How Mobile is the Forex Market?

Yael Warman

“The fact is, that every day activities, such as checking e-mail, searching for information on the internet, buying things and checking social media networks, are happening on mobile devices more so than on PCs. A reported 33% of people use their smartphones to access the internet” – Yael Warman, Leverate

mobile

By Yael Warman, Leverate

I often find myself sitting in front of my computer, checking e-mail from my phone. Does it ever happen to you? If you are like me, let me assure you we are not alone. Mobile is not about mobility anymore. According to a recent study, 16% of people use their mobile phones at home. A lot of those I picture sitting on their couch while surfing the web, but many others, like me, are doing it while within reach from a desktop or laptop.

The fact is, that every day activities, such as checking e-mail, searching for information on the internet, buying things and checking social media networks, are happening on mobile devices more so than on PCs. A reported 33% of people use their smartphones to access the internet.

That is more than double the number of people using their desktops to do so (14%), according to Ofcom Technology. And as consumers become more confident about the security measures available on their devices, screens become larger, mobile sites become more responsive and businesses focus their efforts on mobile development, the more mobile will become the preferred method for online access.

Forex trading often lags behind when it comes to the implementation of new technology, but with the rapid growth of mobile technology, the way in which we conduct trading is inevitably changing. For Forex, being a market that trades 24 hours a day, mobility plays a huge role and provides an immense advantage, helping traders untie themselves from their desks.

In case of immediate action required because the market turned in an unexpected way, a trader can now log into their mobile trading platform from wherever they are, so long as they have access to the internet.

Back in 2013, a study of all trades that went through our platforms revealed that only 15% of mobile trading logins resulted in a trade. The other 85% logged in to check the status of their existing positions, check their SL/TP trigger points or exit positions when the market took an unexpected turn.

With the level of freedom that the mobile revolution has provided traders though, those numbers have significantly increased. An online study conducted by ORC International for the investment firm Fidelity, 56% of U.S mobile users surveyed, are accessing financial apps for sophisticated investing tasks, such as conducting technical research/charting, conducting fundamental research/reading analyst reports and trading.

If the way in which users go about their online shopping becomes in any way a reflection of how traders will go about their trading, we will find users who are not committed to one platform, but who rather jump from one platform to the next, conducting research on their web platforms, opening trades on their smartphones and then monitoring price and pip changes on their tablets for example.

For Forex brokers to succeed, they’ll need to offer traders engaging and attractive mobile platforms that enhance the user experience and will need to offer traders the ability to trade over multiple platforms seamlessly, with features such as one-wallet and one-login.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<