It’s no secret that mobile Forex trading (trading with a smartphone) gives traders maximum freedom.
by Christopher Hill Photo by Marga Santoso on Unsplash
Until recently, a trader had to spend several hours every week in front of a computer or a laptop.
Thanks to the proliferation of smartphones and tablets, these days you can trade from anywhere that has a good internet connection.
In this guide, we show you everything you need to know to trade Forex on the go.
Let’s get to the details!
Why shouldn’t I trade from my phone?
Although you can also trade on a smartphone with a tiny screen, it will be very tedious and you are more likely to make a lot of mistakes.
A larger screen allows you to trade with much more comfort, which helps with very busy trades.
We recommend a screen that is 10 inches or larger for trading. We’ve thoroughly tested several screen sizes and found that a screen smaller than 5.5 inches is simply too small.
If you have very thin fingers, you might be able to adjust to trading comfortably with a smaller screen, but we don’t recommend doing so.
If the screen is too small to trade comfortably, there’s a good chance you’ll make more mistakes. And in trading, mistakes can cost you a lot of money.
Screen size is vital to Forex trading with your phone.
What should be in a trading tablet?
A trading tablet does not have to be the most expensive and powerful on the market.
Expensive tablets and laptops are made for graphic designers and engineers who use resource intensive programs.
Trading is not a resource-intensive business at all, but back-testing software such as Forex Tester 3 has certain requirements, although not the most serious ones.
We will show you some tablets that are suitable for both trading and back-testing. We will also show you some tablets that are only suitable for trading.
Tablets, laptops and ultrabooks – what is the difference?
Traditionally, the tablet is a device with a touch screen and without a keyboard, and the laptop is a computer in a small case with a built-in keyboard.
Ultrabooks were first very compact and thin versions of laptops with built-in keyboards. They tended to be heavier than a tablet, but lighter than a laptop.
In recent years, the distinction between these three types of devices has become blurred.
Now you can even find tablets with detachable keyboards, they’re called 2-in-1s.
Such a device can work as a thin, lightweight tablet and as a powerful laptop if you connect a keyboard.
For trading, 2-in-1 tablets are best. The convenience of a portable tablet combined with the functionality of a keyboard makes them the best devices for the trader on the go.
Which tablet operating system is best for trading?
Tablets and laptops can also have desktop operating systems, such as Windows 10 or Mac.
So which operating system installed on tablets is best for trading?
Right off the bat, let’s rule out Android and iOS. While they are great for smartphones, a good tablet needs an operating system with more features.
Both Windows and Macs can do much more than a standard mobile OS.
Thus, the choice is between Windows and Mac.
And, although many Apple fans won’t like it, the desktop version of Windows 10 is the best operating system for trading.
It’s just that Macs are not as widely supported by brokers. You can find some platforms for Macs, but their selection is nothing compared to the number of trading programs available on Windows.
Some of the most popular Forex trading platforms are either not available on a Mac at all or are very poorly supported.
One example is MetaTrader 5, which requires additional software to be installed so that Windows applications can be used on a Mac.
Another example is Forex Tester 3, an indispensable piece of software for any serious trader, which unfortunately is not available on a Mac.
Of course, there are workarounds, such as installing Parallels software that allows you to run Windows applications on a Mac.
However, with these programs, trading platforms can be unstable on low-power devices such as an entry-level Macbook.
In my opinion, Windows 10 is currently the best operating system for mobile trading.
The best tablets for trading:
When it comes to tablets, there is probably no really “best” solution.
Nevertheless, there are many great options out there.
Below we list the best trading tablets we’ve found.
There are several options on the list
- Window 10 tablets.
- Budget tablets.
- Apple tablets.
The list below is our personal choice. The reality is that there are hundreds of tablet models available these days, and dozens of new variants are released every month.
It’s simply impossible to test and track every tablet that hits the market. We are first and foremost traders, and only secondarily lovers of new technology.
The best Windows 10 tablets for trading:
Microsoft Surface GO.
Due to the huge price tag of the Surface Pro, this new 2-in-1 tablet from Microsoft can rightfully be called their best tablet to date.
The Surface GO looks like a smaller version of the Pro. But has a much more affordable price tag and isn’t much in the way of features.
You get 64GB of storage and 4GB of RAM. You can also choose the more powerful version, which has 128GB of storage and 8GB of RAM at a slightly higher price point.
A detachable keyboard is part of the Surface GO bundle, but you’ll have to buy the stylus separately.
The Surface GO’s display has received incredibly good reviews for its quality, but it’s a little smaller than the older model at 10 inches.
This device has very good battery life and is perfect for those on the go, as it only weighs 1.15 pounds. You will have to buy additional accessories.
At such a low price, this tablet took the top spot ahead of the ACER Switch 5.
The tablet’s power isn’t huge, but it’s more than enough if you use the device for trading and watching Netflix.
Microsoft has finally released an affordable tablet that has raised the bar of quality for future 2-in-1 tablets.
