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The foreign exchange, or forex, market is open 24 hours per day and six days per week, which means that traders need to be ready to capitalize on opportunities anytime, anywhere. While forex traders were forced to sit behind a desk in the past, modern traders take advantage of mobile apps for iPhone and Android that enable them to access real-time data, analyze currencies, and place trades from the convenience of their phone.
SEE: Forex Platforms Comparison Tool
Should you trade forex on your phone?
You can find and download these forex apps and others in the Apple App Store or Google Play, but there are some important caveats to consider before getting started.
- Connectivity - Mobile phones may have spotty reception and/or connectivity to cellular or wireless networks. When trading on mobile devices, it's important to ensure that you have a reliable connection to avoid potentially costly mistakes.
- Security - Most mobile apps have security measures in place to prevent unauthorized access, but unlike desktop computers, phones can be easily stolen. You should ensure that your phone is secure to prevent account access if it's stolen.
- Technology - Mobile apps may have various bugs and other technical issues that aren't present in desktop apps. It's important to ensure that everything is working smoothly before relying on apps to place live trades.
Keeping these factors in mind, let's take a look at some of the most popular forex apps that can help you execute trades, analyze the market, capitalize on opportunities, and improve your knowledge of the markets.
SEE: Raising Taxes To Subsidize Rural Internet
Guide To Smartphone Forex Apps: Forex Trading Apps
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