It’s interesting to note that daily forex trading volumes have increased incrementally over the course of the last five years, rising from $5.1 trillion in 2016 to $6.6 trillion according to the most recent count.
This has been driven largely by a rise in the number of part-time traders, who have been empowered by increasingly sophisticated trading platforms and mobile entities such as the MetaTrader 4 (MT4).
If you are a part-time trader, however, you’ll need to invest in the right equipment such as a suitable smartphone. Here are some tips to help you choose the right model!
1. Choose the Right Operating System (OS)
All smartphones are powered by an operating system (OS), with those belonging to Apple, Android and Windows the most popular.
However, it’s the first two OS providers that dominate the mobile marketplace, accounting for more than 99% of the sector overall. Interestingly, Android comprises 87% of the market, thanks largely to the range of compatible handsets available to customers across the globe.
We’d argue that Android handsets are probably best-suited to forex trading, particularly when you consider the power and sophisticated nature of models such as the Samsung S21.
This type of device also boasts sleek design and a vast display, making it easy to navigate mobile trading platforms and view even complex charts in real-time.
2. Battery Life
In simple terms, battery life and longevity determines the precise amount of time for which you can trade, which is crucial in a volatile and time-sensitive entity such as the foreign exchange.
Remember, the forex market is the only entity of its type that’s open 24 hours a day, while scalpers and day traders derive their profit from the ability to execute a high volume of orders every day.
So, you’ll need to invest in a smartphone with a powerful battery unit, and one that ideally provides more than 10 hours of life when the device is in active use (this should cover at least one geographical trading session).
Don’t be swayed by size alone either, as even a 4,000mAh battery doesn’t necessarily guarantee longevity.
3. Processor Speed
We’ve already touched on the fast-paced and volatile nature of the forex market, as well as the presence of scalpers who profit from short-term price shifts in real-time.
With these points in mind, investors would undoubtedly benefit by investing in smartphones with impressive processor speed. This will enable you to execute a high-volume of orders quickly and efficiently, while simultaneously viewing a number of charts and analytical data.
Without a decent processor, you’ll run the risk of the phone dragging and your web browser buffering, while trading apps may also take longer to open and process visual information.