Acer Switch 5 2-in-1 (SW512-52):
The Switch 5 comes with a removable keyboard, an i5 processor, and 8GB of RAM.
What the Switch 5 really excels at is battery life.
The Switch beats the Surface Pro in battery life tests, allowing for more than 13 hours of web browsing.
Microsoft Surface Pro:
The Surface Pro is Microsoft’s model released after the Surface Pro 4. Although it was technically supposed to be called the Surface Pro 5, for some reason Microsoft decided to drop the numbering on this latest version.
Battery life depends on the specifics of the chosen model, but in any case it is extremely good – 11 hours or more.
The cheapest tablet in the line is 799 USD (or 799 GBP, and no, that’s not a mistake); it uses an Intel m3 processor.
While the m3 processor is powerful enough for mobile commerce, it’s not suitable for resource-intensive tasks like running backtesting software.
Next in the range is the $999 USD (979 GBP) Intel i5 4GB version, which is better suited for mobile trading and backtesting.
A detachable keyboard is not included with the Surface Pro, and you’ll have to pay extra for it. This extra cost makes the Surface Pro the most expensive tablet on this list.
The Surface Pro is a solid option for a premium shopping tablet, but its price tag is absolutely not justified.
You can save money and buy the more powerful Acer Switch 5, which sells with a keyboard and has 8GB of RAM instead of 4GB.
Lenovo Miix 700:
The Miix 700 is Lenovo’s answer to the Surface Pro, and Lenovo continues its theme by giving customers more features for their money than Microsoft.
The Miix comes with an Intel m5 processor, while costing the same as the Microsoft Surface Pro with the m3 processor .
Unlike the m3, the m5 processors have more than enough power for trading and backtesting.
The downside of the Miix is its short battery life. In most tests, it shows 9-10 hours of web browsing, which means it’s 1-2 hours behind the Surface Pro and 2-3 hours behind the Acer.
The Lenovo Miix may lag behind the Switch and Surface Pro. But thanks to Lenovo’s lower price and reputation for quality computers, it may be right for you.
Lenovo Miix 320:
If your budget is quite tight, Lenovo’s Miix 300 is the one for you. The Miix 320 comes with a removable keyboard, x5-Z8350 processor, and 4GB of RAM.
Don’t expect efficient backtesting software on the 320, but it’s more than enough for trading and other not-so-heavy tasks.
Battery life is pretty great for a budget variant – about 10 hours of internet time.
Conclusion:
Since the release of the Surface GO, the older Surface Pro has become obsolete in many ways.
Its high cost combined with not much of a performance edge made the Surface GO and Switch 5 undoubtedly the best options when looking for a tablet for trading stocks.
If your budget is limited, the Lenovo Miix 320 tablet will give you everything you need, while having the best battery life among devices in its price range.
The best Apple tablets for trading:
Apple’s only tablets are the iPad line, which uses the iOs mobile operating system.
While iOs is great for smartphone trading, a good trading tablet should be able to do much more than a smartphone. Unfortunately, Apple’s iPad lineup is just giant-sized smartphones.
If the only function you need to trade is access to charts and a trading platform, the iPad may meet your needs.
But be careful – if you need more than that, this tablet won’t suit you.
Thus, the only suitable option for Apple fans is the Macbook or Macbook Air.
While both of these devices look amazing and have impressive hardware, they don’t have detachable keyboards, so they can hardly be considered true mobile devices.
Apple devices are simply not the best option for mobile commerce.
The best mobile trading platforms:
Having a smartphone and tablet is only part of the mobile trading process.
But you will need a real trading platform to trade.
In this part, we’ll show you which platform you should use.
It’s actually pretty easy to choose!
In 2015, there were only a few good mobile trading platform options available.
Things have changed these days, and it’s easy to drown in mobile platforms. There are still some platforms that stand apart, but in many cases they are not worth using.
How to choose a mobile platform
Chances are, your broker already offers a mobile trading platform.
Depending on which broker you use, it will either be your own proprietary platform or options like MT4, MT5 or cTrader.
The truth is that using your broker’s platform is almost always the easiest and best option.
Trying to connect to that broker through other platforms can be tedious and unreliable.
So when it comes to recommending the best mobile trading platform, the answer is often simple: use what your broker provides.
That’s why we recommend using whatever platform your broker provides.
Hopefully, by the next update of this article, there will be new interesting mobile trading platforms to talk about.
Sources and further reading
- Cyber Guidance for Small Businesses (CISA): An action plan covering multi-factor authentication, patching, and tested backups.
- Calculate your startup costs (U.S. Small Business Administration): How to estimate one-time and monthly startup costs.
- Write your business plan (U.S. Small Business Administration): Why a business plan matters and how to build one.
SmartBizOpps provides information only and does not guarantee income, leads, or results.
Photo by Jakub Żerdzicki on Unsplash
Sources and background: Federal Communications Commission.
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