Forex trading is becoming more and more popular, but as every form of modern financial trading, it is highly dependable of technological innovations. New forex brokers and platforms appear each day, but only a handful of them is worth traders’ time and money. Besides that, one of the major influences on forex industry is trading habits. Trading habits are not always result of changes in financial markets, but changes in lifestyle.
If we think about it, only 10 years ago, it was still considered unnecessary to have a smartphone with a great subscription plan that will allow us to watch movies online, while we are commuting to work each day. Nowadays, we take it for granted and are not aware that mobile industry changed the way we pay, buy, trade and socialize.
The technological advance affects Forex industry in a great measure that simply cannot be ignored. Considering the importance of the role our mobile phones and tablets have in our lives, it can be predicted that Forex trading will switch from desktop very soon. Here are the reasons why!
- Accessibility
Modern traders want to trade without any limitations, and desktop trading can be quite restrictive. In case the broker has a platform that needs to be downloaded, trader can’t simply log in via any device and access his trades, but must do it from a computer that already has the entire setup. Also, more and more forex brokers decide to invest in mobile apps and platforms operated directly from the browser that requires no download.
- New services
The forex trading industry grows in every way, including auto trading solutions and signals. Traders rely less and less on their own analysis and use specialized services in form of signals and trading software instead. Small charts that are hard to follow are not an issue for them, as they decided to have additional support during the trading process and all they have to do is place a trade. New services allow forex traders to be relaxed and simplify the trading process. Simplified trading asks for a simplified platform without many details that can be distracting, and mobile platforms often look exactly like that.
- Big Shots Go Mobile
It is very important on who accepts the trends first! After years of operating exclusively as a download platform, MetaTrader decided to expand to the WebTrader interface that is operated from the browser on desktop computer and laptop, and a mobile trader that is accessible via modern mobile phones. This is a big deal as MetaTrader is known to be somewhat demanding for Forex beginners, but in this case, mobile apps simplify the trading process. Also, it is only a question of time when every forex broker will develop their mobile platform first, and only then focus on desktop solutions.
In conclusion, it is impossible for a dynamic and innovative industry such as Forex industry to ignore the changes that are about to happen. Brokers who don’t have a mobile platform and are not prepared for this technological revolution might lose their customers. However, this doesn’t mean that the Forex industry will stop evolving, as we can expect also more concerns regarding mobile security, data safety and account accessibility that cannot be put in hands of mobile networks and mobile companies but have to be handled by Forex brokers who are delivering the trading service. Mobile trading will have to become the safest type of trading when it comes to hacking attacks.
Also, traders will have to keep in mind that mobile trading on forex markets will be profitable and executed properly only if they have a mobile internet connection and mobile device that are advanced enough to keep up with the latest version of the platform belonging to their favorite broker. Desktop trading won’t be extinct, but due to new habits of online users, it will not be the preferable method, as mobile trading really is more convenient and adjusted to modern trading preferences.