Smartphone forex trading is increasingly becoming popular nowadays. With numerous cutting-edge smart devices, it’s now possible to do trading with a single touch from the comfort of any place. Trading using an Android smartphone comes with many benefits to individual traders and the forex industry as a whole. Unlike traditional PC trading, this type of trading allows you to exploit more opportunities anytime, anywhere.
In the past, traders had to sit behind the desk in order to execute their trading. However, things have no changed and traders can successfully access their forex trading accounts through mobile apps for Android smartphone. Thanks to smartphones, now you can analyze currencies, access actual data and even place traders from any place with a strong internet connection.
Now hold on your hat as I take you through the necessary steps to start a currency trading business in android smartphone.
- Get the right phone
While it’s easier to trade on a smartphone, it’s important to understand that not all phones are compatible with forex apps. You need to consider a number of factors in order to find the best phone for trading. Such factors include:
- Check the operating system. This system functions to support all operations of the smartphone. An android is the most preferred type of operating system that works best with any forex app.
- The screen size of the phone. The essence of a large screen is to support easy navigation of charts when trading. Choose an Android smartphone with a screen size of 5 inches and above. A screen resolution of 1080p is also convenient for easy navigation of trades.
- The battery of life of a smartphone is another key factor to consider. A good battery should be able to last more than 6 hours to allow smooth trading. Nothing irritates like a battery warning in the middle of trading and such can cause a lot of inconveniences.
Above all, it’s important to have a good internet connection before starting a forex trading business.
- Download a forex mobile trading appThere are two categories of forex apps that are convenient for Android smartphones. They include the MT4 and MT5version. These trading apps are available on Google play store and both provide automated trading networks with professional guides. Despite their similar approach, each of the app version functions differently. For instance, MT4 was designed to allow traders to analyze forex markets of any complexity. The MT5 is an advanced version of the MT4 and it provides comprehensive access to technical analysis tools. These apps are free of charge to download.
3. Find the best forex broker
Once you have successfully downloaded and installed the app of choice, you must find a reliable broker. You can’t begin trading without a forex broker. A broker will help guide you on how to make trades. Finding the best brokers could mean the difference between making profits or incurring losses. You can ask for recommendations from friends, family members, and work colleagues or you can visit this list for broker recommendations from professional traders. The internet also can be resourceful on the best brokerage firms. Above all, get a broker who perfectly suits your needs with excellent customer services.
- Open a demo account
Once you have the right broker, its time to open a demo account. The trading app of your choice allows you to directly create a demo account. This account will give you a rough idea on how to execute trading using virtual money. In addition, you can open an anonymous account through which you practice. The good thing with this is that you won’t have to give personal details in order to use it.
- Deposit money into your account
You only need to open a live account once you have mastered the right trading skill and strategies. The minimum amount of money required to start range from $5-$2000. It’s recommended starting forex trading using a mini or micro trading account like on XM Global broker. Once you deposit the required startup capital, you can use the trade function on the app to place or modify new trades.
Patience is the key when it comes to forex trading. It will take a significant amount of time before you master the patterns of the fluctuating forex market. Use the right strategies that work and avoid anything that brings losses. You can watch how experts trade in order to learn more. Attend webinars, training sessions to improve your trading skills in order to become a successful forex trader.