MD: Forex traders can work from their smartphones. Mobile access from regulated brokers provides freedom and convenience. Here is how to start trading today.
The Best Way to Do Forex From Your Smartphone
Mobile trading is not only trendy. Since the outbreak of COVID-19, this opportunity has been essential for many people. Malaysia is no exception as its economy has also been hit hard. With a smartphone or tablet, you may trade the gigantic currency market wherever you are and make decisions that bring a tidy profit.
What does one need to connect to Forex from a phone? The prerequisites for success are a registered brokerage account, knowledge of the market, strong analytical skills, and persistence. Accept the learning curve as you will not become a millionaire overnight. Still, determination helps achieve a lot. Here are the basics you need to know.
Principles of Trading from a Smartphone
Mobile trading is no different from Forex desktop platforms. You will buy and sell major, minor, or exotic pairs using similar features but a smaller screen. The most popular Forex apps today are either portable versions of desktop systems or proprietary solutions developed for brokers.
Whichever software you choose, you will need a registered account to access the market. Therefore, you need to find a broker that provides reliable services in the country. This is the primary step, and it is of the utmost importance. Without a reliable intermediary, you may never be able to withdraw money from your balance. Be careful who you trust with your hard-earned cash.
Here are a few tips to help you.
A Broker That Can Be Trusted
Trading in Malaysia is legal in two cases. First, you may find a company authorized by the Bank Negara Malaysia. Secondly, you may choose a Forex trading app in Malaysia from an offshore brokerage licensed by other monitoring bodies.
Global names have an advantage as they offer a wide range of services, cutting-edge technology, and a wealth of free educational resources. Oversight by such organizations as the FCA in the United Kingdom, the FSCA in South Africa, or the CySEC in Cyprus guarantees that the company complies with industry norms that protect clients’ funds and rights.
Negative balance protection means you will never lose more than your balance, even if you trade on margin. Clients are also entitled to compensation if the company becomes insolvent. Spend some time researching the background of your candidate.
Some companies may advertise tight spreads and attractive leverage conditions, but be unregulated. Do not fall for exaggerated claims – Forex is not a get-rich-quick scheme. Responsible brokers emphasize the value of education and the risks associated with leveraged instruments like CFDs. They also publish full details of their licenses on the official website – usually, in the footer of every page.
Next, pay attention to customer service. The more different channels you can use to communicate – the better. Reliable companies have support centers that work around the clock at least 5 days a week. You should be able to call them, send an email, or a live chat message.
Overview of Apps
The most popular universal apps are MetaTrader 4 and MetaTrader 5. They work with both Android and iOS and can be downloaded from either app store. These are mobile versions of the most popular trading terminals every trader has heard of.
Alternatively, you may look at apps like the FXTM Trader app that was created especially for the broker. While MetaTrader 4 is most suitable for Forex, MT5 and FXTM Trader are more versatile in terms of range.
For instance, FXTM offers mobile access to over 250 instruments, including derivatives like CFDs and spot metals. A good app will have the following features:
- Live market quotes
- Access to financial news
- Analytical tools for technical and fundamental analysis (indicators, graphic objects, charts, adjustable time frames, etc.)
- Trade management features, including stop loss and take profit
- Access to support
- A demo mode, so you can learn to trade for free, and more
For instance, users of the FXTM Trader can manage their trades using a convenient Trader Dashboard. This feature reflects all important details like balance, profit, leverage, etc. All deposits and withdrawals may also be managed through the app.
No extra downloads are necessary, and the system may sync up to the user’s desktop platform. Cross-platform functionality allows you to open a position from one device, edit it via another, and close via a third. MetaTrader 4 and MetaTrader 5 all come in three versions: desktop, web-based, and mobile.
Start Trading Easily
The best way to do Forex from a smartphone is to install a modern app that is versatile and powerful. Trade through a regulated broker with smooth customer support and a positive reputation. Today, the largest financial market is at your fingertips. You only need to understand its workings and turn knowledge into cash.