Trading with currencies, also known as Forex trading or foreign exchange trading, is becoming more and more popular. In this market you are dealing with selling and buying money which is viewed as currency. In other words, you are trying to predict how well one currency will do against another. Besides online, you can also make Forex trade on the go directly on your mobile device. To be able to trade Forex on the move, you need to install a mobile Forex trading app or access an operator via your mobile browser, no download required.
The values of currencies like USD, EUR or GBP are in constant flux which creates the potential to speculate how their values will change over a certain period of time. However, the mobile Forex trading market is unpredictable and it can either earn you a lot of money or send you downhill. Moreover, the more you bet on a trade, the higher are the chances to lose money if the market turns against you. Therefore, it is important to do your homework before making any Forex trade on your mobile.
Is the iPhone Suitable for Forex Trading?
Apple’s iPhone is very suitable for Forex trading on the go. The device is made using the best of mobile technology and it allows high quality trading that runs smoothly. To be able to trade with currencies on the iPhone, you need to download and install mobile Forex trading app from an online operator usually by scanning a QR code or you can trade by visiting an online site directly from your mobile web browser without the need to download anything. You simply sign up, create an account and start trading.
The basics of iPhone Forex Trading
The currency pairing is at the heart of iPhone Forex trading. You buy and sell them by creating a Forex account with a broker and instruct them how you want to make trades. Each currency pairing has base and counter currency. For example, in the EUR/USD pairing, EUR is the base, while USD is the counter currency. When you are trading Forex, you are betting on the performance of the base currency against that of the counter currency. You buy the pair if you think that the base currency is going to rise in value in relation to the counter currency and you sell it if the base one weakens in value in relation to the counter one.
The dominant currencies are those of the strongest economic nations like Europe (EUR), Unites States (USD), United Kingdom (GBP) and Japan (YEN). Common currency pairings are EUR/GBP, GBP/USD and EUR/USD.
How Can You Make Money from Forex Trading on iPhone?
There are a couple of ways you can make profit from Forex trading on iPhone having in mind its place as the biggest financial market in the world. One way to make a profit is by thinking in terms of strong and weak currency pairings. In other words, when trading, it is best to buy a currency when it is weak and sell it when its value has increased.
Another way to make a profit is by owning a currency pairing and keeping it until you want to sell it. You can also raise your riches by buying a company’s shares or stocks in counties where you think the currency will rise in value as well as by buying physical properties at a cheaper currency unit and then selling it off when the market recovers and the currency increases in value.
The Advantages of Mobile Forex Trading on iPhone
Thanks to mobile Forex trading on iPhone you have all the features of a Forex trading desktop platform in your pocket and you can trade anywhere you are, regardless of the time. This way you will have access to the market all the time and notice immediately if there are any currency fluctuations. Web-based and app-based mobile Forex trading with iPhone is designed to help traders of all levels allowing them to stay on top of the market with intuitive interface features in real time:
- Traders have access to the same features available on desktop such as multiple sub-accounts, low spreads and one unit trades
- The charting features are in real time and include a number of chat types, overlays and indications
- Traders can clearly see the entire price action even when manipulating charts
- They can also see news feeds in real time when trading
- Traders can also take profit orders, get margin notifications and price alerts as well as notifications for limit and stop loss
- There are also charts with swipe access to historical data of trades.