Investing in the financial market is quickly shifting from traditional brick and mortar brokerage. Tech-savvy smartphone users in all parts of the world are increasingly using apps to trade a wide variety of financial instruments including stocks and currencies. Millennials in countries that lead in technology like China continue to show growing interest in US stocks. According to consulting firm Oliver Wyman, China’s online retail trading volume could reach about $1.36 trillion by 2022.
With several smartphone operating system (OS) manufacturers existing today, is there a preference of any particular OS among online traders?
An investigation of the most commonly used online trading apps shows that Android and iOS are the main competitors in the online trading space. Windows and Blackberry are great for other uses but many trading apps are not compatible with their configurations. This means you are limited to a few choices of trading apps if you use either Windows or Blackberry smartphones.
The battle, then, comes down to Android vs. iPhone.
Prior to 2017, Android maintained the lead on smartphone use. iPhone has been catching up and closing the gap over the last two years. Now the competition for customers is neck to neck.
With regard to online trading, it is fair to say that both iOS and Android are great for trading Forex. Although there are some differences between them in terms of hardware, security, and of course cost, the choice of one over the other may not have a significant influence on your productivity. It is the characteristics of the specific phone that you choose that determine how well you do your trading activities.
If you are currently stuck on how to choose the best smartphone OS for Forex trading, here is a breakdown of what you should consider:
Trading Forex online is a very sensitive endeavor. A single mistake can mean the loss of a few months’ profits or even the entire capital. It can be tedious and stressful if you experience technical difficulties. A large screen helps a great deal to make trading easier, more comfortable and less stressful.
Screens sized 5.5 inches and bigger are great choices for online trading. With a large screen you are less prone to make trading mistakes. You also have a good view of the trading interface and can use all the tools and features provided by the application you are using.
The international Forex market does not sleep. You want a smartphone with long battery life so that you can keep on trading. You don’t want a battery that dies while you are in the middle of a trade.
The average battery life for many new Android and iOS smartphones has gone up to more than 12 hours in 2019. To ensure that you find a phone that has reliable battery life, take time to read battery specifics. Do not be fooled by the size of the battery. A bigger battery doesn’t necessarily mean longer life.
According to Android Central, the Samsung Galaxy S10+ tops the list of best Android phones for battery life (4100mAh). Samsung Note 9, the previous leader, is great too and has efficient internal specs but the GS10+ promises to sail you through the heaviest of trading days.
You need a smartphone that will comfortably accommodate mobile trading apps. A 64GB internal storage is recommended as the minimum storage. Lower storage may not sustain Forex trading apps and so you won’t be able to trade on the phone.
Processor speed is another critical property that you should carefully consider when purchasing a smartphone for online trading. Use the quickest phone you can get. Smartphone processor speed can mean making handsome profits or suffering huge losses. A high processor speed makes trading easier and less stressful as well.
Apple and Android may be at war over whose OS is superior. As a Forex trader, however, the supremacy battles aren’t what you should focus on, but rather the characteristics of the particular smartphone you are planning to use for trading. Most of the top Forex trading mobile apps are available for users across the two divides. It is noteworthy that some slight differences may exist between iOS and Android versions of the same trading app. Taking time to read user reviews helps to make sure you get a device that will allow you to use all the features you need for efficient online Forex trading.