Compared to other African nations, South Africa has the largest volume of Forex trading. It is particularly popular with young people, as they are skilful users of digital tools. However, Forex may be mastered by anyone. Education is free, entry is cheap, and mobile apps allow you to continue making money without a laptop at hand. So, what exactly do these systems offer?
Today, there seems to be an app for everything. Forex brokers offer a range of sleek products with stunning functionality. Users monitor the market, execute trades and manage financial flows — all from their smartphone or tablet. These compact versions are popular worldwide, as they suit the needs of millennials. For instance, the MetaTrader 5 app has over 5 million downloads in Google Play and thousands of genuine reviews.
Trading and the Pandemic
Since 2020, Covid-19 has been wreaking havoc across the world. African economies have been struggling to overcome the aftermath of lockdowns. Unemployment is skyrocketing, and the population is looking for alternative ways to make a living. South Africa had the largest volume of trading even before the economic shock. Now, the growth of this community is faster than ever.
Regardless of economic crises, the biggest financial markets still exist. Moreover, drastic shifts spurred by the virus have opened new opportunities for savvy traders. According to Bloomberg, the sheer volume of daily transactions in the currency exchange has already exceeded 6 trillion US dollars. The profit potential for any individual is undeniable.
However, spending hours in front of a laptop is inconvenient. Mobile apps provide traders with the ultimate flexibility of access. You can track your instruments at a glance as the market now fits in your pocket.
Key Types of Apps
Mobile apps are divided into two categories. Some are lighter versions of desktop terminals, such as MetaTrader 4. Others are unique products developed especially for brokers and their clients. For instance, such is the FXTM Trader app from Forextime. As a rule, both iOS and Android are adapted for.
A powerful mobile trading app may be used on its own, but it is also possible to combine it with a desktop or web-based counterpart. Users of MetaTrader 5 choose from an impressive family of products. First, they may install the desktop terminal on their PC or laptop. Secondly, the Web Trader works inside popular browsers. Finally, the mobile app offers the same convenient features but in a more compact form.
All elements of this ecosystem connect to the same cloud-based servers. Thus, any data is shared instantly. A trader may easily open a position from one device, modify it via another and close using a third. These days, when consumers prefer doing everything on the go, developers are keeping up with the demand. So, what features may be packed into a Forex trading app?
1. Charts and News
Traders may use two systems for market analysis — technical and fundamental. This determines the analytical support they require. Basically, it is a choice between price charts and media research.
Technical traders use a variety of charts with adjustable time frames. They may zoom in on any trends to spot candlestick patterns like the Morning Star or the Hammer. These recurring trajectories tell them when it is best to enter or exit the market.
Trading apps include the necessary variety of aids. For example, the FXTM Trader is packed with cutting-edge charting tools and popular indicators. In MT5 for Android and iOS, there are nine timeframes for three chart types. 30 indicators and 24 analytical objects are what most traders may wish for.
In MT4 and MT5 apps, users may easily scale and scroll charts. The range of timeframes accommodates all popular strategies. Focus on any segment of the chart from one minute to one month. Mobile access is absolutely essential for day traders who keep an eye on the market at all times.
Fundamental analysts look at major drivers like interest rates, oil prices, unemployment rates, and other announcements. These are the key political and economic factors driving currency rates worldwide. To meet the needs of these users, mobile apps offer access to the latest news, alerts, and push notifications.
2. A Broad Range of Products
The FXTM Trader app works with a stunning spectrum of assets. Users choose from over 250 instruments across different financial domains. At the moment, this powerful application supports the following categories:
- dozens of currency pairs (major, minor, and exotic);
- spot metals (gold and silver valued against major currencies);
- CFDs on cryptocurrencies (Bitcoin, Ethereum, etc.);
- CFDs on stocks of the largest corporations (Apple, Facebook, and other top performers);
- CFDs on market indices (Dax 30, ND100m, etc.);
- CFDs on commodities (crude oil, wheat, etc.)
The abundance of choice is spectacular. Through an app, one may compile a diversified portfolio across instruments and markets. This is common wisdom in the financial world. The more different assets you employ — the lower the risks of trading and the higher the profits. Focusing on a single currency pair is counterproductive, as you are overly dependent on its dynamics.
3. Efficient Execution of Trades
Apps with one-click trading allow you to execute instantly. Users of FXTM Trader can open, close, and modify positions in seconds. This is a great environment for energetic buying and selling action.
The instant execution mode of MT4 allows continuous trading. Through pending orders, users program automatic execution. By setting the Stop Loss and Take Profit triggers, they determine conditions when specific positions should be finalized by the system.
Importantly, all requests are executed even when the app is closed. While a position is open, both Stop Loss and Take Profit may be modified. This may maximize the result and reduce the associated risks.
The Ultimate Freedom of Trading
Modern trading apps provide easy access to the largest markets wherever you go. Monitor your instruments at a glance and execute lucrative trades regardless of your location. There is no need to carry a laptop around.