Over the years, mobile trading’s popularity is rising. You can trade using any device with the help of some trading apps that are available on Android and iOS devices. But this scenario wasn’t always like this. Before, mobile trading apps were rarely seen. And if you could find some apps, they’re only accessible through a phone’s browser that could slow down the Internet connection. It’s one of the reasons a small percentage of trades took place on mobile.
But it has changed dramatically in 2017. More and more traders opt to use mobile trading. How does this rise of trading on mobile alter the trading activities? What does the future look like?
1) Better trading
Most individuals now are using their mobile phones for anything. It can be chatting with their friends, updating their profile on social media, and reading news. And of course, a lot of users are now opting for mobile trading. In fact, many traders opt to use their mobile devices to trade than using web-based platforms.
As mentioned earlier, mobile trading was not a viable alternative. Thanks to the advancement in technology, the mobile platforms now offer a full-trading experience. With faster processing ability and larger screens, traders are starting to realize the full potential of mobile trading.
Despite the fact that mobile trading overtakes desktop’s value and volume, the majority of traders are using multiple platforms. Hence, it is vital for mobile trading app developers to provide their target market a consistent and premium user-experience across all platforms.
2) 24/7 access
The increasing popularity of mobile trading resulted in a change in trading styles. Since they’re no longer tied to their desktops, they can easily buy and sell stocks anywhere, anytime.
There’s also an increase in trading apps usage during high-volatility events. For example, during the Brexit peaked, UK mobile trading boosted. Traders use their mobiles to benefit from market movements.
3) Attracting millennials
Mobile trading isn’t only for experienced traders who have been trading for decades. Rather, it has attracted millennials. Before, this clientele was still reluctant to invest and buy through their mobile devices. With the emergence of mobile apps, making any final decision has become less daunting. In fact, some millennials would trust an app and use it more often than traditional ways of investing.
They are more likely to trade using their mobile devices than their desktop. To quote an example, over Brexit, 59.3% of the UK traders who were in their 30’s utilized a mobile device compared to 28.7% of traders aged in their 60’s.
4) More innovations and enhancements
With so many marvellous changes having occurred within the past decade, there no reason not to expect more groundbreaking innovations in the mobile trading industry. More enhancements mean more secure and robust mobile trading devices which should further boost mobile traders’ trust and usage.
5) More accessible
Accessing the internet can be in various ways and forms. As Internet connectivity improves, traders can now access the market faster and thus access relevant trading information faster to make quicker and better decisions.
6) Better hardware
Phone manufacturers are always on the lookout to give its users better mobile hardware. Split screen technology, for example, allows users to move from one app to another. They can change the size of the display or copy details from one app to the next.
And for traders, such technology compensates for the absence of multiple screen functionalities that only a desktop can provide.
So, what mobile platforms to use?
There are good options available when choosing a reliable mobile trading platform. To help you stay on track of your trading while on the go, choose a mobile app that comes with the same features as you find on the full site. That is, you can get immediate access to your cash, manage current positions, view order history, transfer funds, etc. The app must allow you to place any share order type through advanced order ticket.
Choose a mobile trading app that’s uncomplicated. It must focus on the specific user and designed for the Millennial market. Use an app that is simple and affordable to overcome all challenges surrounding mobile trading.
And, how about mobile security?
It’s the area that we’re likely to find massive leaps in the next few years. Some traders are concerned that mobile trading is vulnerable to hacking. Thankfully development of cybersecurity alleviates many of those fears.
In addition to Digital wallets becoming increasingly secure, fingerprint registration along with protected passwords also enhances mobile devices security. As the security in apps is tightening, more and more traders are confident to use mobile platforms so they can trade anywhere they are, anytime.
The use of the mobile trading app is set to increase in the next few years, as more and more people are looking for ways to access opportunities in the markets. We’ve seen several changes in trading technology. Developers and providers of this platform are trying to meet the new demand.
Mobile trading apps offer various advantages, including the ability to trade on the go and allow you to get timely information using push notifications. They may have some limitations. But for new traders, these apps would suffice.