Best Smartphone OS for Forex Trading: iOS vs Android - Gadget Advisor

Posted: 30 May 2019 10:54 AM PDT

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:

Screen size

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.

Battery life

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.

Internal storage

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

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.

Difference of MetaTrader 4 vs MetaTrader 5 iPhone App - iLounge

Posted: 29 May 2019 12:27 PM PDT

Active traders of currency want to have full access to anything that can help them stay updated – their trading accounts, charts, quotes, market news, and almost everything that can help them in keeping the trading accounts owned by them at their fingertips. The idea or the reason behind that is to have access to them whenever and wherever they want. This made the demand for smartphone software or apps more with time and today such apps and software are extremely popular. You can actively trade the major or important currency pairs and they usually remain volatile during the sessions of trading. The currency pairs will react to the events and you will notice that their prices are moving during economic news releases! Therefore, as a trader you should have access to your accounts, charts, news feeds, and most importantly you should be able to access the market quotes.

If you are an iPhone user, then you would know that you will get certain mobile apps for forex trading that may or may not be compatible with android handsets. So, we took the two most popular iPhone mobile apps for forex trading and compare them with all the necessary details so that you can get a better understanding and choose wisely. Let's understand the difference of MetaTrader 4 vs. MetaTrader 5 iPhone app, with this apps you can start forex trading on the iPhone to make money or investing.

MetaTrader 4

Commonly known as MT4, the MetaTrader 4 is an e-trading platform that is used widely by the speculative traders of online foreign exchange. MT4 or MetaTrader 4 was developed and introduced by MetaQuotes Software in the year 2005. MetaTrader is licensed to the foreign exchange brokers and these brokers offer the software to the clients they have. MT4 consists of server as well as client component. The broker runs the component of the server. On the other hand, the client software is offered to the customers of the broker and they use the software to view charts and streaming prices live, manage their own accounts, and place orders.

The MetaTrader or MT4 iPhone app lets you choose from a large number of servers and brokers to trade with. You will get every kind of trading order and more than 50 technical analysis tools. In addition to that, you can chat with other traders and enable or receive push or audio notifications in your iPhone, which will help you in continuous trading anytime and anywhere.

MetaTrader 5

You can get one of the most popular and trusted forex trading platforms of the world today, MetaTrader 5 on iPhone and it's absolutely free. MetaTrader 5 lets you have full control of your account, make the most of technical indicators for better market analysis, and trade in financial markets. The MetaTrader 5 is an upgraded version and offers many more benefits as compared to the MetaTrader 4. It helps you greatly with your trading – you can get a full history of your trading, enjoy every type of trade execution, get the entire set of pending orders as well as the trade orders, and have the real time quotes of financial instruments.

Further, MetaTracker offers 30 most trusted and popular technical indicators – For example: Stochastic Oscillator, Standard Deviation, Oscillator's Moving Average, Force Index, MACD, Envelopes, Momentum, etc. In addition to that you will also get 3 chart types – Broken line, Japanese Candlesticks, and Bars. The MetaTrader 5 is also known for its user-friendly interface and ease of use. You can trade anytime and from anywhere with the state-of-the-art popular trading platform. In addition to that, you can access your entire trading history, prices, charts, and current trade positions even when you are offline.

Another great trading app from MetaQuotes, MetaTrader, helps you trade anywhere with ease and with the features, this app is one of the best trading apps that you will find on iPhone. MetaTrader 5 lets you the access to every kind of trading order that is available in desktop. In addition to that you will also get the option of Market Execution and Instant Execution, which will make your trading much more convenient and time-saving. You can also monitor trade history, account balance, and open position with MetaTrader 5.

Final words

If you are looking for an excellent forex trading app for iPhones, then both MetaTrader 4 and MetaTrader 5 can be excellent options. However, MetaTrader 5 comes with a lot more options and is much easier to use compared to MT4. Looking at all the benefits and features of MetaTrader 5, we can safely conclude that it is the smart option for forex trading for you today.

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