By: Hillel Fuld
It is no secret that the mobile industry is booming. It is a multi billion dollar industry that did not exist a little over ten years ago. It is no wonder that the mobile industry is beginning to create paradigm shifts in places you would have never imagined.
The Forex market used to belong to the world’s largest financial institutions. Forex trading was not what it is today. The Forex retail market, as we know it, is a relatively modern invention.
With the ability to trade Forex even without millions and billions of dollars in your account, the Forex market became accessible to a very wide audience, and the number of Forex traders has grown accordingly.
So, as a result of the Forex retail market, Forex has become more accessible, but that is old news. Something is transpiring today in the currency market that will make Forex even more accessible than it already is.
The Forex market is joining forces with the mobile industry and an entire breed of mobile FX trading platforms are being born with the ability to view mobile FX charts.
As a site that regularly reviews Forex brokers, one of the first things we look at is what type of Forex platform the broker offers. You can tell a lot about a Forex broker from their trading platform.
For example, if the Forex broker has their own Forex platform, generally speaking, that means they have capital. It is much easier for a Forex broker to simply adopt the market standard Meta Trader 4 platform than to develop one on their own. If the broker went ahead and developed their own platform, chances are they are a serious Forex player.
Another thing you can look at is whether the broker offers a Web-based trading environment. The standard platform has become the downloadable trading platform, which requires the trader to be glued to their personal computer in order to trade. The platform is stored locally on the computer’s hard drive, and although it might include some more advanced features than the Web-based platform, it very much limits the trader. If a broker offers a Web-based trading platform, it might be a safe assumption that the broker stays up to date with the latest technologies and is concerned with giving its traders the best trading experience.
That brings me to my next and most important point. Mobile Forex trading is still a relatively new technology, and when a Forex broker adopts it, it automatically indicates to me, the trader, that they are a cutting edge broker, who is willing to invest time and effort in their traders. I, for one, am confident when trading with such a Forex broker.
Without getting into the technical details of the mobile or Forex industry, the Forex trading mobile platforms are also split into two primary categories. Just like regular platforms, there are native mobile clients and there are mobile platforms that are accessed on the mobile Web.
For example, there might be a broker that offers their traders the ability to access their account from their mobile phone, and they do this by proving a URL of a site that should be accessed from the mobile phone’s browser. Don’t get me wrong, just the fact that this broker supports wireless Forex trading of any kind is a step in the right direction. However, such a platform will generally not be as robust and advanced of a platform as one that is an actual application stored on the phone.
Then there are brokers who have gone all out and actually developed an application for smartphones. There are iPhone apps and there are mobile applications offered on other mobile platforms such as BlackBerry and Windows Mobile. These are the most advanced and state of the art Forex trading platforms to date. One example of such a platform is the market standard Metatrader mobile platform.
In conclusion, when making the basic and monumental decision of selecting your Forex broker, it might be a good idea to first take a look at the type of Forex trading platform offered by that broker. If they have no support for mobile trading at all, I would say to look for other options. If they support mobile trading from a Web-based platform, they are, generally speaking, a broker you can trust. However, if they have developed their own native Forex trading application, you can be sure they are a dependable Forex broker, with whom you can feel safe trading your hard earned money.
There is no doubt that Forex mobile trading will become a widely accepted and common occurrence over the next few years. Both the Forex market and the mobile industry are billion dollar arenas, neither of them intend on slowing down any time soon, and it is therefore only natural that such a strong alliance will be formed.