love of your life. The smartphone isn’t just a device of communication, it is now an extension of the self. We are living in the age of Artificial Intelligence and it’s only going to engulf our lives further. In the past the diary was often considered the most intimate belonging of a person; today it’s his or her smartphone. Apple’s iTune Store and Google’s Play Store are cram full of apps designed to meet your desires. However, in order to find one that could meet your financial desires, you would need to download one that equips you with such tools. The proliferation of Forex trading and it’s associated derivative-style trading within the realms of cyberspace has led to the publishing of guides on US Forex trading and a tremendous subsequent interest in this sector of the financial industry. The only question that then arises is: how do you effectively trade on your smartphone?
Choose the right device
The good news here is that most recent smartphones and tablets are capable of handling broker trading software. To be on the safe side though, it is advisable to go no lower than 2019 in terms of the release date of the model, especially when it comes to smartphones. With regards to operating systems, Windows and BlackBerry can certainly do the job, but iOS and Android are better and superior alternatives. The size of your screen is also something to seriously consider; the more you can see, the more you can do, and it’s also just more user-friendly if the size of your screen is more accommodating. Let’s not forget about battery life either; after all, you’re going to be trading and to be frank, the apps that facilitate things like currency speculation or commodity speculation aren’t exactly lightweight – they make use of complex algorithms. With this in mind, you may want to consider something like the Samsung S20, the iPhone 12 or the OnePlus 8 Pro.
Choose the right broker platform
Choosing the right broker platform is key, not just because of the amenities that some might offer, but more because of your safety. Due to the popularity of online trading, there have emerged some rogue elements within the industry, scammers if you will. The good news is that there exists a number of safety fixtures and laws and governing bodies all geared towards making the world of forex and commodity trading safe. As long as the broker platform that you sign up with adheres to the set of laws and regulations governing the industry, you can be assured of peace of mind. There are a number of governing bodies to be aware of – some applicable to the US only and some applicable to the neighbours across the pond (Britain), and then there also common laws and regulations, or put another way, rules that overlap and are applicable to all brokers. If you’re residing in the US, make sure that your broker is registered with the CFTC (Commodity Futures Trading Commission). Founded way back in 1974, the CFTC is there to protect traders against scams and fraudulent practices. This independent governing body regularly updates its policies to make sure its on the cusp of all things applicable to the industry. At the end of the day if the laws and governing bodies are in place, you’re in the right place.