One of the best modern evolutions that technology and the internet has given to people today is convenience. Because of its advancements, managing businesses, conducting financial transactions, and reaching out to people worldwide are easier. Because of technology and the internet, people can grow their money through content creation, online trading, and managing digital businesses.
Today, most, if not all, can do any financial transactions online. Over the years, financial services like forex trading used to be limited. But today, as long as you have your desktop, laptop, or smartphone, you can trade any currency pairs you wish to. In the last two decades, platforms like MetaTrader and cTrader allowed everyone to try the forex market.
That opportunity has become so accessible today that the dilemma of many traders is choosing where to trade. Since most people’s daily responsibilities and schedules have tremendously changed, managing their forex activities on a specific device can be difficult. Thankfully, they have the option to monitor them via desktop or mobile.
If you have the same dilemma, this post is for you. Here are six questions to answer when choosing where to trade efficiently.
1 - Which screen view do you prefer?
The question that will help you understand your preferences is, which screen view do you prefer? One of the best things about trading on a desktop is viewing all the trading charts and programs you need. On the other hand, with mobile trading, you can access them conveniently–however, you cannot view all the tools and charts at once.
Some traders trade on both platforms depending on their schedules. For example, if you prefer trading on a desktop but have to be out for a week or so, consider downloading trading software on your smartphone to keep on track.
2 - How critical are responsiveness and speed to you?
It’s undeniable how different the experience mobile and desktop trading provides to users. However, there’s a factor that can be a dealbreaker for many traders. That is the difference in responsiveness and speed of mobile and desktop trading.
Many traders who interchangeably use desktop and mobile trading attest that desktop trading is more responsive and faster. Since having more storage and faster RAM when trading is a must, this is no longer news. But, of course, this doesn’t diminish the efficiency and reliability of mobile trading. But if you’re a trader who’s particular with speed and responsiveness, then desktop trading might be for you.
3 - Are trading notifications critical for you?
One of the strong points of mobile trading is its ability to provide constant notifications that traders can customise to their needs. Of course, you can set pricing alerts on your desktop trading platform. However, once you shut down your desktop, there’ll be no way for you to stay updated with notifications that could benefit your trading.
When you use mobile trading, you’ll have the confidence that you won’t miss out on critical updates since you rarely turn off your smartphones. If constant updates about the market and price changes are important to you, you must consider mobile trading.
4 - Is it essential for you to have access to every trading feature?
One of the advantages of desktop trading over mobile trading is its ability to access all trading features seamlessly without using other software, platforms, or apps. Mobile trading does not provide that feature, but all the other primary features are accessible.
It’s necessary to understand that the purpose of mobile trading is accessibility to trade on the go. That’s why developers cannot include all trading features since smartphone capacity can be limited. So if you need to access every trading feature, you must opt for trading on a laptop that you can bring anywhere. That way, you can access every feature despite travelling.
5 - Is security critical for you in trading?
According to some Forex platform developers, one of the weak points of mobile trading is its security. Since there are various operating systems for smartphones, constantly working on their features can be challenging to update regularly.
When it comes to security, desktop trading has more advantage because developers have system plans on how to improve them regularly. Since mobile operating systems go through regular updates, ensuring the security of their traders can be challenging for them to monitor. But that doesn’t mean that mobile trading is no longer secure. Of course, you can have the confidence to trade safely on your mobile. But the security rate of desktop trading is higher.
6 - How often do you trade or monitor your portfolio?
My last question is, how often do you trade and monitor your portfolio? Using a desktop is better if you’re an occasional trader or someone who’s not yet as committed to the market as regular traders. With desktop features, you can familiarise yourself with the market and navigate its features as much as you want to.
On the other hand, if forex trading has become part of your financial routine, using mobile trading could be efficient for you, especially when you’re always on the go. You don’t necessarily have to let go of your desktop trading option because, as a full-time trader, there are features that you must utilise that mobile trading can’t provide yet.
Your choice all boils down to your trading preferences and needs.
Both mobile and desktop trading are efficient and reliable in their unique way. Each may have disadvantages depending on a trader’s needs and preferences. But then again, those disadvantages could be advantages for some traders. So you must first determine and recognise your trading goals and strategies to identify which would better work for your needs.
About the author:
Bianca Banda writes informative trading data, tips, and strategies about the forex market. She highly recommends trading with FP Markets–the industry's most efficient, reliable, and trusted broker by many.