Business and Technology

Choosing a mobile trading platform – Differences between web-based and mobile platforms

Online trading continues to come in hand with several challenges, especially now when the fundamental picture is packed with both negative and positive factors. The currency market volatility has somehow eased among the top pairs, yet exotics that include the South African Rand are still posting decent daily ranges. 

That happens due to a battle between expectations for interest rate hikes and overly exuberant economic expectations, now that a new strong wave of the pandemic is expected to hit around the world. 

Why traders are now dependent on mobile platforms?

In such an environment, FX traders need access to reliable mobile trading platforms, since only with these tools they are able to adapt to changing market dynamics. A decade ago, there were no mobile trading apps in the market, which means traders were forced to trade on desktop or laptop, and when they wanted to use a smartphone, the only option available was to access the platform via browser. 

Things have changed in the meantime and traders are now dependent on using a forex app, which can be used for placing trades or monitoring price action developments. 

Key features of a solid mobile platform

Most of the popular retail brokerages are now offering mobile trading apps, regardless if it’s about the well-known solutions powered by MetaQuotes (MetaTrader 4 and MetaTrader 5 versions for Android and iOS), or other proprietary solutions developed in-house. 

Each platform has a unique user interface and also, a pack of trading tools traders can use in their daily operations. However, among the most notable features, it would be important to highlight multi-device compatibility, advanced charting, risk management tools, access to market news, price alerts, and others. 

Differences between web-based and mobile platforms

At the same time, traders will be faced with another important choice – relying on a mobile app or a web-based trading solution. Although trading tools will resemble in both categories, the first one needs to be installed in order to be used, while the lather will be accessed via a browser. 

Opinions are diversified and traders are using both categories, even though some believe a mobile app is better since they don’t have to access a browser and log in each time they need to monitor the trading account. 

Still, the web-based platform can be useful when the trader needs fast access to the account, on a new device, without having to wait until the installation is complete. Those who trade on the same devices day-in-day-out will find installable mobile apps more useful and convenient. 

The bottom line

It does not matter if South Africa is ready or not for global policy tightening, since FX traders now have plenty of options when it comes to mobile trading platforms. Increased competition among brokers led to the appearance of brand-new and innovative solutions, facilitating shift access to the markets from the comfort of one’s place. Trading software is now very intuitive and does not require advanced knowledge to be used.