Trading on mobile is a modern phenomenon that is rapidly growing. In the modern-day where technology is so advanced, and access to this technology is so readily available to so many, there’s no surprise that more and more traders are choosing mobile applications as their preferred trading platform.
All about iOS
Back in June 2007, when the first iPhone was released, nobody was to know the life-changing impact that this technology guy would have on our day to day lives. In its infancy, iOS provided us with routine mobile phone capabilities; plus some additional quirks. However, nowadays, a vast amount of the entire world’s population relies on their iPhone day in day out. Whether it’s the alarm waking you up in the morning, Apple maps getting you to your meeting or a crafty game of Candy Crush on your lunch break, it’s undoubtedly that iOS is impacting many areas of many people’s lives on a daily basis.
The power of iOS grows with each and every update, offering more and more capabilities to users. iOS is no longer something that people use to make their lives easier; nowadays, people just simply couldn’t live as they do right now without the functionality of their iPhone.
The growth of mobile currency trading
The growth of online, and specifically mobile currency trading was inevitable since the inception of user-friendly mobile applications. However, the growth heavily coincided with the expansion of forex trading around the world.
Currently, in 2020, the global forex trading market is worth $1,934,500,000. In layman’s terms, this is 250% higher than the overall global GDP! Huge, huge numbers!
Based on the above statistics, the Forex market is the world’s largest financial market; 12x larger than the futures market and 27x larger than the stock market.
However impressive these statistics are, this has not always been the case. Despite the meteoric rise in the forex market, trading currency on mobile hasn’t always been such a huge industry.
If you go back even as recently as 2000, the applications and software used to action forex trades was far less easy to use across mobile devices and applications as slick and simplistic as those used today were nothing but a pipedream.
The progress made over the years when it comes to forex trading on mobile has been nothing short of phenomenal, and this is in no small part down to the improvement in mobile software.
How easy is it to trade currency on mobile?
Trading currency on mobile these days is as easy as it’s ever been – and expect it to get even easier throughout 2020 and the coming years. It has simply never been easier to compare Forex brokers when browsing on a mobile device. In fact, over 35% of traders search for a broker using a mobile or tablet device, according to some suggestions.
Although statistics surrounding mobile forex trading do follow a more general trend in the way the population of the world conduct a broad spectrum of tasks (from ordering the shopping to searching for a property), the improvement in mobile software cannot be overlooked when discussing the relative ease of mobile trading.
The development and slick functionality of applications able to be hosted on mobile devices is without doubt one of the primary factors in the growing number of traders searching for brokers on mobile.
Simply put, without the progression of mobile operating systems such as iOS, we would not be able to conduct anywhere near as much of our daily activity on mobile as we do today.
Forex trading on iPhone
When looking at forex trading using specific devices and software, according to Broker Notes there seems to be fairly even split between the two prominent mobile operating systems.; with 56.1% of traders having an Android phone and 41.8% opting to use iOS.
It is estimated that there are roughly 9.6 million online forex traders in the world. That means that a staggering 4,012,800 online currency traders own an iPhone, and the vast majority of them most certainly use this device during some part of their trading activity – be it searching for brokers online or making trades via applications.
iOS and Trading moving forward
It’s simple. As iOS capabilities continue to move forward and provide an even better online trading opportunities, more and more forex activity will be undertaken on mobile devices. The current level of functionality offered to forex traders by iOS is incredible; however, we all know that Apple strives to be the best, constantly developing their products and software to provide the best possible platform for users.
So, moving forward, expect the forex trading market to grow at a rapid rate, and expect mobile technology, and specifically iOS, to be a major part of this.