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What is Mobile Forex Trading?

Article Details
  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 02 November 2016
  • Copyright Protected:
    2003-2016
    Conjecture Corporation
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Mobile forex trading is a process that makes it possible to use software applications to execute orders on a currency or foreign exchange market. This approach eliminates the need to use traditional methods to contact dealers and schedule purchases or sales of currency assets by allowing currency trading to take place using a cell or mobile phone. Most applications also make it possible to manage forex accounts with the use of the keypad on the mobile device, including monitoring the current value of each currency tracked within that account.

One of the major benefits of mobile forex trading is real-time access to the trading account. While accessing the account by calling a dealer or going online via a desktop or laptop computer is still possible, accessing by way of a mobile device makes it possible to see what is happening with the market now rather than later, and make decisions based on the current rate of exchange between the currencies involved. This can be especially important, since shifts in that exchange rate can take place within minutes. When the investor is able to accurately project that trend and execute the correct order, it is possible to generate returns that would not have taken place otherwise. At the same time, this type of real time access also aids in cutting losses, since the investor can access and evaluate the market at any time he or she wishes by using this wireless trading tool.

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Some online trading firms offer mobile forex trading as part of their basic suite of services, allowing investors access to the market and their accounts without incurring any additional fees. Others provide the access as a separate service option and may charge either a per incident fee or a flat rate for a month of use of the remote trading strategy. In some cases, it is necessary to download software in order to drive the application properly. Others integrate the tools into web sites specifically designed for access via mobile units, requiring nothing more than the proper access credentials to engage in the forex trading.

In order to enjoy the most efficient use of mobile forex trading, the mobile device must normally have a certain amount of memory to devote to the task. In addition, connection to a high speed wireless provider is often necessary to prevent time lags which ultimately prevent users from placing orders in a timely fashion. For users who do not have mobile units that meet the basic specifications, or do not have access to a wireless network that is sufficiently fast to drive the applications, using methods other than mobile forex trading to monitor the foreign exchange market and place orders would be a more practical approach.

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