How many times do you use your mobile device throughout the day? And we donâ€™t mean for sending texts or making a call. Mobile devices have become a part of many peopleâ€™s daily routine. No wonder then, that so many people are looking to use their smartphone or tablet for mobile CFD trading. Accessing the internet with the aid of such mobile devices has boomed in recent years and is now considered as the way the majority of people access information on the web. Far outstripping desktops and laptops. Itâ€™s, therefore, no surprise to discover many of the top rated CFD brokers are offering ways for clients to trade without the need for sitting at a computer. Clients are now given the option of trading wherever, and whenever they want to. Mobile CFD trading may sound like a simple concept, but it is actually a little more involved than it sounds. For example, are you aware of the best mobile trading practices in order to stay safe? Are you aware of the variety of mobile CFD trading apps available? Do you know how to pick the best CFD trading apps for your needs? Do you appreciate the need to find a trading strategy to suit CFD mobile trading? Weâ€™ll answer these and a few more of you questions so stick with us and weâ€™ll help you to become more mobile CFD trading savvy. Weâ€™ll start by sharing some useful tip for those of you considering CFD day trading with your smartphone.
Tips on how to day trade CFDs using a mobile phone
Be wary of making impulsive choices By using your smartphone you will have continuous access to information about the markets with just one swipe of your finger. Itâ€™s possible to receive real-time updates and react quickly by either opening or closing a position. However, there is a negative side to this, in that you could be tempted to impulse trade, opening or closing positions without considering the evidence but simply basing your decision on your feelings. Day trading with the help of a mobile device does allow you to respond quickly. But, remember to take a step back and breath before you commit yourself. Trading on impulse can lead you to forget things such as trading fees and tax implications.
Consider mobile CFD trading as a supplement to your investing strategy Weâ€™ve mentioned you should be wary of trading on impulse when trading CFDs on mobile devices. But that doesnâ€™t mean they arenâ€™t a good thing. Mobile devices are a great way to watch market trends and check various prices. But rather than using it for everything use it for keeping up to date, and consider doing most of your trading at home or in the office. The best CFD trading apps will have a great range of features, but you may find them lacking the full functionality of your brokerâ€™s main website when viewed on your computer.
Take care of your connectivity Using a range of methods for CFD trading will help you to make better-informed choices. However, in order to make this possible, you will need to increase your connectivity. Your mobile data plan should already support day trading, but you will also need to make sure you have the fastest internet speed in your home. And when youâ€™re at home connect your mobile device to your Wi-Fi to save on your data plan usage.
Pick the best CFD trading apps The best CFD app will be one that offers enough information to help you decide on the right trade. It shouldnâ€™t be one that bombards you with too much information or be one that leads you to make impulsive decisions. A CFD mobile app should provide market updates and trends along with a range of prices. And you donâ€™t necessarily have to use the CFD mobile apps for trading. For example, Bloomberg, MarketWatch, and Morningstar apps are free but provide finance news along with market trends. How about we now spend some time looking at the advantages of CFD mobile trading: What are the benefits of mobile trading as opposed to using a desktop computer?
- Youâ€™ll be able to trade on the go – Life today is fast-paced and busy. Your days are spent moving from one place to another. With the best CFD app, youâ€™ll be able to take advantage of a wide range of CFDs from across the global markets. Using the best CFD trading apps youâ€™ll be able to execute your trades 24 hours a day, and trade wherever you are in the world. Whether youâ€™re lying on a beach, sat at the top of a mountain, or just commuting to your everyday job, you will never need to miss the next trading opportunity.
- The top-rated CFD trading apps are easy and simple to use – The best apps for trading CFDs are easy to use. There will be a user-friendly interface which allows you to log in, execute trades and view your results.
- Top of the range CFD trading apps will be compatible with all mobile devices – There is no point picking a CFD app which isnâ€™t compatible with a range of different devices. Think of how many times youâ€™ve changed or upgraded your own device and youâ€™ll appreciate how important it is to pick an app which can be used for Android and iOS-based devices. And you want the app to be easily downloadable from an app store so you can download it onto any device.
Thereâ€™s no denying mobile trading is great for the modern trader, but there are times when it is more advantageous to use your desktop computer.
- When youâ€™re brushing up on your education – As weâ€™ve mentioned on a previous page, there are a number of different ways you can improve your skills. Trading education should play a vital role in your trading experience, and letâ€™s face it youâ€™ll probably never know everything there is to know about CFD trading. While it is perfectly feasible to access such material using a mobile device, it will be an easier and far better experience if you use a desktop computer. Yes, your smartphone or tablet will be great for a quick â€˜sound-bitâ€™ or to watch a training video when youâ€™re waiting in a queue or being driven to work. But if youâ€™re planning to spend more than ten minutes or so brushing up your trading skills youâ€™ll be much more comfortable sat at a computer.
- Analysis will be easier – Any kind of analysis, whether itâ€™s technical or fundamental, will be better to perform using a desktop computer. For a start, the screen will be much bigger, and easier on the eye. But you will also be able to see more of the information and then execute your trades straight away.
Youâ€™re probably wondering how you can find the perfect CFD trading app, so letâ€™s see if we can help.
Tips for finding the perfect mobile CFD trading app
In order to take advantage of the benefits weâ€™ve mentioned, you will first need to find the best CFD app for your needs. There are plenty to choose from, which will make your decision a little more difficult. But if you take heed of the following tips youâ€™ll be well on the way to finding a perfect match.
Check whether your current broker offers a mobile CFD trading platform. This is the best scenario as you will have already experienced the reliability and trustworthiness of the broker and you wonâ€™t have to bother looking for another one.
