Binary Options Mobile Trading – All You Need to Know
Before my trading days, I used to get out a lot, playing basketball, hiking and taking long motorcycle rides across the country. And then it hit me… the Forex rush. I started learning, practicing, trying out new trading strategies and I was completely absorbed by it. Then along came the Binary Options – mania… I was hooked once again, trying to adapt my Forex knowledge to binaries and trying to find new ways of making money out of trading. It worked out for me, but somewhere along the way I realized that I wasn’t the same guy anymore… all I was doing was staring at the monitors that surrounded me (I have 2 PCs, 2 laptops and a total of 6 monitors at the moment) and the days when my hands were full of motorcycle grease were long gone.
I came to realize that I couldn’t go out for a beer with friends if I had a trade open because I could not stop thinking about the trade. Whatever I did, I was always in a hurry, needing to get back to my monitors and trades; even if no trades were open, I was afraid of missing out on some good opportunities. Well, all that was over about a month ago when I received my first smart phone. I know what you are thinking: 4 computers, but no smart phone? Yes, well, I never thought I’d use one for trading because I use a lot of indicators and I like to see big charts on my monitors; my opinion soon changed. Let’s go into more detail and find out more about Mobile Trading.
What is Binary Options Mobile Trading?
Basically, it’s a simplified version of a broker’s platform, available on your smart phone. Some brokers provide their Mobile Platforms in the form of downloadable apps and others offer a mobile version of their website and you don’t need to download anything. As you can imagine, there are some differences between a broker’s main platform and the mobile one because technology restrictions still apply and a 4 inch phone display cannot replace a computer monitor. Yes, there are pros and cons, because every good thing has a downside and vice versa… but more on that later. For now let’s focus on the early days of mobile trading.
How Binary Options Mobile Trading Started
Once we started carrying small computers in our pockets in the form of smart phones, the brokers recognized the profitability of offering mobile trading apps to their customers. When the first mobile trading platforms appeared, they were mostly focused towards Forex trading because that’s where all the hype was. Slowly but surely Binary Options trading started to gain a lot of popularity, mainly because of its easy to understand nature and simplicity. And the next logical step for binary brokers was… Mobile Trading for Binary Options. What started as a great feature available to Forex traders only, is now literally at the fingertips of Binary traders as well.
A Forex mobile platform has a lot more limitations than a Binary one mainly because all the tools needed for trading cannot be present in a simple app. On the other hand, Binary Options trading is a simplified form of investing and it can be implemented easier into a mobile app/platform since a lot of Binary traders don’t use all the trend lines, MACD crosses or Fibonacci levels. I am not saying that not using technical analysis is a good thing; I am just stating the fact that Binary platforms use far less technical analysis and tools and that makes a Mobile Binary platform easier to implement than a Forex one.
Which Binary Options Mobile Platform to Choose?
Choices, choices… should I go with this broker or with the other? Which one is better in terms of mobile platforms? And what should I do if a broker has a good mobile platform, but they suck in other areas? We are going to do the research for you in a series of the following articles, focusing on Binary Options Mobile Platforms and main characteristics such as speed of execution, expiry times, ease of use, loading times, bugs, possible crashes or freeze issues, overall functionality and last but not least, the looks of the platform. These are all important things for a successful trader; for instance, if you want to trade fast, a slow loading time or a freeze of the platform could be hazardous to your phone’s health; you might want to take revenge on it for a trade that was not entered at the right market price because of a slow mobile platform or because you couldn’t find the “Invest” button. We are not going to tell you what to use, but we will try our best to provide reliable information and assist you in your quest for a solid Binary Options Mobile Platform. Here’s what our research will be focused on.
I am not talking about Billy Idol’s hit song, but about a mobile app’s ability to respond quickly to your commands. If there’s one thing that I hate more than a bad app, it’s a laggy one. I don’t want to grow a beard until a chart loads; I know it can’t be instantaneous, but I want it to be fast. A good trading app should be light and with very fast loading times, both when I open it and when I close it. The overall functionality of the phone should remain the same or almost the same. However, the most important aspect is the speed of execution. I want my order to be transmitted and executed almost instantly.
