Forex trading includes trading with currencies and the market is worth billions. The trade involves buying and selling of currency pairs such as USD/EUR or GBP/USD. People can trade with all major currencies including local ones, but first they need to get access to a Forex trading platform and register an account with a broker. They should also consider the different types of accounts available and find the one that suits them. Traders also need to do a research and learn as much as they can before they start trading. After all, it is a risky business that might cost them more than they can afford to lose.
Once you get the real picture about Forex trading, it is advisable to start trading on your mobile. If you own Android powered smart phone or tablet you can easily get access to Forex trading apps for Android or web-based platforms that will enable you to track the market and monitor your trade among other things directly from the device.
Is It Possible to Trade on My Android?
It doesn’t matter if you own HTC 1000 smart phone or Samsung tablet powered by Android; there are web-based Forex trading platforms as well as apps compatible with Android that will allow you flexibility in trading wherever you are, regardless of the time. Moreover, such Android Forex trading comes with all the features you use on your desktop computer, but optimized for mobile play. With it you will stay on top of fast moving markets in real time with an intuitive interface.
However, the quality and display features differ from one Android device to another. For example, trading with currencies on a Samsung Galaxy Trend smart phone and HTC One will be different because the devices are different in terms of features and quality. Trading on an Android tablet may be more suitable because of the wide screen preferences. Nevertheless, the convenience of trading is what makes it so popular.
What is Spread Betting?
One thing is to know how the market works; another thing is to find the right type of Forex trading mobile account for Android that suits you the best. One such account is spread betting. In spread betting, shares are assigned sell and buy prize and the difference between then is known as the spread. The size of each spread is measured in pips. As a trader, you buy shares via your account with a spread betting company. The loss or profit of a deal depends on the difference between the new spread prices and the prices you have originally invested at. If you like to open a spread betting account to trade Forex on you Android, the best spread betting company for you will be the one in which you can invest the amount you want, the incentives offered by a company based on your initial investment and the spreads they offer.
Basic Spread Betting Techniques
There are a few techniques you can use when trading Forex on your Android. If you believe that an index value will rise compared to that quoted in the spread prizes, you make a purchase. No actual buying is involved, but, instead, you invest a stake per pip. Since the buy prize is high you need to wait until the sell prize moves above it so you and sell your stake and make profit.
On the other hand, if you believe that the value will go down, you sell. Once the buy prize falls below the price you have sold the share, you buy the share back for less.
What is CFD?
With CFDs or Contracts for Difference Forex trading account with Android you will benefit from movements in the stock market without the need to buy any shares. In fact, you sign an agreement with a broker that you will exchange the difference in value of particular shares between the opening and closing of a CFD. The amount you will earn depends on the number of shares involved and the rise of fall in share value. CFDs are popular because they can be used to predict the increase and decrease in share value and they are based on marginal trading.
What is Margin Trading?
In Android marginal trading you deposit a percentage of the value of the agreement which is usually 10%, but you need to present a proof to the broker that you have all the money needed to cover the deal if the share movement goes against your prediction. Since you don’t have to pay the entire price at once, you are in a bolder position and you can greatly boost your bankroll. But you are also at a greater risk if your prediction is incorrect. There is a real possibility that you will lose more than you have invested, therefore, this type of Android Forex trading is suitable for experienced investors.