The Internet has changed the trading industry for the better. It has given traders access to financial markets. With just a single forex trading app, traders have a gateway to the market and the power to seize opportunities on the go.
This article looks at some of the reasons why a forex trading app deserves a home on a trader’s mobile device.
What Makes Forex Trading Apps Attractive to SA Traders
South Africa, with its growing community of forex traders, is in a healthy digital state. It is estimated that about 20 to 22 million people in South Africa use a smartphone, accounting for roughly a third of the country’s population.
Internet penetration is also high in South Africa. As of 2023, the country has about 43.48 million internet users, which sits at about just over 72% of the population.
Smartphones, thanks to the internet, have become more than just communication devices. Offering trading apps has become a must for forex brokers. As for traders, comparing forex trading apps goes a long way in evaluating industry brokers.
So, how useful is a forex trading app to the trader? Let’s find out below.
How a Forex Trading App Benefits a Trader
There are various ways in which a forex trading app is essential for a trader.
Ability to Trade on the Go
Without a forex trading app, a trader’s mobility is heavily impacted. Forex trading apps enhance mobility as all that is needed is an internet connection to check the market and open positions.
Additionally, more and more traders use smartphones to trade on apps. They tend to use the desktop for technical studies and analysis, and apps for placing trades and the corresponding pending orders.
Therefore, a forex trading app has become an essential part of a trader’s ecosystem, and in some cases, it is used more frequently than desktop trading platforms.
Improved Risk Management
Before the emergence of smartphones, online trading was difficult for retail traders for several reasons. One was that the traders were literally “glued” in front of their trading screens all day if they didn’t want to risk their trades.
Thanks to mobile devices, traders can now manage their trading positions on the go using forex trading apps. This allows traders to practice better risk management as they quickly adjust their positions depending on the latest developments.
For example, if there is news with a heavy impact on the market, trading on a smartphone allows the trader to quickly react to the news.
Basic Market Analysis
A Forex trading app is limited in its technical capabilities. However, traders can do basic, useful technical analysis on the trading apps.
Some forex trading apps provide basic technical indicators such as moving averages, trend indicators and oscillators.
A Forex Trading App is Useful to Traders
In conclusion, it is obvious that a forex trading app is an important tool in the life of a trader. Although it may not be as powerful as a full-standalone desktop application or web tool, a forex trading app allows the trader to enter and exit positions on the go, manage risks and react to new market developments.