Trading online with a smartphone has been on an upward trend all over the world. Mobile trading has brought a paradigm shift in the way trading is carried out.
Unlike the traditional method where you need to sit at your desktop or laptop for hours, today a quality smartphone will get the job done. Although, if you are a full-time trader, you should still use a proper desk with desktop or a laptop.
But for access on the go, with your phone and internet connection, you can execute your online trade if you are traveling, on the beach, etc.
Mobile trading offers a very flexible mode of trading, which has been attracting more people, especially youth, to online trading, even with the many risks involved.
In addition, mobile trading offers unique features that make trading activities more efficient and easier. You also don't miss important notifications like margin calls, when you are away from your computer.
It is estimated that smartphone usage accounts for a high percentage of all trading activities globally, especially with the younger traders who started recently. While shopping for a smartphone to trade with, you need to remember that trading apps are getting more sophisticated, and you need a device to handle all that load.
Let's discuss some factors you should bear in mind before going phone shopping.
The Screen Size
The size of the screen on your mobile device matters, because it will determine the way you are able to navigate trading apps and some features
You need a screen that is big enough for you to see properly executed trades. If you are using a phone with a small screen, navigating complex charts and information would be difficult.
A very small screen can cause you to make mistakes that would greatly affect your trade. In online trading, note that even the slightest mistake can cause you to incur great losses.
For you to trade effectively with your smartphone, it is recommended that you use a screen size of 6.4 inches and above. A large screen would enable you to have a better view and reduce errors stemming from pressing the wrong button.
Smartphones with screen sizes of 6.4 inches and above can also enable you to multitask effectively and efficiently. You can make use of multiple windows to view two different apps simultaneously while trading. This enhances and simplifies your trading experience.
The Display Type
If you are a technical trader who relies on charts, you would need a screen that is clear & not dull. Most technical traders use indicators & chart patterns, all of which require a good display.
In the past, smartphone screens used to come with Liquid Crystal Display (LCD), where white colored Light Emitting Diodes (LEDs) were placed behind an LCD screen, to light it up. Sounds pretty basic!
However, Organic LEDs (OLEDs) later came to replace LCDs, and with OLEDs, the light first of all passed through special organic materials, before reaching the screen.
This OLED technology enabled each pixel to shine independently of the other, leading to better color control, and less energy consumption, as some pixels could be turned off while not in use.
Active Matrix OLEDs (AMOLEDs) was later developed, and here a Thin Film Transistor (TFT) is assigned to power each pixel, resulting in even lesser energy consumption, better contrast, and brighter colors.
AMOLED display screens are also lighter in weight, as the LCD screens used to be heavier. Previously the heavy LCD display was used to block viewing angles, but with AMOLED you can enjoy the view from the side, hence we see a lot of curved screens designed today.
AMOLED displays enhance your online trading experience and are great for reading complex color-coded charts with precision and less eye strain.
The CPU Core Count
The Central Processing Unit (CPU) or processor, is responsible for speedy processing of information, and performs logical reasoning, so some call it the 'brain' of the device.
Inside a processor you will find multiple cores, and heavy tasks can be sent to each of the cores, thus enhancing multitasking. Most consumer CPUs are now designed in such a way that they have between two and twelve cores. You also need to understand the nomenclature.
Quad-core means 4 cores
Hexa-core means 6 cores
Octa-core means 8 cores
A mobile device with a faster CPU is needed when you want to engage in online trading which involves intensive, and complex activities.
For example, according to this research into best apps to trade currencies, many of the app's features: technical charts, live feed of price data, indicators, & social trading require high CPU usage which may not work on every phone. All these activities place a huge burden on the processor as they run on your device using JS, and can reduce your smartphone's response time, if the processor isn't appropriate.
CPUs with a higher number of cores can handle higher workloads than those with fewer cores. They produce high-performance computing and can receive complex information and break it into smaller units.
An octa-core processor is ideal for today's ever complex and CPU-intensive trading apps.
The Ram Size
The RAM size is another factor you should take note of if you want to buy a mobile device for online trading.
RAM means Random Access Memory, and it's where your device can store information it needs to retrieve quickly.
RAM makes the information easily and quickly accessible to the processor, in such a way that it doesn't need to look for it in the internal storage/memory. Think of RAM as a work desk, and internal memory (your hard disk) as drawers.
RAM capacity is essential for your device's performance, because the processor can access memory much faster than the information stored on the internal memory.
As a potential trader who wants to engage in online trading, note that the more RAM your mobile device has, the faster it works. Because of this, the mobile device you want to use for your mobile trading should have a high RAM size for efficient operations.
Inadequate RAM could mean slow trade execution, and freezing of your trading app, which can lead to trading losses. With the volatility recorded in financial markets, speed is of the essence.
You trade against super computers belonging to big Hedge Funds, so a delay in execution due to your slow device could see the price change before you take advantage of it.
A minimum of 6GB of RAM is ideal for good performance, which would make you enjoy your trading, and prevent avoidable loss of funds.
Battery Capacity & Charging Speed
Battery capacity of the mobile phone you want to use for trading, is very important because on many occasions, you need to stay active for hours, and long hours consume the battery's life greatly.
As you want to engage in mobile trading, it has become imperative for you to get a smartphone that has a battery life of about 10 hours while in active use.
With a good battery in place, you would not be worried about the hours you use in trading daily. A phone with at least 4000 mAh is found to be most suitable for trading.
However, you should note that the size of the battery has nothing to do with its life. There are some Android phones that have large batteries but are of very poor quality, and they have very few cycles & slow charging time.
You should also make use of a fast charger that will not take several hours to fully charge your phone. The nature of the trade requires full commitment; you need a charging device that can fully charge your phone for a maximum of two hours.
To achieve this, you can use a 12W or 18W charger that can charge your phone fully in less than two hours. Also, note that not all phones support fast charging. To be able to have full time access to your device for trading, use a phone that has fast charging functions.
Biometric Features
Due to the growing risks associated with traditional password systems, there is a need for a phone with a modern security system, like biometrics.
According to a report on Mobile Cyber Threats by Kaspersky & INTERPOL, 98.05% of mobile phone malware, targets Android phones specifically. The report attributed this phenomenon to the fact that financial information such as credit card numbers, are increasingly being stored in mobile phones.
Biometrics are strong security barricades that are meant to protect your device from intrusion. They require the unique recognition of your physical or biological characteristics.
There are now sophisticated phones that have security systems that make use of facial recognition, and fingerprints for owners to gain access.
Biometrics are also the bedrock of multifactor authentication, which many trading apps are beginning to integrate into their design.
A popular branch of multifactor authentication is Two Factor Authentication (2FA). With 2FA, your passwords will need to be combined with another means of verification, which could be a fingerprint, eye scan, etc.
Your biometric data is captured and saved in the system, so as to avoid illegal access to the device, which could endanger your funds and hamper your trade.
Final Takeaway
To have an effective trading experience, it's not only about knowledge and skills; the kind of devices or tools you use are critical to ensure that you have proper access.
You should have a proper setup for active trading, and a good mobile device for managing on the go.
As mobile trading continues to gain momentum, ensure that you get the needed device suitable for online trading & managing your trades when you are not in front of your screen. Good trading devices won't prevent losses, but they can help minimize some risks while trading, like hardware failure.