Do your own research. Type â€œbest CFD appâ€ or â€œbest CFD trading appsâ€ into your search bar and youâ€™ll get thousands of hits. Then find out as much as you can about those which look the most promising. This will include reading some reviews, customer testimonials, and asking questions in a CFD trading forum.
Get recommendations from experienced traders. An experienced trader is bound to know some of the best CFD apps to use and should be more than happy to point you in the right direction.
Visit the app stores. It will depend on the operating system of your mobile device but you should have no problem finding a great selection to choose from. And remember to read some of the customer feedback, and take note of the apps star rating.
Try a few to see if they provide what you want. Once youâ€™ve got a few likely candidates there is nothing wrong with trying a few of them. Some of you may now be wondering whether mobile trading is safe. After all, there are any number of hackers out there waiting to steal your money and personal information.
Recommended CFD Trading Apps
Is it safe to trade CFDs using a mobile app?
It seems that online brokers are catching on to the fact their clients want to trade using their mobile devices. And who is going to blame them for introducing ways to make trading easier and more impulsive. It will mean more trades are done and they can enjoy more commission. The top-rated CFD brokers have all released apps which are compatible with the most popular operating systems including iOS, Android, and Windows. What the different apps are capable of will vary from platform to platform. Some of them will allow you to open and close trades, view important news, and technical analysis. However, some will only allow you to look at your trading account balance or check market prices. Before you enter your username and password we would advise you to stop and think and to make sure your device is connected to a secure network. Yes, itâ€™s possible to use a trading app on an open or public network. But this is leaving you and your details open for anyone to steal and use to their own advantage. There are a number of other precautions you would be wise to take in order to stay as safe as possible.
How to make your mobile experience as secure as possible
Itâ€™s very likely a large number of you reading this will decide you like the experience of trading using your mobile device. However, security should be your primary concern, as mobile devices are nowhere near as secure as your desktop at home. In order to have the best experience possible follow our tips.
Use the auto-lock feature – This is one of the most basic security functions available for mobile devices. What happens is the device will be locked after a predetermined period of inactivity. It will be up to you to decide how long that is. It could be anything from one minute to one hour. On its own, the auto-lock feature wonâ€™t make your device 100% secure but it will go some way to providing the best security possible.
Take things one step further with a passcode lock – Once youâ€™ve set the auto-lock feature you can take security a little further by setting a passcode lock when your deviceâ€™s display has been locked. A 4-digit code, preset by yourself, will have to be entered before you are able to use the device again.
Donâ€™t auto-save passwords and usernames – Thereâ€™s not one of us who enjoys having to enter usernames and passwords, all of which should be different, but it an essential part of keeping your account secure. Yes, itâ€™s very tempting to save them on your device but this means your device can be compromised if it is ever stolen or lost. Protect your wi-fi connection – Be certain the app you are considering uses the best possible security when connected to Wi-Fi networks. Ideally, the mobile trading app should use 128-bit encryption. You should also make sure your own Wi-Fi connection is secure by using WPA (Wi-Fi Protected Access), or some other kind of wireless security protocol. You should also ensure you havenâ€™t connected to an unsecured Wi-Fi network when using your device on the go. You should be able to set your device so it requires a prompt before joining a new network. When your device is not being used you should disable Wi-Fi as this will reduce the likelihood of an unsecure or suspect network.
Tips for getting the most out of mobile CFD trading
24/7 trading – With the advent of mobile CFD trading apps it is now possible to trade any time of the night or day. You might be stood in a queue at the grocery store, or waiting for a connecting flight at the airport. You could be relaxing in your garden, or burning the night oil because youâ€™re having trouble getting to sleep. Whatever time of the day it is, or whatever you might be doing, you can now make orders, monitor prices and a whole lot more besides.
Make sure your device can handle the action – The best mobile CFD trading interfaces are extremely user-friendly and offer all the important functions youâ€™ll ever need. Whatever trading style you adopt or strategy you decide to employ, make sure your mobile device will be able to handle the action. Watch your connection like a hawk – Weâ€™ve all experienced those moments when the mobile connection is weak. If youâ€™re trading CFDs when this happens it could cost you a lot. Watching how the prices change is one way to check on your connection. If a price hasnâ€™t changed for a minute it is likely your connection has been lost. Donâ€™t wait any longer. Restart as soon as possible.
Itâ€™s never too late to learn – If you think you’re a little long in the tooth to worry about the latest trading apps think again. Youâ€™ve already got your head around your computer, and a mobile device and associated apps arenâ€™t going to be any harder. And there are plenty of tutorials, how-to articles online, and heaps of other traders who will be more than happy to help. Letâ€™s finish by sharing some of the most popular trading apps currently available.
Top 5 mobile trading apps to enhance your CFD trading
Trading apps come in all shapes and sizes, each with its own set of advantages. There are currently a number which have become very popular and you might want to consider them first: Bloomberg – Available for iOS, Android, BlackBerry, Nokia, and Windows. Bloomberg is well-known for providing reliable and accurate information. Youâ€™ll be able to view the latest business news and charts.
MetaTrader – Available for iOS and Android. MetaTrader already had a loyal following as it has been available for desktop users for a number of years. The latest mobile version doesnâ€™t disappoint either.
FOREXTrader – Available for iOS and Android. This app is very simple to navigate and you will have access to a good range of information.
Trade Interceptor – Available for iOS, Android, Amazon Kindle and BlackBerry. If youâ€™re serious about CFD or Forex trading this is the perfect app for you. It has an easy to read interface and offers live information, graphs, and a range of other tools you can use for analysis.
Apple iTradeMobile – Appleâ€™s own trading app is very useful for CFD and Forex trading. It supports up to three CFD and PAMM accounts, and you will be able to view real-time data, as well as open and close contracts, or buy and sell currencies very fast.