How to Buy a Smartphone for Forex Trading
While mobile Internet penetration rates may have plateaued in recent times, this number increased incrementally to 72% by the end of 2020. This has increased participation across a number of different verticals, with more and more people now trading the financial markets through their smartphone.
Mobile forex trading is definitely becoming increasingly popular, with this offering even greater convenience to investors without requiring them to compromise on the functionality of their virtual trading accounts.
But what exactly should you look for in a forex trading smartphone? Here are some key specification elements to focus on.
1. The Operating System
All smartphones are designed with different operating systems, with Android and iOS accounting for more than 90% of this marketplace.
Some smartphones also operate on the Windows platform, with this type of OS underpinning the core functions of each device and the installation of specific apps.
But which OS is best from the perspective of forex trading? The short answer is Android, which is arguably the most comprehensive operating system on the market and one that supports even complex computing operations included within individual forex apps.
Even on a fundamental level, you can choose from a wider array of smartphones when favouring the Android OS, with iOS limited to Apple’s iconic iPhone handsets.
2. Screen Size and Specification
The size and specification of the handset’s display is also a key consideration, as you’ll need to view charts and interfaces clearly when analysing data and executing trades.
In terms of size, you’d ideally own a smartphone with a display that measures 5.5 inches or above, as this will provide ample space and real estate in which to analyse even the most complex forex charts.
When it comes to the specification of the display, you’ll need to focus on its resolution and the brightness of the screen. The optimal resolution for trading should contain 1080p, while the minimum standard is fixed at 720 pixels.
Similarly, contemporary handsets tend to eschew classic LCD screens in favour of Quad HD+ Super AMOLED technology, with a view to creating superior quality and an optimised level of brightness. So, if forex trading is your career, you should invest in a phone with a modern and high-end display.
3. Battery Life
Last, but not least, you’ll need to ensure that your smartphone boasts a large enough battery life to provide constant access to the marketplace and allow for extended periods of trading or analysis.
Given the volatility of the forex market and the importance of real-time trading, it’s imperative that you optimise the amount of time you can stay active whilst investing. This means selecting a handset with a battery that can provide at least 10 hours of continual use, or run the risk of losing power at critical times.
Fortunately, most modern handsets offer sustained battery life of up to 24 hours or more, and this type of device is particularly handy when trading forex.
It’s also important not to confuse the size of the individual battery unit with its capacity, as you’ll need to read the relevant specifications in detail if you’re to make an informed and beneficial decision.