Ease of use and Functionality!
The chart is small enough, even on a normal monitor, and I know that it will be even smaller on a mobile phone so I want to know if I can zoom in. If I turn my phone sideways, will the display adjust itself? This is more of a personal preference; I like to hold the phone sideways and I know a lot of guys that do also. Is the information easily available? Are the buttons easy to find and does the mobile platform have the same functions like the normal one? These are all important questions and we will try to find an answer for you.
Expiry times and other features
Some brokers don’t offer the same expiry periods on their mobile platform. This is important because if I prefer to trade using a certain expiry time, I want to make sure I can do it on my mobile phone as well and I don’t need any unnecessary restrictions. Are all the normal platform features (like live news feed) available on the phone version?
Crashes, bugs, freezes and other annoying stuff
I’ve already found some apps with major flaws in the Asset Index. For example, when I click on an asset, I get a “not found” error. This is not acceptable because if I want to trade that asset, I need information about it. Other problems included charts endlessly refreshing or not loading at all, error messages that informed me that the app has stopped working and I need to force it to close. This also shows us how much the broker cares about their customers. I’m sure that you understand the importance of these issues and how annoying it can get. And just think about how frustrating it could be for that to happen when you are trading real money.
We will be telling you if the mobile trading platform is available for both iPhones and Android phones, which version of the Operating System are supported and if there are some restrictions. For example, some apps are only available for the latest operating systems and you may have to upgrade your phone software before you will be able to use the app. Or maybe you have a tablet and need to use the app on it. We will check the tablet availability as well.
Let’s be honest: we want the platform to be slick and look cool. Of course, speed and functionality are more important… but a stylish look can be a nice addition. Yes, I know that all brokers that use Spotoption will have almost the same mobile app (and this is valid for all brokers that use the same platform developer), but some level of customization is always there and we will see which brokers care for the “costume” of the app.
Main difference between the computer platform and the mobile app
We will be looking at the most bothersome difference between the app and the computer version of the platform… if there is one. And more importantly is that difference so great that it could make me re-consider using the app?
Why does Mobile Trading Suck?
As I said before, everything has advantages and disadvantages. Mobile trading is no exception and I think its main downside is its lack of complexity. Compared to the broker’s main platform, the Mobile one is a stripped down version, with fewer features, less charts and sometimes, even less expiry times or option types. Then there’s the touch screen problem: sometimes if you want to zoom in or out using your fingers, you can accidentally touch a trade button resulting in an unfortunate outcome. Of course, there are limitations, but mobile trading does embody technological progress and if you told a trader 5 or 6 years ago that he would be able to trade from his phone, he would just laugh, thinking you are crazy.
Why Mobile Trading Doesn’t Suck?
Most of us have a job or other things to do during the day rather than just watching charts and analyzing price movement. Have you ever placed a trade and then had to go out? It happened to me many times and I think those are the times when mobile trading really comes in handy. Most people, including myself, have the phone with them all the time, so mobile trading does not create extra concerns like not forgetting the laptop if you leave on vacation or worrying if the hotel you’re staying at has internet access. The main advantage of mobile trading is… well, mobility. The ability to trade or check your open trades on the bus, while waiting for the traffic light to turn green, while at work or having a nice night out with friends.
My conclusion on Mobile Trading
People wanted their freedom back and they didn’t want to be stuck in front of monitors all day; brokers stepped up to the challenge, developing mobile trading and although I don’t consider it to be a substitute for trading on a computer, it is a brilliant addition and a great alternative when we don’t have access to a monitor. Trading on a phone is definitely not as reliable as trading on a computer and it has its limitations, but the trade-off seems fair to me. You give up some of the features for mobility; for the benefit of being able to trade anytime, anywhere.
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