The unstoppable rise of smartphones has transformed the way we communicate and access information. There are over 600 million smartphone users in India, and this number is only expected to grow over time as 5G networks increase and more consumers replace their 4G smartphones in 2023. More feature phone users are also expected to migrate to smartphones.
With an ever-increasing number of smartphone users, opportunities for mobile trading have soared. This digital evolution has empowered traders worldwide, offering them unprecedented access to financial markets on multiple devices — including smartphones. If you are looking to trade forex on your smartphone, this guide below is for you.
The forex market in India
While the smartphone revolution is well underway, the forex market has also been undergoing significant changes in recent months. Specifically, India’s foreign exchange reserves dipped to $584.742 billion (about ₹48.637 trillion) on October 6 after settling at $598.897 billion (about ₹49.815 trillion) on September 1.
This is the lowest value it’s been in more than five months. However, this fall is due to the selling of dollars by the RBI to support the rupee. RBI Deputy Governor Michael Patra explains that these movements in the reserves are due to valuation changes and are not a durable fall. “If you knock out the valuation changes as we do in the balance of payments (BoP), you will see there is an increase of $24 billion (about ₹1.996 trillion) (in forex reserves) in a quarter,” he says.
Amidst the RBI’s active interventions to prevent excessive volatility, the forex market has become an enticing arena for traders who seek to navigate these challenges and benefit from the currency market’s inherent opportunities. The market’s heightened volatility and the security measures put in place by the RBI have motivated traders to trade forex online on platforms that provide a safe and efficient means of trading currencies. Such platforms come with features that appeal to the Indian market, including stop out protection to shield positions against temporary market volatility and fast execution to capitalize on the frequent price movements of popular currency pairs. This includes FX majors like AUDUSD, EURUSD, and USDJPY.
Forex on your mobile
The forex market’s highly liquid nature means ample opportunities for trading popular currency pairs. Here, trading on your smartphone poses many advantages, the primary being unparalleled convenience.
Why should I trade forex on my smartphone?
With a trading platform and a national increase in 5G networks, you can execute trades and monitor the markets anytime and anywhere without being tied to a desktop computer. It helps that the 24/7 availability of the forex market aligns perfectly with the mobility of smartphone trading, enabling you to participate in global markets at your preferred time. Thus, smartphone trading is well-suited for active traders who require real-time updates and swift decision-making.
Can I use MetaTrader 5 on mobile?
Additionally, mobile trading apps often offer intuitive interfaces and a wide range of tools, making trading accessible to beginners and experienced traders. Smartphone users can even trade currencies and stocks on mobile versions of MetaTrader 4 and 5, available on the App Store free of charge, to automate trading. This allows you to pre-set parameters for algorithms, enabling you to execute seamless trades even while on the go.
Should I use a VPN while trading?
For safety purposes, you can use a VPN while trading forex on your smartphones and simultaneously running other apps on your computer or tablet. However, its necessity largely depends on your location and your chosen forex broker. In many cases, it may not be necessary. Regardless, it’s essential to select a reputable and secure forex broker to ensure the safety of your trading activities.
Whether you’re a seasoned trader or just beginning your journey in the world of forex trading, the convenience and accessibility of trading on your smartphone make it an option worth exploring. For more state-of-the-art developments in the tech industry, check out our pool of information at Selectyourdeals.